The global submarine cables market size is expected to grow from US$ 3 Bn in 2022 to US$ 4.38 Bn by 2030. Demand for submarine cables is anticipated to rise at a CAGR of 4.8% from 2022 to 2030. Submarine cable consumption accounted for around 1% share of the global cables market in 2021. Global emphasis on green energy transition and climate change has increased the demand for submarine power cables.
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.
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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.
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.
FMI investigates in detail the various factors that influence market growth. It provides deep insight into the market. Some of these are:
- Europe is expected to dominate the global submarine cable market
- Increased offshore wind farm activity will increase market investment
- Huge repair and maintenance costs can hinder growth
- Barriers to the entry of small businesses will continue, especially as the market is capital intensive.
- Nevertheless, SMEs are expected to focus on small projects across different regions.
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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