Pune, May 11, 2023 (GLOBE NEWSWIRE) -- "The Submarine Cable Systems Market, as reported by SNS Insider, had a value of USD 27.02 billion in 2022 and is projected to reach USD 43.73 billion by 2030, with a compound annual growth rate (CAGR) of 6.2% expected during the forecast period of 2023-2030".
Market Report Scope
Submarine cable systems are an essential component of the global telecommunications infrastructure, providing a high-capacity and reliable means of transmitting data across oceans and seas. These cables consist of fiber-optic cables that are laid on the seabed, connecting countries and continents through a network of landing points. Submarine cables carry a vast amount of internet traffic, including voice, video, and data, enabling people to communicate and access information worldwide.
Market Analysis
The submarine cable systems market has been experiencing remarkable growth in recent years, owing to various factors. One of the key drivers of this growth is the increasing demand for telecom subscriptions, which has led to an exponential increase in the need for reliable and high-speed internet connectivity. As a result, there has been a surge in the installation of submarine cables to connect various regions across the globe. Another significant factor driving the growth of the submarine cable market is the high investments in offshore wind farms. The establishment of offshore wind farms requires the installation of submarine cables for power transmission, which has further increased the demand for these cables.
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Impact of Recession
A recession can have a significant impact on the submarine cable systems market. However, the long-term growth prospects for the market remain strong, driven by the increasing demand for data transmission. While a recession may result in delays or cancellations of new submarine cable system projects, the market is expected to continue to grow over the long term, driven by the increasing need for global connectivity.
Key Regional Development
The submarine cable systems market has seen a significant growth over the past few years, with Asia-Pacific leading the charge. The region's dominance in this industry can be attributed to the increasing number of manufacturing companies and the growing demand for automation. As the global economy continues to evolve, more and more companies are turning to automation to improve their efficiency and reduce costs. This has led to a surge in demand for submarine cable systems, which are an essential component of automated manufacturing processes. In addition to this, the Asia-Pacific region has also experienced rapid economic growth over the past few decades.
Key Takeaway from Submarine Cable Systems Market Study
- The dry plant products segment is poised to dominate the market in the coming years. As demand for high-speed data connectivity continues to grow, so too will the importance of submarine cable systems. And as these systems become more critical, so too will the role of dry plant products in ensuring their reliability and performance.
- The global market is expected to grow significantly in the coming years, with the power cable segment anticipated to dominate the industry. Submarine cables are used for a variety of purposes, such as telecommunication, offshore oil and gas, and power transmission. Power cables, in particular, are used to transmit electricity between countries, islands, and even continents.
Recent Developments Related to Submarine Cable Systems Market
- NEC Corporation, a leading global technology company, has announced plans to build a new trans-Pacific cable connecting Japan, the United States, and other Asia-Pacific countries. The cable, named "JUPITER 3," will be the latest addition to NEC's portfolio of submarine cable systems and is expected to be completed by 2024.
- Reliance Industries Limited, one of India's largest conglomerates, has received green approval from the Indian government to build the world's largest submarine cable network. The proposed cable network will connect India to Europe, the Middle East, and Asia, covering a distance of over 16,000 kilometers.
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Submarine Cable Systems Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 27.02 Billion |
| Market Size by 2030 | US$ 43.73 Billion |
| CAGR | CAGR of 6.2% From 2023 to 2030 |
| Key Segments | • By Type (Single Core, Multicore) • By Component (Dry Plant Products, Wet Plant Products) • By Voltage (Medium Voltage, High Voltage, Extra High Voltage) • By Offering (Installation & Commissioning, Maintenance, Upgrades) • By Insulation (Cross-Linked Polyethylene (XLPE), Resin Impregnated Paper (RIP), Oil Impregnated Paper, Resin Impregnated Synthetics (RIS)) • By Application (Power Cable, Communication Cable) • By End-User (Offshore Wind, Offshore Oil & Gas, Inter-Country & Island Connections) |
| Regional Analysis | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | NEC Corporation, Jiangsu Hengtong Au Optronics Co, Corning Incorporated, Alcatel-Lucent Enterprise, Saudi Ericsson, JDR Cable Systems Ltd, The Okonite Company, Apar Industries, SubCom, LLC, Prysmian S.p.A, Google LLC, Microsoft, NKT A/S, Sumitomo Electric Industries, ALE International, ALE USA Inc., NEC Corporation, Nexans, Amazon.com, Inc., ZTT and Other. |
| Market Drivers | • Increasing offshore wind power capacity. • Increasing penetration of Internet and collaborations among companies. |
Table of Contents
1. Market Summary
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Submarine Cable Systems Market Segmentation, by type
9. Submarine Cable Systems Market Segmentation, by Component
10. Submarine Cable Systems Market Segmentation, by voltage
11. Submarine Cable Systems Market Segmentation, by offering
12. Submarine Cable Systems Market Segmentation, by insulation
13. Submarine Cable Systems Market Segmentation, by application
14. Submarine Cable Systems Market Segmentation, by End-User
15. Regional Analysis
16.Company Profiles
17.Competitive Landscape
18. Use Cases and Best Practice
19. Conclusion
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