Portland, OR, July 26, 2023 (GLOBE NEWSWIRE) --
Allied Market Research published a report, titled, “Submarine Cables Market, by Offering (Installation and Commissioning, Maintenance, and Upgrades), Voltage (Medium Voltage, and High Voltage), and Application (Power Cables, and Communication Cables): Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global submarine cables industry generated $7.4 billion in 2022, and is projected to reach $14.0 billion by 2032, registering a CAGR of 6.6% from 2023 to 2032.
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Prime determinants of growth
The submarine cables market analysis is anticipated to expand significantly during the forecast period, owing to an increase in global connectivity demand, government initiatives and investments, and surge in investment for offshore energy projects globally. In addition, during the forecast period, the submarine cables market is anticipated for the expansion of submarine cables in developing countries. On the contrary, the geopolitical and security concerns, and external threats and damages are the restraints for submarine cables market growth during the forecast period.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2022–2032 |
Base Year | 2022 |
Market Size in 2021 | $7.4 billion |
Market Size in 2031 | $14 billion |
CAGR | 6.6% |
No. of Pages in Report | 239 |
Segments covered | Offering, Voltage, Application, And Region. |
Drivers | Increase in global connectivity demand Surge in investment for offshore energy projects globally. Government initiatives and investments |
Opportunities | Geopolitical and security concerns External threats and damages |
Restraints | Expansion of submarine cables in developing countries |
Covid-19 Scenario
Submarine cables played a crucial role during the COVID-19 pandemic in ensuring global connectivity and enabling various aspects of the digital infrastructure that supported remote work, online education, telemedicine, and other essential services.
The medium voltage segment to maintain its leadership status throughout the forecast period.
Based on voltage, the medium voltage segment held the highest market share in 2022, accounting for more than half of the global submarine cables market revenue, and is estimated to maintain its leadership status throughout the forecast period, as it is known for its compact size & flexibility, and it is widely used in power utilities such as windmill, solar power utilities and others to distribute the electricity for a designated area. Moreover, the high voltage segment is projected to manifest the highest CAGR of 6.96% from 2023 to 2032, driven by growing adoption of industrial automation across various sectors, including manufacturing, oil and gas, utilities, transportation, and mining.
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The installation and commissioning segment to maintain its leadership status throughout the forecast period.
Based on offering, the installation and commissioning segment held the highest market share in 2022, accounting for more than two-fifths of the global submarine cables market revenue and is estimated to maintain its leadership status throughout the forecast period. In addition, the installation and commissioning segment is projected to manifest the highest CAGR of 6.72% from 2023 to 2032 due to the increased reliance on the internet for communication, business, and information exchange globally.
The power cables segment to maintain its leadership status throughout the forecast period.
Based on application, the power cables segment held the highest market share in 2022, accounting for nearly three-fifths of the global submarine cables market revenue, and is estimated to maintain its leadership status throughout the forecast period, as power cables for undersea applications are in high demand due to the growth in demand for offshore power generation and the increased global focus on renewable energy sources. Moreover, the communication cables segment is projected to manifest the highest CAGR of 6.8% from 2023 to 2032, driven by the integration of communication cables into submarine cable networks, which enables smooth and effective communication in underwater environments.
Asia-Pacific to maintain its dominance by 2032.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global submarine cables market revenue. This region is expected to witness the fastest CAGR of 7.06% from 2023 to 2032, owing to increase in focus on renewable energy, including offshore wind farms, presents opportunities for submarine cables to transmit clean energy across long distances. In addition, rapid urbanization and digital transformation in Asia-Pacific drive the demand for reliable and high-speed communication networks.
Leading Market Players: -
ALCATEL SUBMARINE NETWORKS
FUJITSU
HENGTONG GROUP CO.,LTD.
HMN TECH
JDR CABLE SYSTEMS LTD.
NEC CORPORATION
NEXANS S.A.
PRYSMIAN GROUP
SUBCOM, LLC
SUMITOMO ELECTRIC INDUSTRIES, LTD.
The report provides a detailed analysis of these key players of the global submarine cables market. These players have adopted different strategies such as product development, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits for Stakeholders
This study comprises an analytical depiction of the market size along with the current trends and future estimations to depict the imminent investment pockets.
The overall Submarine cables market analysis is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current global Submarine cables market forecast is quantitatively analyzed from 2021 to 2031 to benchmark financial competency.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the Submarine cables market.
The report includes the market share of key vendors and global Submarine cables market trends.
Submarine Cables Market Key Segments:
By Voltage
Medium Voltage
High Voltage
By Offering
Installation and Commissioning
Maintenance
Upgrades
By Application
Power Cables
Communication Cables
By Region
North America (U.S., Canada, Mexico)
Europe (UK, Germany, France, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
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