The market for submarine cables is anticipated to increase from US$ 3 billion in 2022 to US$ 4.38 billion in 2030. From 2022 to 2030, the demand for undersea cables is expected to grow at a CAGR of 4.8%. In 2021, the market for cables worldwide saw a 1% share of usage of submarine cables.
The need for undersea power cables has increased due to the emphasis placed on the transition to green energy and climate change globally. Submarine power transmission is used by wind, wave, and tidal energy sources to deliver renewable energy to networks for commercial and residential distribution.
As per Future Market Insights, communications between regions and nations are conducted using submarine communication cables. Submarine cables carry more than 95 percent of all internet data, and as internet use grows, so will demand for these cables, which is expected to increase quickly.
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A spike of 200 units in BPS values observed in the submarine cables market in H1, 2022 – Outlook (O) over H1, 2022 Projected (P). Due to a rise in data traffic, the demand for communication cables has surged.
Submarine communication cable expenditures have increased in regions including Europe, Middle East, Asia Pacific, and South America. The major influencers of the submarine cables are technology businesses like Google, Amazon, Facebook, and Microsoft.
Competitive Landscape
Key manufacturers of submarine cables are increasing their production capacities to meet growing demand from commercial customers. Submarine cable providers are focused on offering advanced products and services in the submarine cables market.
For instance,
- In June 2020, Corning Incorporated announced that Innolux Corporation is using its large platform cutting tool and complete automation system for its high-end auto display panel manufacturing.
- In January 2020, Alcatel-Lucent Submarine Networks Ltd. deployed an unrepeated cable to connect Tokelau.
Key Companies Profiled
- ABB
- Alcatel Submarine Networks
- Corning Incorporated
- Huawei Marine Networks Co., Limited
- Hydro Group plc
- JDR Cable Systems Ltd.
- J-Power Systems Corporation
- NEC Corporation
- Nexans S.A.
- NKT Cables Group GmbH
- TE Connectivity Corporation
- Prysmian Group
- ZTT
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Which Major Trends Will Increase the Demand for Submarine Cables?
“Increasing OTT Provider Investments to Create Plenty of Opportunities for Sales of Submarine Cables”
In addition to raising demand for better communications, rising data traffic globally will support industry growth. Due to rising investments in offshore wind farms and by OTT providers, the market for underwater cables will also pick up steam.
90% of all data traffic on the planet travels over submarine communication cables, which have a total carrying capacity of terabits per second. Therefore, it should come as no surprise that top OTT and communication providers like Amazon, Google, Facebook, and Microsoft place a high value on submarine cable infrastructure.
Submarine Cables Industry Survey
Submarine Cables Market by Solution:
- Product
- Electrical Cables
- MVAC
- HVAC
- HVDC
- Fiber Optic Cables
- Loose Tube Type
- Tight Buffered Type
- Metal Tube Type
- Hybrid/Composite Cables
- Umbilical Cables
- Electrical Cables
- Service
- Consultation and Advisory Services
- Commissioning and Deployment Services
- Maintenance and Testing Services
- Upgrade Services
Submarine Cables Market by Filling Type:
- Oil/Fluid Filled Cables
- Solid Filled Cables
Submarine Cables Market by End Use:
- Oil and Gas
- Renewable Energy
- Telecommunications
- Defense
Submarine Cables Market by Region:
- North America Submarine Cables Market
- Latin America Submarine Cables Market
- Europe Submarine Cables Market
- Asia Pacific Submarine Cables Market
- Middle East & Africa Submarine Cables Market
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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