The submarine cable systems market has grown rapidly, with its size increasing from $18.28 billion in 2023 to $20.54 billion in 2024, reflecting a CAGR of 12.3%. This growth is attributed to global connectivity demands, international trade, telecommunication infrastructure, energy transmission, and data center expansion. The market is expected to reach $33.29 billion by 2028, with a CAGR of 12.8%. Growth drivers include emerging market connectivity, renewable energy integration, 5G deployment, digitalization, and telemedicine expansion. Key trends include resilient cable systems, cross-border project collaborations, open cable system architectures, smart monitoring systems, and eco-friendly solutions.
Major Driver In The Submarine cable systems Market
The significant growth in the number of telecom and internet subscriptions is playing a crucial role in the expansion of the submarine cable system market. Submarine cable systems, laid on the seabed and utilizing optical fiber technology, facilitate the transmission of telecommunication signals across various locations. The rising prevalence of smartphones over traditional desktops has fueled rapid growth in telecom and internet subscriptions. According to the Telecom Regulatory Authority of India, broadband Internet subscribers in India increased from 747.41 million in 2020 to 778.09 million in 2021. This surge in telecom and internet subscriptions is a key factor driving the submarine cable system market growth in 2023, 2024, and 2028.
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Submarine cable systems Market Competitive Landscape
Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Sumitomo Electric Industries Ltd., Fujitsu Limited, Saudi Ericsson Communications Company Ltd., NEC Corporation, Hengtong Group Co Ltd., TE Connectivity Ltd., Corning Incorporated, Prysmian SpA, Nexans S.A., Leoni Special Cables GmbH, NKT A/S, Apar Industries Ltd., Cablel Group Ltd., Tele-fonika Kable S.A., Hexatronic Cables & Interconnect Systems AB, SubCom LLC, The Okonite Company Inc., LS Cable & System Ltd., ZTT International Ltd., Alcatel Submarine Networks Company, JDR Cable Systems Ltd., Huawei Marine Networks Co Ltd, Xtera Communications Inc., Hesfibel SA, Norddeutsche Seekabelwerke GmbH, Amphenol Fiber Systems International, Elettra Communications Ltd., Kokusai Cable Ship Co Ltd., Global Marine Group Ltd., Orange S.A., PCCW Global Ltd., Aqua Comms Limited, Seaborn Networks LLC, Hawaiki Submarine Cable LP, Southern Cross Cable Network Ltd., MainOne Cable Company Limited, Angola Cables SA
Key Submarine cable systems Market Trend
Strategic partnerships and the adoption of advanced technologies between companies are key trends gaining popularity in the submarine cable system market. Companies in the submarine cable system industry are undergoing various partnerships to develop new technologies and products. For instance, in 2021, Italy-based communication solutions company, Sparkle, Telecom Italia (TIM) announced a collaboration with the US-based Google Cloud to build two new undersea cable systems that will expand communication routes between Europe, Africa, the Middle East, and South Asia. The cable systems would contain 16 fiber optic pairs, supporting multiple fiber tenants, and an open landing station, enabling competitive access to the cable termination points.
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Submarine cable systems Market Segmentation
The submarine cable system market covered in this report is segmented –
1) By Component: Wet Plant Products, Dry Plant Products
2) By Type: Multicore, Single Core
3) By Voltage: High Voltage, Medium Voltage
4) By Application: Communication Cables, Power Cables
5) By End User: Offshore Wind Power Generation, Inter-Country and Island Connection, Offshore Oil and Gas
By Geography:The regions covered in the submarine cable systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the submarine cable systems market share in 2023.
The Submarine cable systems Global Market Report 2024 furnishes information about the global submarine cable systems market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
