CHICAGO, May 31, 2024 /PRNewswire/ — 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 according to a new report by MarketsandMarkets™. The key factors contributing to the growth of the submarine cable system market include the growing demand for bandwidth due to emergence of 5G, and increasing network of submarine power cable systems. The growing demand for data-fueled by bandwidth intensive applications – there is an ever-increasing need for fiber optic interconnectivity. To fulfil this demand, suppliers are investing in technologies.
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Browse in-depth TOC on “Submarine Cable Systems Market”
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Submarine Cable Systems Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 18.2 billion
Estimated Value by 2029
$ 29.7 billion
Growth Rate
Poised to grow at a CAGR of 10.3%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Application, Component, Offering, Voltage, Type, Insulation, End User and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Emergence of alternative modes of internet service provisioning
Key Market Opportunities
Increasing investments by content delivery and streaming partners to create opportunities
Key Market Drivers
Expanding Offshore Wind Power Capacity
Installation & commissioning segment to hold largest share of submarine cable system market from 2024 to 2029.
The growing use of the Internet is driving increased internet traffic in the Asia Pacific region, leading to a higher demand for bandwidth. Consequently, this region is expected to see a rise in the installation and commissioning of new submarine communication systems during the forecast period. Additionally, the increasing Internet penetration in the Middle East and Africa is anticipated to further boost the installation and commissioning of submarine communication cables in the coming years.
Offshore wind power generation segment to grow at highest CAGR from 2024 to 2029.
The offshore wind power generation segment of the submarine power cable market is expected to experience the highest CAGR from 2024 to 2029. This growth is driven by the increasing deployment of offshore wind farms, fueled by advancements in offshore wind power technologies and decreasing costs of offshore wind power generation.
High voltage segment to grow at highest CAGR from 2024 to 2029.
The high voltage segment of the submarine power cable market is expected to grow at a higher CAGR than the medium voltage segment from 2024 to 2029. These cables enable efficient power transmission owing to their low transmission losses. The increasing requirement of interconnecting lands and the growing demand for power generation from offshore plants using renewable sources have led to the growth of the high-voltage submarine power cable market globally.
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Europe held the largest share of the submarine cable system market in 2023.
Europe is anticipated to dominate a significant portion of the submarine cables system industry throughout the forecast period. As per the Global Wind Energy Council, the region accounted for over 45% of the global installed offshore wind capacity in FY2023, reaching a total of 34,032 MW. With the European Union (EU) targeting a minimum of 40% renewable energy in the overall energy mix by 2030, the region is transitioning from fossil fuels to renewable sources like hydropower, solar energy, wind power, and biofuels, thereby driving substantial demand for submarine cable systems.
Key Players
Alcatel Submarine Networks (France), SubCom, LLC (US), NEC Corporation (Japan), NEXANS (France), Prysmian Group (Italy), HENGTONG GROUP CO.,LTD. (China), ZTT (China), NKT A/S (Denmark), Corning Incorporated (US), Hellenic Cables (Greece), Sumitomo Electric Industries, Ltd. (Japan), Apar Industries (India). AFL (US), TFKable (Poland), Hexatronic Group (Sweden), SSGCABLE (China), OCC Corporation (Japan), 1X Technologies LLC (US), Tratos (UK), Taihan Cable & Solution Co., Ltd. (South Korea), FURUKAWA ELECTRIC CO., LTD. (Japan), Ningbo Orient Wires &Cables Co.,Ltd. (China), Qingdao Han Cable Co., Ltd. (China), LS Cable & System Ltd (South Korea), and Ocean Specialists, Inc. (US). are the major players in submarine cable system companies. These players have implemented various strategies to extend their global reach and enhance their market share.
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