Submarine Cables Market Growth & Trends
The global submarine cable market is expected to reach USD 44.33 billion by 2030, registering a CAGR of 6.1%, according to a new report by Grand View Research, Inc. Increasing investments in offshore wind farms, inter-country, and island connections for improved power supply and communication, and growing investments in oil & gas deep-water drilling activities are the major factors driving the overall market. The increased investment by OTT companies in the deployment of high-capacity communications systems and the growing need for HVDC underwater power cables will provide numerous new opportunities that will lead the industry growth in the times to come. The rising internet and data traffic in the region, such as APAC, are the critical factors driving the market over the forecast period.
The densely populated regions, including APAC, South America, and MEA, actively invest in offshore wind power generation. These investments are expected to fuel the demand for submarine cables. The increasing demand and penetration of the internet, their collaboration with tier-1 vendors, and the rising demand for bandwidth caused due to the rise of 5G are a few factors that propel the demand for the product.
Regional governments worldwide are aiming to increase their electricity generation output from fossil fuel-based sources of energy. The high costs incurred for the installation of cables and the difficulty in restoring and maintaining deep-water cables have adversely affected the adoption and implementation of submarine cables. Several threats, such as fishing hooks, cyclones, ships, and cruises, among others, raise the need for maintenance services. Therefore, proper installation techniques, materials, and the length of the cables will propel the overall market growth. Any fault in submarine cables levies hefty costs to be spent for the repair and re-deployment process.
The OTT providers are an integral part of the market development. These players own, manage, and fund their submarine cables infrastructure. Facebook, Google, Microsoft, and Amazon are amongst the leading OTT providers, which have drastically changed the landscape of the overall industry.
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Submarine Cables Market Segmentation
Grand View Research has segmented the global submarine cables market on the basis of application, voltage, end- user, component, offerings, and region:
Submarine Cables Application Outlook (Revenue, USD Billion, 2017 – 2030)
- Submarine Power Cables
- Submarine Communication Cables
Submarine Power Cables Voltage Outlook (Revenue, USD Billion, 2017 – 2030)
- Medium Voltage
- High Voltage
- Extra High Voltage
Submarine Power Cables End-user Outlook (Revenue, USD Billion, 2017 – 2030)
- Offshore Wind Power Generation
- Inter country & island connection
- Offshore Oil & Gas
Submarine Communication Cables Offerings Outlook (Revenue, USD Billion, 2017 – 2030)
- Installation & Commissioning
List of Key in the Submarine Cables Market
- ALE International, ALE USA Inc.
- SubCom, LLC
- NEC Corporation
- Prysmian S.p.A
- Google LLC
- Amazon.com, Inc.
- NKT A/S
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Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.
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