USD 15.24 billion
Report ID:
SQMIG25F2002 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
195
|Figures:
80
Submarine Cable Market size was valued at USD 15.24 billion in 2022 and is poised to grow from USD 16.9 billion in 2023 to USD 37.45 billion by 2031, at a CAGR of 10.5% during the forecast period (2024-2031).
Submarine cables are simple cables placed in the sea to facilitate internet connectivity, data transmission, and power transmission from different parts of the world. Growing demand for high-speed internet and energy from different parts of the world is slated to primarily drive demand for submarine cables over the coming years. High use of lower latency and high bandwidth connections in different establishments is also projected to boost submarine cable market growth in the future. Rising demand for streaming services and the growing use of different cloud applications and services are also estimated to play a crucial role in determining the future submarine cable market growth trajectory. Rapid digitization of developing countries such as India, China, and Brazil is estimated to offer plenty of moneymaking opportunities for submarine cable companies in the long run. Surging demand for energy from the rapidly expanding world population is also slated to aid submarine cable market growth going forward. Geopolitical issues and high costs of cable laying and maintenance are projected to be key roadblocks for submarine cable companies in the future.
Global Market Size
USD 15.24 billion
Largest Segment
Offshore Energy Transmission
Fastest Growth
Encompass Telecommunications
Growth Rate
10.5% CAGR
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Global Submarine Cable Market is segmented by component, type, voltage, offering, application, insulation, end-user, and region. Based on component, the market can be segmented into dry plant products, and wet plant products. Based on type, the market is segmented into single core, and multicore. Based on voltage, the market is segmented into medium voltage, and high voltage. Based on offering, the market is segmented into installation & commissioning, maintenance, and upgrades. Based on application, the market is segmented into power cable, and communication cable. Based on insulation, the market is segmented into cross-linked polyethylene (XLPE), oil impregnated paper, impregnated resin, and resin impregnated synthetics (RIS). Based on end-use, the market is segmented into offshore wind, inter-country & island connections, and offshore oil & gas. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Submarine Cable Market Analysis By Cable
Submarine power cables account for a dominant share in the global marketplace as they are extensively used to transmit power from offshore energy installations. The growing popularity of offshore wind farms and other offshore energy facilities is projected to help power cables account for a substantial market share across the forecast period.
Demand for submarine fiber optic cables is slated to rise at the fastest CAGR owing to the growing demand for high bandwidth internet and data transmission around the world. Expansion of the global content delivery network is also estimated to aid growth in this segment and boost market growth going forward.
Submarine Cable Market Analysis By Application
Offshore energy transmission holds a significant market share in the global submarine cable market in terms of application. Growing establishment of different offshore energy plants and the rising demand for efficient power transmission across different parts of the world also contribute to the dominant share of this segment in the marketplace.
The growing demand for high-speed internet in developed as well as developing economies allows internet connectivity to become the fastest-growing application segment in the marketplace. submarine cable companies can invest in the development of novel submarine cables that improve internet connectivity around the world to make the most of this application in the future.
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The Asia Pacific region accounts for a dominant share of the global submarine cable market share owing to the surging demand for high-speed internet and increasing investments of tech companies in this region. Surging deployment of offshore wind farms in this region is also projected to contribute to the growing demand for submarine cables in this region. China, India, and Japan are estimated to be the top markets in this region for submarine cable companies across the forecast period.
Europe is projected to emerge as one of the most prominent regions for submarine cable suppliers owing to the establishment of new data centers in this region. Growing adoption of renewable energy is enabling the demand for different offshore energy projects, which in turn, are forecasted to uplift sales of submarine cable for power transmission applications in the long run. Rising investments in the expansion of subsea power transmission networks and growing demand for high bandwidth internet are also predicted to create an opportune scenario for submarine cable vendors in Europe.
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Submarine Cable Market Drivers
Submarine Cable Market Restraints
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Surging demand for high-speed data transmission and internet around the world is what is creating most growth opportunities for submarine cable companies. These companies are engaged in extensive research and development efforts to design and manufacture cutting-edge submarine cable systems that can meet the growing data demands of businesses and consumers. Additionally, several regional players and consortiums also play a significant role in the market, collaborating on large-scale submarine cable projects. The market's competitiveness is further fueled by the need for continuous innovation in cable technology, as well as ongoing investments in network infrastructure expansion to serve underserved regions. As the global demand for data connectivity continues to surge, competition in the submarine cable market is expected to remain fierce, with companies vying to secure contracts for major undersea cable projects and strengthen their position in this critical telecommunications sector.
Submarine Cable Market Top Player’s Company Profiles
Submarine Cable Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global submarine cable market is poised for robust growth in the coming years. As demand for high-speed internet connectivity, data transfer, and cloud services continues to surge, submarine cables play a pivotal role in facilitating global data transmission. Advancements in technology, such as higher bandwidth and improved reliability, are enhancing the appeal of these undersea networks. Additionally, increasing investments in expanding and upgrading existing infrastructure to meet the escalating data demands are driving market growth. However, the high costs of installation and maintenance of submarine cables are projected to impede market growth in the long run. Asia Pacific is forecasted to maintain a dominant stance in the global marketplace across the forecast period owing to rising demand for high-speed internet. With the ever-increasing reliance on digital communication and global connectivity, the future prospects of the global submarine cable market appear promising, offering substantial opportunities for industry stakeholders.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 15.24 billion |
Market size value in 2031 | USD 37.45 billion |
Growth Rate | 10.5% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Submarine Cable Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Submarine Cable Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Submarine Cable Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Submarine Cable Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG25F2002