The global Submarine Cables Market is estimated to be valued at US$ 2751.81 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Submarine cables transmit telecommunication signals across oceans. They are made of optical fibers wrapped in steel armored pipe which provide the fastest means of transmission globally. They carry around 95-99% of total intercontinental data traffic including telephone calls, internet, and cable television.
Market key trends:
One of the key trend in the submarine cables market is the rising demand for higher bandwidth. With growing internet usage and data traffic worldwide, there is increasing demand for high-speed internet and data transfer. This is driving the deployment of new generations of submarine cables that feature fiber optic technology and have extremely high bandwidth capacity to support increasing data needs. For instance, a new cable called 2Africa will connect Europe and Africa with 180 terabits per second capacity when completed by 2023-2024.
Segment Analysis
The global submarine cables market is segmented by application into communication cables and power cables. The communication cables segment is expected to hold the largest market share during the forecast period. Increasing need for high-speed internet across the globe is one of the major factors boosting the demand for communication submarine cables. They carry nearly 100% of all intercontinental data and voice communications. Power cables segment is also expected to grow at a significant rate due to ongoing offshore wind power projects as it allows transmission of power from offshore wind farms to on-land grids.
Key Takeaways
The Global Submarine Cables Market Size was valued at US$ 2751.81 million in 2023. It is expected to witness high growth, exhibiting a CAGR of 6.3% over the forecast period, due to increasing demand for internet connectivity and integration of renewable energy in the power grid.
Europe dominated the global market in 2023 and is expected to continue its dominance during the forecast period. This is attributed to increasing offshore wind energy production in countries like Germany, UK, Norway, and Belgium. Asia Pacific is projected to be the fastest growing region growing at a CAGR of around 7.2% between 2023 and 2030 owing to the rising demand for connectivity solutions and smart city projects in countries like China and India.
Key players operating in the submarine cables market are Alcatel Submarine Networks, SubCom, LLC, ABB, Huawei Marine Networks Co., Ltd., NEC Corporation, NEXANS NORWAY AS, FUJITSU, Prysmian Group, Saudi Ericsson, HENGTONG GROUP CO., LTD., ZTT, Corning Incorporated, NKT A/S, Hellenic Cables Group. The Okonite Company, Apar Industries Ltd., JDR Cable Systems Ltd., AFL, Hexatronic Cables & Interconnect Systems, and LEONI Special Cables GmbH. These major players are investing in R&D activities to develop technologically advanced and durable submarine cables.
Read More: https://www.ukwebwire.com/submarine-cables-market-size-share-and-growth-forecast-2023-2023/
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