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The global submarine cables market was valued at US$ 14.3 Billion in 2017 and is projected to surpass US$ 34.6 Billion by 2027, registering a CAGR of 9.1% during the forecast period (2019-2027), according to the Global Submarine Cables Market Report, By Service (Installation and Maintenance & Upgrade), By Application (Submarine Power Cables and Submarine Communication Cables), by End-user (Offshore Wind Power Generation, Inter country & island connection, and Offshore Oil & Gas), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.

The surge in demand for bandwidth across the globe and internet connectivity worldwide is expected to drive the market growth during the forecast period. The internet is essential for nearly all forms of international trade. Around 95% of intercontinental and other international internet traffic travels by means of submarine cables.

Additionally, new offshore wind capacity additions and the rising demand for inter-country and island connections are significant factors fueling the growth of global submarine cables market. For instance, in August 2020, JDR Cable Systems Ltd., the global subsea cable supplier and servicer owned by the TFKable Group, has signed a contract with Boskalis, a Dutch dredging and heavy-lift company that provides services relating to the construction and maintenance of maritime infrastructure, to provide the 100 array cables and two offshore substation interconnector cables for the Moray East offshore wind farm in Scotland.

Interlinking countries in order to promote economic growth worldwide is driving the growth of submarine cables market during the forecast period. In June 2020, NEC Corporation announced that the Asia Direct Cable (ADC) Consortium is building a high-performance submarine cable connecting Japan, China (Guangdong Province and Hong Kong SAR), the Philippines, Vietnam, Singapore, and Thailand. The group has selected NEC to build the 9,400 Km long ADC cable, which is anticipated to be completed by 2022.

Data traffic through undersea optical fiber cables offer advantages such as high reliability, security, and carrying capacity. This is another factor facilitating growth of the global submarine cables market. Submarine cables are also cost efficient which is expected to favor the market growth. Submarine cables are advantageous compared to satellite links in terms of reliability, signal speed, capacity and cost.

Submarine Cables Market - Impact of Coronavirus (Covid-19) Pandemic

The COVID-19 outbreak has hampered economic activities all over the world. The supply chain of several companies has been affected due to shutting down of manufacturing processes. There has been a significant impact on the growth of the submarine cables market. Submarine cable repairing requires government permits to access ports and for ships to perform repairs in territorial waters. Delays in permits is already an existing issue in some countries prior. With the importance of connectivity at its pinnacle, it’s more vital than ever for governments to expedite permits to ensure swift repairs.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/submarine-cables-market-4300

Browse 150 market data tables* and 90 figures* on “Global Submarine Cables Market- Global forecast to 2027”

Key Trends and Analysis of the Global Submarine Cables Market:

  • Asia Pacific held a dominant position in the global submarine cables market in 2019 and is expected to retain its dominance throughout the forecast period. The region has the highest adoption and deployment rate of wind farms. According to the Institute for Energy Economics and Financial Analysis (IEEFA), in 2018, China took the global lead in annual offshore wind capacity installations with 1.8GW installed compared to 1.3GW and 0.9GW by U.K. and Germany respectively. In June 2018, India declared an offshore wind target of 5 GW by 2022 and 30 GW by 2030.
  • Among applications, the submarine communication cables segment held a dominant position in the market in 2019 and is expected to retain its dominance during the forecast period. In June 2020, OPT-NC, a commercial and industrial public stakeholder company in France, selected the proposal of Alcatel Submarine Networks (ASN) to build and deploy its second submarine cable. For this project, ASN will partner with Axians and Orange Marine. This new project, which will complement the existing Gondwana cable between Sydney and Noumea, is intended to avoid any Internet disruption or service interruption by securing all New Caledonia's communications, both domestic and international, and to enable the Loyalty Islands and Isle of Pines to have access to high speed broadband.
  • Major players operating in the global submarine cables market are Alcatel Submarine Networks, SubCom, LLC, ABB, Huawei Marine Networks Co., Ltd., NEC Corporation, NEXANS NORWAY AS, FUJITSU, Prysmian Group, Saudi Ericsson, HENGTONG GROUP CO.,LTD., ZTT, Corning Incorporated, NKT A/S, Hellenic Cables Group. The Okonite Company, Apar Industries Ltd., JDR Cable Systems Ltd., AFL, Hexatronic Cables & Interconnect Systems, and LEONI Special Cables GmbH.
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