The global submarine cable system market is estimated to grow at a CAGR of ~12% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing requirement for offshore communication system, penetration of internet and mobile networks in remote areas, and rising demand for power supply. The submarine cable systems are highly demanded in island countries for power connectivity, which is estimated to boost the market growth. Moreover, the requirement for higher bandwidth, backed by the growing usage of the internet, and advancement in network connectivity with the adoption of 7G technology, are estimated to boost the demand for submarine cable system. According to the data by the World Bank, 1.134 billion people worldwide have a fixed broadband connection, as of 2019, which is approximately 15.6 per 100 individuals. Additionally, the emergence of large number of offshore wind farms and offshore oil wells is estimated to boost the market growth.
The market is segmented by application into communication, power supply, and others, out of which, the power supply segment is anticipated to hold the largest share in the global submarine cable system market over the forecast period on account of the need for electricity for sustenance of any civilization in the modern times. The increasing habitation in the island areas, along with development of tourist attractions in such places, is estimated to generate the demand for power supply, which is estimated to boost the market growth.CLICK TO DOWNLOAD SAMPLE REPORT
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global submarine cable system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe region is estimated to witness noteworthy growth over the forecast period on the back of the growing requirement of establishing connectivity across the region in the Atlantic Ocean, including Norway, UK, and others. Various important tourist spots in the Europe, such as, the Dalmatian Islands, Paros, Milos, Canary Islands, and others, are islands. This is estimated to fuel the market growth in the region. Moreover, presence of various offshore wind energy farms is also estimated to boost the market growth. The market in the North America region is anticipated to gain significant market share throughout the forecast period owing to the presence of large number of offshore oil reserves, along with the growing requirement of internet across the region.
The global submarine cable system market is further classified on the basis of region as follows:
Our in-depth analysis of the global submarine cable system market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing adoption of offshore oil fields, and wind energy generating farms is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022 – 2030.
High capital investment, and growing adoption of satellite-based communication are estimated to hamper the market growth.
The market in the Europe region will provide growth opportunities on the back of higher number of islands, which are a major tourist attraction, and hence, require efficient network connectivity and power supply.
The major players in the market are Prysmian S.p.A., SubCom, LLC, The Okonite Company, Nexans S.A., Hellenic Cables S.A., JDR Cable Systems, Hesfibel, Hengtong Group Co., Ltd., Corning Incorporated, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by voltage, application, end-user, and by region.
The offshore wind farms segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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