Dublin, June 19, 2024 (GLOBE NEWSWIRE) -- The "Global Submarine Cable Systems Market by Application (Communication Cable and Power Cable), Component (Dry Plant Products and Wet Plant Products) Offering, Voltage, Type (Single Core and Multicore), Insulation, End User and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The submarine cable system market to grow from USD 18.2 billion in 2024 and is expected to reach USD 29.7 billion by 2029, growing at a CAGR of 10.3% from 2024 to 2029
Factors such as Increasing penetration of Internet and collaborations among tier 1 vendors, and growing demand for bandwidth due to emergence of 5G. The demand for bandwidth continues to grow steadily, fueled by the growing number of people joining the digital revolution and the increasing bandwidth usage of new applications. Investment decisions for new submarine networks are, however, not solely driven by economics; the need for the global provisioning of internet connectivity to underserved populations is also a major factor contributing to the growth of this market. 
Installation & commissioning segment holds major share of the submarine cable system market in 2023.
The installation & commissioning segment is estimated to account for major share of the submarine cable system market in 2023 and maintain its dominance throughout the forecast period. The increasing Internet traffic and the growing number of internet users in Asia Pacific are fueling the requirement for increased bandwidth in the region.
As such, the region is likely to witness an increase in the installation & commissioning of new submarine communication cable systems during the forecast period. The increasing Internet penetration across Middle East & Africa is also expected to lead to a surge in the installation & commissioning of submarine communication cables in MEA in the coming years.
Wet plant products dominates the market during the forecast period.
The wet plant products segment held major share of the submarine communication cable market in 2023. The growth of this segment can be attributed to increased demand for cables, repeaters, and branching units for laying them on ocean beds, unlike dry plant products such as SLTE, which can be upgraded according to bandwidth requirements. Marine operations are one of the key elements in the submarine cable system market ecosystem; these operations involve vessel operations, diver surveys, topographic surveys, and other analyses for recommendations for maintenance and installations.
North America to grow at the fastest CAGR during forecast period.
The submarine cable system market in North America is projected to witness significant growth during forecast period. Growing investments in the offshore wind power industry and the increasing requirement for interconnectivity between countries and islands are resulting in the growth of the submarine power cable market in the region.
Reason to Buy Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall submarine cable system market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Analysis of key drivers (expanding offshore wind power capacity, increasing penetration of Internet and collaborations among tier 1 vendors, growing demand for bandwidth due to emergence of 5G, growing demand in Asia Pacific region owing to increased traffic, and increasing network of submarine power cable systems), restraints (high initial investments act as entry barrier for SMEs, involvement of multi-country government bodies leads to complexities and delays in approvals), opportunities (upcoming projects to boost market growth, and increasing investments by content delivery and streaming partners to create opportunities in Pacific), and challenges (scarcity of commissioning and repair vessels, emergence of alternative modes of internet service provisioning)
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the submarine cable system market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the submarine cable system market across varied regions.
- Market Diversification: Exhaustive information about new services, untapped geographies, recent developments, and investments in the submarine cable system market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players Alcatel Submarine Networks (France), SubCom, LLC (US), NEC Corporation (Japan), NEXANS (France), Prysmian Group (Italy), among others in the submarine cable system market
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 304 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $18.2 Billion |
| Forecasted Market Value (USD) by 2029 | $29.7 Billion |
| Compound Annual Growth Rate | 10.3% |
| Regions Covered | Global |
Companies Featured
- Alcatel Submarine Networks
- Prysmian Group
- SubCom, LLC
- NEC Corporation
- Nexans
- Hengtong Group Co. Ltd.
- ZTT
- NKT A/S
- Sumitomo Electric Industries, Ltd.
- LS Cable & System Ltd.
- Corning Incorporated
- Ningbo Orient Wires & Cables Co. Ltd.
- Taihan Cable & Solution Co. Ltd.
- Qingdao Han Cable Co. Ltd.
- Furukawa Electric Co. Ltd.
- Hexatronic Group
- Apar Industries
- TFKable
- AFL
- Hellenic Cables
- Ocean Specialists, Inc.
- SSGCable
- OCC Corporation
- Technologies LLC
- Tratos
For more information about this report visit https://www.researchandmarkets.com/r/dd80ei
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
