Dublin, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The "Submarine Cables Market Size, Share & Trends Analysis Report By Application, By Voltage (Medium Voltage, High Voltage, Extra High Voltage), By End User, By Offerings, By Component, And Regional Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global submarine cables market is expected to reach USD 44.33 billion by 2030, registering a CAGR of 5.9%
The global submarine cable system market is witnessing substantial growth, fueled by factors such as increasing investments in offshore wind farms, inter-country and island connections for improved power supply and communication, and growing investments in oil & gas deep-water drilling activities. These developments are driving the overall market and creating new opportunities in the industry.
One of the key drivers of market growth is the increased investment by over-the-top (OTT) companies in deploying high-capacity communications systems. Additionally, the growing need for high-voltage direct current (HVDC) underwater power cables is opening up numerous new opportunities, further propelling the submarine cable system market. The Asia-Pacific (APAC) region, with its rising internet and data traffic, is expected to play a crucial role in driving market growth during the forecast period.
Densely populated regions like APAC, South America, and the Middle East & Africa (MEA) are actively investing in offshore wind power generation, which in turn fuels the demand for submarine cables. The increasing demand for internet connectivity, collaborations with tier-1 vendors, and the rising need for bandwidth due to the emergence of 5G technology are driving factors behind the demand for submarine cables.
However, challenges exist in the market, including the high costs associated with cable installation and the difficulties in restoring and maintaining deep-water cables. Threats such as fishing hooks, cyclones, ships, and cruises necessitate the need for regular maintenance services. The proper installation techniques, choice of materials, and cable length play a crucial role in ensuring market growth, as any faults in submarine cables result in significant costs for repair and re-deployment.
The market landscape is also shaped by the presence of OTT providers who own, manage, and fund their submarine cable infrastructure. Leading players in this segment, such as Facebook, Google, Microsoft, and Amazon, have significantly influenced the overall market, transforming the industry landscape.
As investments in offshore wind farms, inter-country connections, and HVDC power cables continue to grow, the global submarine cable system market is expected to witness robust growth in the coming years. Industry players are focusing on technological advancements and strategic partnerships to capitalize on the market's potential and meet the increasing demand for reliable and high-capacity communication networks.
Submarine Cables Market Report Highlights
- The market accounted for USD 25.50 billion in 2021 and is expected to grow at a CAGR of 6.1% from 2022 to 2030
- Offshore wind power generation emerged as the largest segment in 2021 and is estimated to generate revenue of over USD 12.48 billion by 2030
- The Asia Pacific market held the largest share in the market in 2021. Increasing offshore wind farm projects, growing investments by OTT providers, and increasing data traffic in the region are anticipated to drive the market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 150 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $27.57 Billion |
| Forecasted Market Value (USD) by 2030 | $44.33 Billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
Market Dynamics
Market Drivers Analysis
- Increasing investments by the OTT providers
- Growing Demand for Inter - Country and Island Power Connections
- Increasing Number of Offshore Wind Farms
Market Restraint Analysis
- Complex Repairing Procedure for Deepwater Power Cable Links
Submarine Cables Market: PEST analysis
Porter's Five Forces Analysis
Submarine Cables Key Company Analysis
Competitive Landscape
- Ale International, Ale Usa Inc.
- Subcom, LLC
- Nec Corporation
- Prysmian S.P.A
- Nexans
- Google LLC
- Amazon.Com, Inc.
- Microsoft
- Nkt A/S
- Ztt
For more information about this report visit https://www.researchandmarkets.com/r/1wfdcf
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
