Press release
Submarine Cables Market Size to Grow to From US$ 28.26 Billion in 2024 to US$ 44.01 Billion in 2032 with a CAGR of 5.70%
Submarine cables are cables laid on the ocean floor that transmit data, power, and voice communications. They are the backbone of the global internet, carrying most international data. Submarine cables are made of marine-grade polyethylene, copper conductors, and a glass fiber core. The glass fiber core is made of silicon glass optical fibers, each thinner than a human hair. Layers of insulation and protection surround the fibers. Submarine cables transmit data, voice, and power between continents. They can also be used to carry email, webpages, and video calls and transmit power between islands and continents. Submarine cables span the Atlantic and Pacific oceans, as well as strategic passages like the Suez Canal.
In 2023, the global submarine cables market was estimated to be worth USD 27.27 billion. The market is anticipated to grow at a CAGR of 5.70% during the forecast period, from USD 28.26 billion in 2024 to USD 44.01 billion in 2032.
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Growth Drivers:
• A significant increase in funding for offshore wind projects, leading to a greater requirement for dependable infrastructure like submarine cables for power transmission, is boosting market demand.
• The increase in data traffic, along with investments from Over-The-Top (OTT) services to address the rising needs, is driving the market's growth.
• With the ongoing rise in internet usage, there is a significant and corresponding growth in the need for submarine cables.
• The increasing need for low-power cables to enable the interconnection of national power grids is emerging as a major growth factor for the submarine cables market.
Key Players in Market:
The submarine cables market is fragmented and encounters significant competition. These players focus on collaboration, product enhancements, and partnerships to achieve a competitive advantage over their competitors for market share. Some of the major participants in the market include:
• ALE International
• Amazon.com
• Microsoft
• NEC Corporation
• Nexans
• Prysmian
• SubCom
• NKT
• ZTT
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Submarine Cables Market Report Highlights:
• Submarine cables segment will grow at the fastest rate, owing to significant investments from the key players, and surge in demand for internet enabled services
• Offshore segment emerged as the largest segment, as there is huge demand for offshore projects
• APAC held the largest share, primarily due to ongoing wind farm projects, investments from the OTT providers, rising data traffic from emerging South East nations with booming middle-class population
Submarine Cables Market Recent Developments:
• In April 2023, Exans acquired Reka Cables, a leading cable manufacturer based in Finland. This strategic partnership aims to enhance the availability of high-quality and secure cable solutions, catering not only to customers across the Nordic region but also to global markets.
Segmental Overview:
Submarine Cables, Application Outlook (Revenue - USD Billion, 2023 - 2032)
• Submarine Power Cables
• Submarine Communication Cables
Submarine Cables, Voltage Outlook (Revenue - USD Billion, 2023 - 2032)
• Medium Voltage
• High Voltage
• Extra High Voltage
Submarine Cables, End Use Outlook (Revenue - USD Billion, 2023 - 2032)
• Offshore Wind Power Generation
o Array Cables
o Export Cables
• Inter Country & Island Connection
• Offshore Oil & Gas
Submarine Cables, Offerings Outlook (Revenue - USD Billion, 2023 - 2032)
• Installation & Commissioning
• Upgrade
• Maintenance
Submarine Cables, Component Outlook (Revenue - USD Billion, 2023 - 2032)
• Dry Plant Products
• Wet Plant Products
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Regional Analysis:
Asia Pacific dominated the global market for submarine cables in 2022. The region's major reliance on and implementation of wind farms, along with considerable investments and increasing enthusiasm for offshore wind and telecommunication initiatives, justify its dominance.
• North America
o U.S.
o Canada
• Europe
o Germany
o UK
o France
o Italy
o Spain
o Russia
o Netherlands
• Asia Pacific
o China
o India
o Japan
o South Korea
o Indonesia
o Malaysia
• Latin America
o Argentina
o Brazil
o Mexico
• Middle East & Africa
o UAE
o Saudi Arabia
o Israel
o South Africa
Report Scope:
The report primarily puts an emphasis on future trends, major industry competitors, market share, income produced, and regional data to deliver a comprehensive analysis of the submarine cables market.
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