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Submarine Cable Systems Market Growth to 2027 Driven by Large Number of Ongoing Projects for Submarine Cables

09-19-2022 04:59 PM CET | IT, New Media & Software

Press release from: The Insight Partners

/ PR Agency: The Insight Partners
The Insight Partners

The Insight Partners

Earlier, submarine cable systems were laid down for telegraphic communications. Later, they have been used for carrying data traffic such as internet and telecommunications. In developed economies, internet is considered to be the firm pillar of entire digital infrastructure. Various industry verticals depend on the internet to serve better to their customers, thus resulting in the explosion of data traffic. Providing internet service via fiber optic cables ensures maximum reach, fewer attenuations, higher bandwidth, and more reliability over long distances. Besides, the upcoming technology cluster, popularly known as SMAC (social, mobility, analytics, and cloud) demands higher bandwidth cables.

According to The Insight Partners' research, the global submarine cable systems market was valued at US$ 13,492.3 million in 2018 and is forecasted to reach US$ 30,485.2 million by 2027 to rise at an annual growth rate of 9.2% from 2019 to 2027. An advancing global economy revolving around the internet as its backbone, increasing bandwidth demands from the cloud & content service providers, and burgeoning optical fiber demands from developing economies such as China and India are the crucial factors credited to the market expansion.

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Leading players in the global submarine cable systems market are Huawei Marine Networks Co., Limited; Subcom, LLC; NEC Corporation; Fujitsu Limited; Nokia Corporation; Hawaiki Cable Limited; Sumitomo Electric Industries, Ltd; Nexans SA; Prysmian Group; and Mitsubishi Electric Corporation, among others.
• In November 2018, Huawei continued building the submarine cable network that interconnects Papua New Guinea irrespective of the burden from the US, Australia, and Japan. Huawei Marine supports Papua New Guinea with an 8Tbps, 5,457km national submarine broadband cable network.
• In July 2018, Subcom LLC was selected by Google to supply the Dunant submarine cable system. The four-fiber paired cable system covers more than 6,400 km connecting the East Coast of the US to Europe.
• In July 2018, NEC Corporation received a contract from BSNL to build optical submarine cable system between Chennai and the Andaman & Nicobar Islands. Under the deal, NEC also provided technical assistance for the turnkey implementation.

Emerging economies focus on developing digital infrastructure by spending huge on submarine cable systems. They have realized the power of internet to be harnessed in several sectors such as healthcare, agriculture, finance, retail, manufacturing, media, entertainment, and many others. The BharatNet project by the Government of India works on installing and expanding optical fiber cables to the rural areas. Most of the projects are greenfield, which allows easy implementation of optical fiber system at an affordable cost structure. Similarly, the Chinese broadband strategy of combining telecommunication, broadcast network, and internet led to the massive optical fiber coverage in the country. All these aspects mentioned above drive the global submarine cable systems market.

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On the flip side, the high initial investment and susceptibility to climatic conditions obstruct the growth of global submarine cable systems market.

Based on service, the submarine cable systems market sphere is divided into installation and maintenance & upgrade. The installation service segment held 85.3% market share in 2018, amassing US$ 11,505.5 million. It is estimated to generate US$ 22,588.8 million by 2027 to expand at 7.5% CAGR during 2019-2027.

As per application, the global submarine cable systems market is segmented into communication and energy & power. With 84.8% market share, the communication segment dominated the business in 2018. It accrued US$ 11,443.6 million in 2018 and is speculated to garner US$ 24,845.6 million by 2027 to grow at 8.7% CAGR along the forecast period.

From the regional point of reference, it has been observed that the Asia Pacific market captured 47.1% share of the domain in 2018, with a revenue total of US$ 6,348.1 million. It is likely to hit US$ 16,640.0 million by 2027 to surge at 10.9% CAGR over the forecast period. The Middle East & Africa (MEA) market was evaluated at US$ 1,340.3 million in 2018 and is predicted to be worth US$ 3,688.7 million by 2027 to exhibit a CAGR of 11.6%, the highest one.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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