The global submarine cable market is expected to reach USD 44.33 billion by 2030, registering a CAGR of 6.1%, according to a new report by Grand View Research, Inc. 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 are the major factors driving the overall market. The increased investment by OTT companies in the deployment of high-capacity communications systems and the growing need for HVDC underwater power cables will provide numerous new opportunities that will lead the industry growth in the times to come. The rising internet and data traffic in the region, such as APAC, are the critical factors driving the market over the forecast period.
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 submarine power cables market in 2021. Increasing offshore wind farms projects, growing investments by OTT providers, and increasing data traffic in the region are anticipated to drive the market.
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The densely populated regions, including APAC, South America, and MEA, actively invest in offshore wind power generation. These investments are expected to fuel the demand for submarine cables. The increasing demand and penetration of the internet, their collaboration with tier-1 vendors, and the rising demand for bandwidth caused due to the rise of 5G are a few factors that propel the demand for the product.
Regional governments worldwide are aiming to increase their electricity generation output from fossil fuel-based sources of energy. The high costs incurred for the installation of cables and the difficulty in restoring and maintaining deep-water cables have adversely affected the adoption and implementation of submarine cables. Several threats, such as fishing hooks, cyclones, ships, and cruises, among others, raise the need for maintenance services. Therefore, proper installation techniques, materials, and the length of the cables will propel the overall market growth. Any fault in submarine cables levies hefty costs to be spent for the repair and re-deployment process.
The OTT providers are an integral part of the market development. These players own, manage, and fund their submarine cables infrastructure. Facebook, Google, Microsoft, and Amazon are amongst the leading OTT providers, which have drastically changed the landscape of the overall industry.
Submarine Cables Market Insights By Demographics
The Asia Pacific region accounted for the largest share. The region has the highest adoption and deployment of wind farms in the region, among which China holds the leading position. The Asia Pacific area is rapidly becoming a center for direct investment in submarine cable infrastructure. The market in the South America region is anticipated to grow at the second-highest compound annual growth rate, owing to the increasing investments in wind farms and inter-country & island connections in the region. The Americas regional market is anticipated to gain significant traction. The upsurge is due to the fast-rising demand for digital services backed by submarine cable or data center infrastructure.
Competitive Analysis By Major Companies
The key players that dominated the global market. Many submarine cable suppliers are also involved in offshore oil and gas projects, undersea electrical cables, and other marine infrastructure projects across the globe. The majority of the companies offer and connect submarine cables with partnerships and contracts/consortiums. Therefore, these firms do not resell the capacity of cables as they finance cable investments. Some prominent players in the global submarine cable market include:
- ALE International, ALE USA Inc.
- SubCom, LLC
- NEC Corporation
- Prysmian S.p.A
- Nexans
- Google LLC
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Submarine Cables Market Segmentation
Grand View Research has segmented the global submarine cables market on the basis of application, voltage, end- user, component, offerings, and region:
- Submarine Cables Application Outlook (Revenue, USD Billion, 2017 – 2030)
- Submarine Power Cables Voltage Outlook (Revenue, USD Billion, 2017 – 2030)
- Submarine Power Cables End-user Outlook (Revenue, USD Billion, 2017 – 2030)
- Submarine Communication Cables Offerings Outlook (Revenue, USD Billion, 2017 – 2030)
- Submarine Communication Cables Component Outlook (Revenue, USD Billion, 2017 – 2030)
- Submarine Power Cables Regional Outlook (Revenue, USD Billion, 2017 – 2030)
- Submarine Communication Cables Regional Outlook (Revenue, USD Billion, 2017 – 2030)
- List of Key in the Submarine Cables Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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