The Installation & Commissioning Segment Dominated the Submarine Cable Market in 2021
According to Custom Market Insights (CMI), the Global Submarine Cable Market was estimated at USD 25 billion in 2021 and is anticipated to reach around USD 35 billion by 2030, growing at a CAGR of roughly 10% between 2022 and 2030. Our research report offers a 360-degree view of the Submarine Cable market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Submarine Cable market.
Submarine Cable Market: Overview
Key investors in new submarine cables include content companies like Facebook, Google, Amazon, and Microsoft. Private network operators have recently added more capacity than internet backbone providers. Owning new submarine cables expands the potential available to these corporations because of the enormous expansion in bandwidth. New submarine cables are still being built by Google and Facebook, for instance, the Pacific Light Cable Network, in which they are both investors.
Browse the full “Submarine Cable Market Size, Trends and Insights By Application (Submarine Communication Cables, Submarine Power Cables), By Voltage (Extra High Voltage, High Voltage, Medium Voltage), By Offering (Installation & Commissioning, Maintenance, Upgrade), By End-user (Offshore Wind Power Generation, Offshore Oil & Gas, Inter-Country & Island Connection), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030 “ report at https://www.custommarketinsights.com/report/submarine-cable-market/
Growth Factors
The submarine cable industry is primarily driven by rising offshore wind farm investments, rising data traffic, and expenditures made by OTT providers to meet demand. Many uses for power and communication employ submarine cables. They are frequently used for power transmission to oil rigs, power from offshore wind farms to power plants, and links between nations and islands. The need for low-power cables is being influenced by the rising need for linking the power systems of various nations.
Submarine communication cables are used for international contact between countries and regions. Submarine cables are responsible for 97% of all global internet traffic, and as internet usage grows, the demand for cables is also expected to surge. Global market expansion has been fueled by the increasing focus on integrating offshore renewable energy sources and greater energy security. These communication cables facilitate quicker communication and transmit a lot of data around the world.
Segmental Overview
The market for Submarine Cable is segmented into the offering, application, voltage, and end-user. Based on application, in 2021, the submarine power cable market accounted for 60% of total revenue. The market for submarine power cables is driven by rising inter-country and island connectivity needs and new capacity additions in the offshore wind sector. Additionally, the need for submarine power cables has increased due to increased research and development efforts brought on by the growth of offshore wind farms and the electrification of offshore oil and gas networks.
Based on offering, with more than 35% share of the market, the installation & commissioning segment led the market in 2021. This is brought on by the high price, necessary technological processes, and installation equipment. Undersea cable vessels, jointing and testing tools, operation management software, and underwater installation tools are all parts of the equipment used to deliver submarine cables.
Underwater robot remotely operated vehicles, beach burying equipment, burial machines, and an automatic control system make up the underwater installation equipment for submarine optical cables. Over the forecast period, this market is anticipated to offer potential growth possibilities.
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Regional Overview
In 2021, the Asia Pacific region held the most significant market share. The approval and deployment of wind farms are at their highest levels in this area, with China dominating the market. Direct investments in the construction of submarine cable infrastructure are increasingly concentrated in the Asia-Pacific region. Google, Microsoft, and Facebook are the main players in the region. For instance, Google has already purchased the Asia-based undersea cable market. Additionally, Google invested in the new subsea cable system that was deployed to connect Australia and Japan via Guam in 2021.
Competitive Landscape
Our market analysis includes a section specifically devoted to key players operating in the Submarine Cable market. Our analysts give an overview of each player’s financial statements, along with product benchmarking and SWOT analysis. The competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of the mentioned competitors globally.
- 2022: Local media claimed that the Kingdom of Saudi Arabia and India are looking into a cross-country initiative being launched to extend a new era of energy diplomacy. This project would create a green energy grid and connect the two countries via submarine cables. The proposed undersea cable project will link the Saudi coast with that of Gujarat, and the distance between Mundra Port in Gujarat and Fujairah, a Saudi coastal city, is 1,600 km.
- 2022: In order to construct a submarine Internet connection connecting the two countries, Saudi Arabia and Greece have forged a strategic collaboration. The Saudi Telecom Company, the General Energy Company in Greece, the Greek Telecom Company, and the Cyprus Telecom Company would collaborate on the cable’s development.
Some of the prominent players
- ALE International, ALE USA Inc.
- NEC Corporation
- SubCom, LLC
- NKT A/S
- Prysmian S.p.A
- Microsoft
- Google LLC
- Nexans
- com, Inc.
- ZTT
- Others
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