Global Submarine Cables Market was Worth USD 2.87 BN Witness CAGR of 3.9% from 2023 to 2031.
Submarine Cables Market
Rising Demand for High-Speed Data Transmission Across Regions has Led to the Growth of the Global Submarine Cables Market.
HOUSTON, TEXAS, UNITED STATES, August 14, 2023/EINPresswire.com/ -- Global Submarine Cables Market Synopsis
Submarine cables are fiber-optic communication lines laid on the ocean floor to connect continents and enable fast, large-volume data transmission worldwide. These vital infrastructure components are crucial for global internet connectivity, facilitating seamless communication, data sharing, and international business operations. Submarine cables support various digital services, including video streaming, online transactions, and real-time communication. By bridging vast distances across oceans, these cables play an essential role in modernizing global communication, fostering cultural exchange, and supporting economic growth on a global scale.
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Before the COVID-19 outbreak, the global submarine cables market was on a growth trajectory, driven by rising data consumption and digitalization trends. However, the pandemic disrupted operations, causing supply chain interruptions and project delays due to restricted travel and workforce limitations. This uncertainty initially slowed investments. Post-COVID-19, the market regained momentum as the crisis underscored the necessity of robust communication networks for remote work and digital interactions. The demand for increased data capacity and global connectivity persisted, revitalizing investments in submarine cable projects.
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Factors Supporting the Growth of Global Submarine Cables Market
• Global Data Demand Surge: The exponential rise in global data consumption is a prominent driver for the submarine cables market. In 2021 alone, global internet traffic surpassed 4.5 zettabytes, and it is projected to reach 7.9 zettabytes by 2025. This data demand is propelled by streaming, cloud computing, e-commerce, and the proliferation of connected devices. Submarine cables are integral in meeting this demand, with major cables capable of transmitting terabits per second, ensuring seamless international data transmission.
• Renewable Energy Expansion: The growth of offshore wind farms and renewable energy sources is another driver. The offshore wind sector is expected to reach a cumulative capacity of over 250 GW by 2030. Submarine cables play a pivotal role in connecting these energy sources to power grids, enabling efficient transmission of renewable energy. For instance, the Dogger Bank Wind Farm in the North Sea will utilize over 2,400 km of subsea cables to connect to the UK grid.
• Globalization and Connectivity Needs: The drive for increased global connectivity, spurred by international trade, finance, and communication, is a key driver. Over 90% of global trade relies on submarine cables for data transfer. This interconnectedness has led to ongoing cable installations between continents. The Djibouti Africa Regional Express (DARE) cable system, connecting Africa, the Middle East, and Asia, demonstrates this trend. These cables facilitate real-time communication, enhancing businesses' global operations and supporting economic growth.
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Key Highlights of Global Submarine Cables Market
• The demand for high-capacity submarine cables is increasing as more and more people and businesses use the internet. This is driving the development of new submarine cables that can carry more data. The use of submarine cables for renewable energy projects is increasing. Submarine cables are being used to connect offshore wind farms to power grids onshore. This is helping to reduce our reliance on fossil fuels and promote a more sustainable energy future. The development of new technologies is making submarine cables more efficient and reliable. This is leading to lower costs and improved performance for submarine cable systems which has to the upsurge in the demand and growth of the overall submarine cables market.
• The Asia Pacific region is experiencing rapid growth in the submarine cables market. This growth is propelled by the region's increasing digitalization, population, and economic activities. Notably, the Asia-Africa-Europe-1 (AAE-1) submarine cable connects Asia, the Middle East, and Europe, catering to the region's surging data demand. As Asia Pacific continues to lead in internet adoption and emerging technologies, the demand for robust submarine cable networks to support these activities contributes to its accelerated market growth.
Recent Developments in Global Submarine Cables Market
In July 2023, Alcatel Submarine Networks, Elettra Tlc, Medusa, and Orange have jointly announced the commencement of the construction phase for the Medusa Submarine Cable System within the Mediterranean Sea.
In March 2023, Corning Incorporated has unveiled novel optical network advancements that can reduce overall expenses and expedite installations by as much as 70%, addressing the escalating requirements for greater bandwidth. Presented during the 2023 Optical Fiber Communication Conference and Exposition (OFC) held in San Diego, California from March 7-9, these innovations encompass a fresh data center cabling solution, a high-density cable tailored for data centers and carrier networks, along with an ultra-low-loss optical fiber specially designed for robust subsea systems with high capacity and extensive long-haul networks.
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Global Submarine Cables Market: Competitive Landscape
o ABB
o Alcatel Submarine Networks
o Corning Incorporated
o HMN Technologies Co., Ltd.
o Hydro Group
o JDR Cable Systems Ltd.
o J-Power Systems Corporation
o NEC Corporation
o Nexans
o NKT A/S
o Prysmian S.p.A
o TE Connectivity
o ZTT
o Other Industry Participants
Global Submarine Cables Market
By Offerings
o Product
o Electrical Cables
MVAC
HVAC
HVDC
o Fiber Optic Cables
Loose Tube Type
Tight Buffered Type
Metal Tube Type
o Umbilical Cables
o Services
o Commissioning and Deployment Services
o Testing and Maintenance
o Consulting Services
o Others
By Filling Type
o Oil/Fluid Filled Cables
o Solid Filled Cables
By End Use
o Oil and Gas
o Renewable Energy
o Telecommunications
o Defense
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By Region
o North America (U.S., Canada, Mexico, Rest of North America)
o Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
o Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
o Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
o Latin America (Brazil, Argentina, Rest of Latin America)
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