The global submarine cables market size is expected to reach USD 37.8 billion by 2027 registering a CAGR of 7.1%, according to a new report by Grand View Research, Inc. Increasing investments in offshore wind farms, inter-country, and island connection for improved power supply and communication and growing investments in oil & gas deep-water drilling activities are the major factors driving the overall market. Moreover, rising internet and data traffic in developing regions, such as APAC, is expected to be the critical factor driving the market over the forecast period.
Currently, the densely populated regions including APAC, South America, and MEA are actively investing in the offshore wind power generation. These investments are expected to fuel the demand for submarine cables. Regional governments across the world are aiming at increasing their electricity generation output from fossil fuels-based sources of energy. However, high costs incurred for the installation of cables and the difficulty in the restoration and maintenance of deep-water cables have adversely affected the adoption and implementation of submarine cables.
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Several threats, such as fishing hooks, cyclones, ships, and cruises, create the need for maintenance services. Any fault in submarine cables levies hefty costs to be spent for the repair and re-deployment process. The OTT providers are an integral part of the market development. These companies own, manage, and fund their submarine cables infrastructure. Facebook, Google, Microsoft, and Amazon are amongst the leading OTT providers, which have drastically changed the landscape of the overall market.
Submarine Cables Market Report Highlights
• The submarine cables market accounted for USD 21.38 billion in 2019 and is expected to grow at a CAGR of 7.1% from 2020 to 2027
• The offshore wind power generation emerged as the largest end-user segment in 2019 and is estimated to retain its dominant position throughout the forecast years
• Asia Pacific regional market held the largest revenue share in 2019. The region is estimated to expand further at the fastest CAGR from 2020 to 2027
• This growth is attributed to rising number of offshore wind farms projects, investments by OTT providers, and increasing data traffic in the region
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Submarine Cables Market Segmentation
Grand View Research has segmented the global submarine cables market on the basis of application, voltage, end user, component, offerings, and region:
Submarine Cables Application Outlook (Revenue, USD Billion, 2016 - 2027)
• Power Cables
• Communication Cables
Submarine Power Cables Voltage Outlook (Revenue, USD Billion, 2016 - 2027)
• Medium Voltage
• High Voltage
• Extra High Voltage
Submarine Power Cables End-user Outlook (Revenue, USD Billion, 2016 - 2027)
• Offshore Wind Power Generation
• Inter Country & Island Connection
• Offshore Oil & Gas
Submarine Communication Cables Component Outlook (Revenue, USD Billion, 2016 - 2027)
• Dry Plant Products
• Wet Plant Products
Submarine Communication Cables Offerings Outlook (Revenue, USD Billion, 2016 - 2027)
• Installation & Commissioning
• Upgrade
• Maintenance
Submarine Communication Cables Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• Transatlantic
• Transpacific
• Indian Ocean
• Americas
• EMEA
• AustralAsia
Submarine Power Cables Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
o U.S.
o Canada
o Mexico
• Europe
o U.K.
o Germany
• Asia Pacific
o China
o India
o Japan
• South America
o Brazil
• Middle East & Africa
List of Key Players of Submarine Cables Market
• Prysmian Group
• Nexans
• NKT A/S
• Subcom
• NEC
• Google
• Alcatel Lucent
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.