PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1488769
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1488769
The submarine cable system market to grow from USD 18.2 billion in 2024 and is expected to reach USD 29.7 billion by 2029, growing at a CAGR of 10.3% from 2024 to 2029. Factors such as Increasing penetration of Internet and collaborations among tier 1 vendors, and growing demand for bandwidth due to emergence of 5G. The demand for bandwidth continues to grow steadily, fueled by the growing number of people joining the digital revolution and the increasing bandwidth usage of new applications. Investment decisions for new submarine networks are, however, not solely driven by economics; the need for the global provisioning of internet connectivity to underserved populations is also a major factor contributing to the growth of this market.
Scope of the Report | |
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Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion) |
Segments | By Application, Component, Offering, Voltage, Type, Insulation, End User and Region |
Regions covered | North America, Europe, Asia Pacific, RoW |
"Installation & commissioning segment holds major share of the submarine cable system market in 2023."
The installation & commissioning segment is estimated to account for major share of the submarine cable system market in 2023 and maintain its dominance throughout the forecast period. The increasing Internet traffic and the growing number of internet users in Asia Pacific are fueling the requirement for increased bandwidth in the region. As such, the region is likely to witness an increase in the installation & commissioning of new submarine communication cable systems during the forecast period. The increasing Internet penetration across Middle East & Africa is also expected to lead to a surge in the installation & commissioning of submarine communication cables in MEA in the coming years.
"Wet plant products dominates the market during the forecast period."
The wet plant products segment held major share of the submarine communication cable market in 2023. The growth of this segment can be attributed to increased demand for cables, repeaters, and branching units for laying them on ocean beds, unlike dry plant products such as SLTE, which can be upgraded according to bandwidth requirements. Marine operations are one of the key elements in the submarine cable system market ecosystem; these operations involve vessel operations, diver surveys, topographic surveys, and other analyses for recommendations for maintenance and installations.
"North America to grow at the fastest CAGR during forecast period."
The submarine cable system market in North America is projected to witness significant growth during forecast period. Growing investments in the offshore wind power industry and the increasing requirement for interconnectivity between countries and islands are resulting in the growth of the submarine power cable market in the region.
Research Coverage
The report segments the submarine cable system market and forecasts its size, by value & volume, based on By Application (power cable and communication cable). The submarine communication cable market has been segmented into By Component (dry plant products and wet plant products); By Offering (installation & commissioning, maintenance, and upgrades), and Region (Trans-Atlantic, Trans-Pacific, Intra-Asia, Americas, Eu-Asia, and EMEA). The submarine power cable market has been segmented into By Type (single core and multicore), By Voltage (medium voltage and high voltage), By Insulation (Cross-linked Polyethylene (XLPE), Oil Impregnated Paper, Resin Impregnated Paper (RIP), and Resin Impregnated Synthetics (RIS)), By End-User (offshore wind, inter-country & island connections, and offshore oil & gas), and Region (North America; Europe; Asia Pacific; and RoW). The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the submarine cable system market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Reason to Buy Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall submarine cable system market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.