Submarine Cables Market Analysis Report 2023

Mar 17, 2024

Global Submarine Cables Market

Dublin, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The "Submarine Cables Market Size, Share & Trends Analysis Report By Application, By Voltage (Medium Voltage, High Voltage, Extra High Voltage), By End User, By Offerings, By Component, And Regional Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.The global submarine cables market is expected to reach USD 44.33 billion by 2030, registering a CAGR of 5.9%

The global submarine cable system market is witnessing substantial growth, fueled by factors such as increasing investments in offshore wind farms, inter-country and island connections for improved power supply and communication, and growing investments in oil & gas deep-water drilling activities. These developments are driving the overall market and creating new opportunities in the industry.

One of the key drivers of market growth is the increased investment by over-the-top (OTT) companies in deploying high-capacity communications systems. Additionally, the growing need for high-voltage direct current (HVDC) underwater power cables is opening up numerous new opportunities, further propelling the submarine cable system market. The Asia-Pacific (APAC) region, with its rising internet and data traffic, is expected to play a crucial role in driving market growth during the forecast period.

Densely populated regions like APAC, South America, and the Middle East & Africa (MEA) are actively investing in offshore wind power generation, which in turn fuels the demand for submarine cables. The increasing demand for internet connectivity, collaborations with tier-1 vendors, and the rising need for bandwidth due to the emergence of 5G technology are driving factors behind the demand for submarine cables.

However, challenges exist in the market, including the high costs associated with cable installation and the difficulties in restoring and maintaining deep-water cables. Threats such as fishing hooks, cyclones, ships, and cruises necessitate the need for regular maintenance services. The proper installation techniques, choice of materials, and cable length play a crucial role in ensuring market growth, as any faults in submarine cables result in significant costs for repair and re-deployment.

The market landscape is also shaped by the presence of OTT providers who own, manage, and fund their submarine cable infrastructure. Leading players in this segment, such as Facebook, Google, Microsoft, and Amazon, have significantly influenced the overall market, transforming the industry landscape.

As investments in offshore wind farms, inter-country connections, and HVDC power cables continue to grow, the global submarine cable system market is expected to witness robust growth in the coming years. Industry players are focusing on technological advancements and strategic partnerships to capitalize on the market's potential and meet the increasing demand for reliable and high-capacity communication networks.

Submarine Cables Market Report Highlights

The market accounted for USD 25.50 billion in 2021 and is expected to grow at a CAGR of 6.1% from 2022 to 2030

Offshore wind power generation emerged as the largest segment in 2021 and is estimated to generate revenue of over USD 12.48 billion by 2030

The Asia Pacific market held the largest share in the market in 2021. Increasing offshore wind farm projects, growing investments by OTT providers, and increasing data traffic in the region are anticipated to drive the market.

Key Attributes:

Report Attribute

Details

No. of Pages

150

Forecast Period

2022 - 2030

Estimated Market Value (USD) in 2022

$27.57 Billion

Forecasted Market Value (USD) by 2030

$44.33 Billion

Compound Annual Growth Rate

5.9%

Regions Covered

Global

Market Dynamics

Market Drivers Analysis

Increasing investments by the OTT providers

Growing Demand for Inter - Country and Island Power Connections

Increasing Number of Offshore Wind Farms

Market Restraint Analysis

Complex Repairing Procedure for Deepwater Power Cable Links

Submarine Cables Market: PEST analysis

Porter's Five Forces Analysis

Submarine Cables Key Company Analysis

Competitive Landscape

Ale International, Ale Usa Inc.

Subcom, LLC

Nec Corporation

Prysmian S.P.A

Nexans

Google LLC

Amazon.Com, Inc.

Microsoft

Nkt A/S

Ztt

For more information about this report visit https://www.researchandmarkets.com/r/1wfdcf

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Global Submarine Cables Market