The global Submarine Cable Systems market was valued at US$ 15.6 billion in 2022 and it is anticipated to grow up to US$ 84.9 billion by 2032, at a CAGR of 18.5% during the forecast period.
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The submarine cable systems market has been segmented into type, component, offering, voltage, application, and region. Based on the type, the submarine cable systems market is divided into single core and multicore. On the basis of component, the market is bifurcated into dry plant products and wet plant products. Based on offering, the market is segmented into installation & commissioning, maintenance, and upgrades. Based on voltage, the submarine cable systems market is divided into medium voltage and high voltage. On the basis of application, the submarine cable systems market is bifurcated into power cable and communication cable. Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and the Rest of the World.
Key Drivers and Trends
Submarine cables have been around since the mid-1800s. But, for a large portion of their set of experiences, such cables were utilized fundamentally to send power from conventional sources, for example, coal plants, either between nations or out to islands or oil stages. The submarine cable industry faced a decline during the 19th century. That changed during the 2000s, as rising energy costs and worries about environmental change animated interest in growing offshore wind and more effective transnational power grids.
Wind power generation is a clean energy source that does not require fuel and power generation offshore has strong winds, attracting offshore wind power generation development projects across the globe. The demand for high-speed data transmission is driven by the increasing use of bandwidth-intensive applications, such as video streaming and online gaming. The need for a reliable and high-capacity international telecommunications infrastructure is driven by the increasing number of users and the need for higher data rates. The submarine cable systems market is also driven by the increasing investment in submarine cable projects by telecommunications companies and other private investors.
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Key Market Players
The Submarine Cable Systems market report includes players such as Corning Incorporated (US), HENGTONG GROUP CO.,LTD. (China), JDR Cable Systems Ltd. (UK), NEC Corporation (Japan), NEXANS (France), NKT A/S (Denmark), Prysmian S.p.A (Italy), Saudi Ericsson (Saudi Arabia), Submarine Cable Network (US), and ZTT (China).
Covid-19 Impact
Due to the pandemic scenario, underwater cable suppliers have shut down some cable factories, delaying the deployment of new submarine cable systems. The International Cable Protection Committee (ICPC) has urged governments and submarine cable industries to promote and accelerate submarine fibre optic cable installation, operation, and repair during the COVID-19 pandemic in order to protect increasingly critical internet broadband connectivity and the governance, health, education, and trade activities that rely on such connectivity. These factors are anticipated to create opportunities in the submarine cable industry.
Key Market Segments
By Type
- Single Core
- Multicore
By Component
- Dry Plant Products
- Wet Plant Products
By Offering
- Installation & Commissioning
- Upgrade
- Maintenance
By Voltage
- Medium Voltage
- High Voltage
By Application
- Power Cable
- Communication Cable
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