New York, Jan. 19, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners “Submarine Cable Systems Market Share, Size, Growth, Trends and Global Forecasts to 2027 - Global Analysis and Forecasts by Service (Installation Services and Maintenance & Upgrade Services) and Application (Communication and Energy & Power)”; The global submarine cable systems market size is expected to grow at a CAGR of 9.2% during (2019 – 2027), it is estimated to grow from USD 13.4 Bn in 2018 to account USD 30.4 Bn by 2027.
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Global Submarine Cable Systems Market – Report Scope:
| Market Size Value in | USD 13.4 Billion in 2018 |
| Market Size Value by | USD 30.4 Billion by 2027 |
| Growth rate | CAGR of 9.2% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
| No. of Pages | 165 |
| No. of Tables | 56 |
| No. of Charts & Figures | 62 |
| Historical data available | Yes |
| Segments covered | Service and Application |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Submarine Cable Systems Market: Competitive Landscape and Key Developments
Huawei Marine Networks Co.; SubCom; NEC Corporation; Fujitsu; Nokia Corporation; Hawaiki Cable Limited; Sumitomo Electric Industries, Ltd.; Nexans SA; Prysmian Group; and Mitsubishi Electric Corporation are among the leading players profiled in the submarine cable systems market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments under submarine cable systems market are mentioned below:
- In 2018, Nexans Delivered North America’s Longest Submarine Cable to Provide Cleaner Energy to Eastern Canada. Nexans manufactured and installed a newer submarine cable connection composed of two 200 kV mass impregnated (MI) HVDC cables, each of which is 170-km long.
- In 2018, NEC Corporation announced that it has signed an agreement with the Southeast Asia–Japan 2 consortium (SJC2 consortium) to build a high performance submarine cable connecting Singapore, Thailand, Cambodia, Vietnam, Hong Kong, Taiwan, mainland China, Korea and Japan.
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Large Number of Ongoing Projects for Submarine Cables and Growing Need for HVDC Underwater Power Cables to Provide Lucrative Opportunities for Global Submarine Cable Systems Market Growth During (2019-2027).
Submarine cable systems are vital in establishing global connectivity and forming the comprehensive internet infrastructure. In the last decade which witnessed rapid advancements in the Asia Pacific region, and flourishing of the Asian economies, the submarine cable systems have played an extremely crucial role in providing the required connectivity through the fiber optic cables. These undersea cables contribute significantly to the broadband connectivity which is required in all the industry sectors for various operations. The globalized economy today desires a highly secure and reliable internet infrastructure to support the high bandwidth applications effectively and trends of the modern world namely the cloud data centers and Software Defined Networking (SDN). Further, the exponential rise in the Datacenter Interconnect (DCI), cloud computing, artificial intelligence, Big Data, and IoT also boost the demand for robust intercontinental cable infrastructure.
The submarine cable systems market by application is segmented into communication and energy & power. The communication application holds a major share in the market and is expected to continue its dominance in the forecast period as well. Increasing international bandwidth requirement and growing internet penetration is prominently driving the communication market for submarine cable systems. Further, the increasing demand for internet capacity is widely driving the submarine cable system market for communication. The rapid growth in the user base of internet and high bandwidth applications in the recent years has boosted the bandwidth demand. In addition, increasing investments by content providers is proliferating the growth of the market globally.
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Submarine Cable Systems Market: Industry Overview
The submarine cable systems market has been segmented on the basis of service, application, and geography. Based on service, the submarine cable systems market is bifurcated into installation and maintenance & upgrade. In terms of application, the submarine cable systems market is divided into communication and energy & power. Based on geography, the submarine cable systems market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
Asia Pacific region comprises of majority of developing economies and also a huge underserved population for internet services. This presents fortunate opportunities for leading social media players and internet based service providers to reap benefits of the untapped market. With proliferation of cheap smart phone and tablets and increasing penetration of computing devices in business and households, the region presents highest growing user base seeking internet based services. Thus, strong growth of internet connected users coupled with good economic growth in the region are the factors luring the enterprise and cloud service providers to establish servers in proximity to the users enabling them to access data with reduced latency and reaction time. This directly translates to the growth in the submarine cable systems market in the region that bring about the connection between the terrestrial fiber cables with the international broadband networks.
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North America is one of the pioneers in the submarine cable systems market, for the use of subsea cable for communications was being experimented in various parts of Europe and North America since the nineteenth century itself. The telecommunication industry is one of the largest users of subsea cable and currently witnessing an aggressive growth in the North American region. In the coming year, successful business models will need to adapt to the growth in global submarine cable networks to ensure that increased connectivity is being used to its full potential. Two prevalent trends in the current market are an immense growth in consumer content, primarily enabled by mobile viewing and the rapid rise of cloud computing in the enterprise. Technologies such as, 5G, VR/AR and IoT become more prominent and as video quality continuously improves, the demand for data, supported by submarine cables will continue on its upwards trajectory.
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