The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
The submarine cable systems market is set to expand from $18.28 billion in 2023 to $20.54 billion in 2024, with a CAGR of 12.3%. This growth is supported by the increasing global demand for connectivity, international trade growth, developments in telecommunication infrastructure, and the need for energy transmission and data center expansion.
How Much Will the Global Submarine Cable Systems Market Grow, and What Is the Predicted Annual Growth Rate?
The market size is expected to experience rapid growth, expanding to $33.29 billion in 2028 at a CAGR of 12.8%. Key growth drivers include emerging market connectivity, renewable energy integration, 5G deployment, digitalization trends, and telemedicine expansion. Major trends involve resilient cable systems, cross-border collaborations, open cable architectures, smart monitoring systems, and eco-friendly submarine cable solutions.
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What Are The Top Drivers Contributing To The Growth Of The Submarine Cable Systems Market?
The market is experiencing substantial growth, driven by the rising number of telecom and internet subscriptions. Submarine cable systems, which utilize optical fiber technology to transmit telecommunication signals across vast distances, are essential for modern connectivity. The rapid proliferation of smartphone usage has accelerated growth in the telecom and internet sectors. For example, the Telecom Regulatory Authority of India reported that broadband internet subscribers in India increased from 747.41 million in 2020 to 778.09 million in 2021. This surge in telecom and internet subscriptions is propelling the submarine cable system market.
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Which Companies Are Leading Growth in the Submarine Cable Systems Market?
Major companies operating in the market report are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Sumitomo Electric Industries Ltd., Fujitsu Limited, Saudi Ericsson Communications Company Ltd., NEC Corporation, Hengtong Group Co Ltd., TE Connectivity Ltd., Corning Incorporated, Prysmian SpA, Nexans S.A., Leoni Special Cables GmbH, NKT A/S, Apar Industries Ltd., Cablel Group Ltd., Tele-fonika Kable S.A., Hexatronic Cables & Interconnect Systems AB, SubCom LLC, The Okonite Company Inc., LS Cable & System Ltd., ZTT International Ltd., Alcatel Submarine Networks Company, JDR Cable Systems Ltd., Huawei Marine Networks Co Ltd, Xtera Communications Inc., Hesfibel SA, Norddeutsche Seekabelwerke GmbH, Amphenol Fiber Systems International, Elettra Communications Ltd., Kokusai Cable Ship Co Ltd., Global Marine Group Ltd., Orange S.A., PCCW Global Ltd., Aqua Comms Limited, Seaborn Networks LLC, Hawaiki Submarine Cable LP, Southern Cross Cable Network Ltd., MainOne Cable Company Limited, Angola Cables SA
What Are the Key Trends Defining the Submarine Cable Systems Market Size?
Strategic partnerships and the adoption of advanced technologies are key trends gaining traction in the market. Companies in this sector are forming various collaborations to develop new technologies and products. For example, in 2021, Italy-based Sparkle and Telecom Italia (TIM) joined forces with the US-based Google Cloud to construct two new undersea cable systems, enhancing communication routes between Europe, Africa, the Middle East, and South Asia. These cable systems will feature 16 fiber optic pairs, accommodating multiple tenants and an open landing station to promote competitive access to cable termination points.
Global Submarine Cable Systems Market Segmentation
The submarine cable system market covered in this report is segmented –
1) By Component: Wet Plant Products, Dry Plant Products
2) By Type: Multicore, Single Core
3) By Voltage: High Voltage, Medium Voltage
4) By Application: Communication Cables, Power Cables
5) By End User: Offshore Wind Power Generation, Inter-Country and Island Connection, Offshore Oil and Gas
Geographical Highlights: Asia-Pacific Leading Submarine Cable Systems Market
Asia-Pacific was the largest region in the market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the submarine cable systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Submarine Cable Systems Market Overview: Definition and Scope
Submarine cables, also known as marine cables, consist of various conductors encased in an insulating sheath and are laid on the ocean floor to connect two or more points. They primarily facilitate interconnection between different regions and typically include landing terminating equipment and submarine optical fiber systems.
The Submarine Cable Systems Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Submarine Cable Systems Market Report: Trends, Opportunities, Strategies, and More
The Submarine cable systems Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into the submarine cable systems market size, submarine cable systems market drivers and trends, submarine cable systems market major players, submarine cable systems competitors' revenues, submarine cable systems market positioning, and submarine cable systems market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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