Future Market Insights Global and Consulting Pvt. Ltd.
Submarine electric cables, comprising 58.2% of the global market, are vital for connecting power grids across borders, ensuring efficient and reliable long-distance electrical power transfer beneath the sea. Key investors in new submarine cables include content companies like Facebook, Google, Amazon, and Microsoft. Private network operators have recently added more capacity than internet backbone providers.
NEWARK, Del, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The submarine cable market is estimated to be worth US$ 2,444.3 million in 2024 and is projected to be valued at US$ 3,970.0 million in 2034. Between 2024 and 2034, the industry is expected to advance at a CAGR of 5.0%. The increasing demand for global connectivity is a major driver. Submarine cables are essential for connecting different continents, enabling international communication, data exchange, and the seamless functioning of the global internet.
The exponential growth in data traffic, fueled by the proliferation of digital services, cloud computing, streaming, and online activities, has led to a surge in demand for higher-capacity submarine cables to support the transmission of vast amounts of data. The expansion and modernization of telecommunications networks worldwide contribute to the demand for submarine cables. These cables serve as the backbone infrastructure for interconnecting countries, regions, and major cities.
Major content providers and cloud service companies rely on submarine cables to connect their data centers and ensure fast and reliable data transmission globally. The demand is particularly high as these entities continuously expand their infrastructure to meet user demands. The deployment of 5G networks requires high-capacity and low-latency connectivity. Submarine cables are crucial for supporting the international backbone of 5G networks, facilitating rapid data transfer between countries and continents.
The demand for submarine cables is also high in the renewable energy sector, where these cables are essential for connecting offshore wind farms, tidal energy projects, and other offshore renewable installations to onshore power grids. The growth of emerging markets and the increasing economic development of various regions contribute to the demand for improved communication infrastructure. Submarine cables are vital for providing these regions with reliable and high-speed international connectivity.
Governments worldwide recognize the strategic importance of submarine cables for economic development and national security. Many governments invest in submarine cable projects or provide regulatory support, contributing to increased demand.
Key Takeaways from the Market Study:
From 2019 to 2023, the submarine cable market was valued at a CAGR of 4.8%
Based on the solution, the product segment is expected to account for a share of 71.3% in 2023.
Global sub-marine cable demand in the United States is predicted to account for a CAGR of 1.8% through 2033.
In China, the submarine cable industry is expected to account for a CAGR of 5.5% between 2023 and 2033.
Germany is projected to expand by a value CAGR of 4.4% between 2023 and 2033.
By 2033, the submarine cable market in Australia is anticipated to record a CAGR of 8.5% during the forecast period.
“The anticipated market growth during the forecast period is expected to be propelled by the rising demand for high-capacity communication infrastructure and increased connectivity requirements on a global scale," - says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
To address the escalating demand from commercial clients, prominent manufacturers of submarine cables are strategically expanding their production capacities. These submarine cable providers are placing a significant emphasis on delivering cutting-edge products and services within the sub-marine cables market.
Hydro Group plc is a company specializing in the design and manufacturing of underwater cables, connectors, and penetrators for harsh environments, including the subsea and offshore industries.
JDR Cable Systems Ltd. provider of subsea power cables and umbilicals, catering to industries such as oil and gas, renewable energy, and telecommunications.
J-Power Systems Corporation Company is involved in the development, manufacturing, and installation of power cables, including those used in submarine environments.
Future Market Insights offers an unbiased analysis of the global submarine cable market, providing historical data from 2018 to 2022 and forecast statistics between 2023 and 2033.
To understand opportunities in the submarine cable market, the industry is segmented based on solution (product and service) filling type (oil/fluid filled cables and solid filled cables), and end use (oil and gas, renewable energy, telecommunications and defense) across seven regions (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, the Middle East, and Africa).
Submarine Cables Industry - Key Segments
By Solution:
Product
MVAC Electrical Cables
HVAC Electrical Cables
HVDC Electrical Cables
Loose Tube Type Fiber Optic Cables
Tight Buffered Type Fiber Optic Cables
Metal Tube Type Fiber Optic Cables
Hybrid/Composite Cables
Umbilical Cables
Service
Consultation and Advisory Services
Commissioning and Deployment Services
Maintenance and Testing Services
Upgrade Services
By Filling Type:
Oil/Fluid Filled Cables
Solid Filled Cables
By End Use:
Oil and Gas
Renewable Energy
Telecommunications
Defense
By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East and Africa
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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