Submarine Cable System Market by Application (Communication (Component, Offering (Installation & Commissioning, Upgrades)), Power (Type, Voltage, End User (Offshore Wind Power Generation, Offshore Oil & Gas), and Region - Global Forecast to 2025
“Submarine cable system market to grow at CAGR of 11.1% from 2020 to 2025”
The global submarine cable system market size is expected to grow from USD 13.0 billion in 2020 to USD 22.0 billion by 2025 at a CAGR of 11.1%. The surge in global bandwidth demand, increasing internet connection worldwide, increasing new offshore wind capacity additions, and growing demand for inter-country & island connections are the key factors driving the growth of the submarine cable system market. However, the growing buzz around space-based internet communication could act as a challenge for the submarine communication market growth.
“Upgrade segment of submarine communication cable to register highest CAGR during the forecast period.”
Submarine communication cable upgrades are required to meet the capacity requirements within fixed budgets. A combination of careful planning, the right equipment, and accurate field expertise is necessary to increase undersea network capacity. Submarine communication cable upgrades have significantly changed with the introduction of coherent transmission technology. This technology combines the modulation of the amplitude, phase modulation, and polarization to transmit large volumes of information through a fiber-optic cable. Thus, innovations and upgrades in submarine communication cables enable developments in models, field trials, design methodologies, and power budget formulations to ensure successful upgrades in the coherent capacity installations of these cables.
“High voltage power cable to hold the largest size of the submarine power cable market throughout the forecast period”
The increasing requirement of interconnecting lands and the growing demand for power generated from offshore plants using renewable sources of energy have led to the growth of the high voltage segment of the submarine power cable market.
“Submarine power cable market in APAC expected to grow at highest CAGR during the forecast period”
The region is expected to witness unprecedented growth in offshore wind installations during the forecast period. According to the Global Offshore Wind Report 2019, the offshore installations in Asia are expected to have 100 GW wind capacity. Moreover, the report states that China accounted for the highest proportion of new offshore installations in 2018, both offshore (40%) and onshore (45%). Several countries in APAC are planning pilot projects or carrying out full-scale development of commercial-scale offshore wind farms to amplify offshore wind deployments in the region. This has led to an increase in the investments toward pilot projects, feasibility studies, and new installations in APAC.
Breakdown of Profile of Primary Participants:
By Company Type: Tier 1 – 27%, Tier 2 – 41%, and Tier 3 – 32%
By Designation: C-Level Executives – 26%, Directors – 40%, and Others – 34%
By Region: North America – 47%, Europe – 28%, APAC – 19%, and RoW – 6%
Alcatel-Lucent, SubCom, NEC, Prysmian, Nexans, Google, Saudi Ericsson, Hengtong, ZTT, NKT, and JDR Cable are a few key players in the submarine cable system market.
The study covers the submarine cable system market. It aims to estimate the size and growth potential of this market across different segments. The study also includes an in-depth competitive analysis of key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying This Report:
The report will help leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall submarine cable system market and the market based on segments covered in this report. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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