Submarine Cable Systems Industry worth $29.7 billion by 2029 at a CAGR of 10.3%

(IT-NEWSWIRE.COM, July 31, 2024 ) According to MarketsandMarkets, submarine cable system system market to grow from USD 18.2 billion in 2024 and is expected to reach USD 29.7 billion by 2029, growing at a CAGR of 10.3% from 2024 to 2029. Factors such as growing demand for bandwidth due to emergence of 5G, and growing demand in Asia Pacific region owing to increased traffic will likely drive market growth. Demand for internet bandwidth is expected to continue to grow owing to increasing penetration of digital revolution and the increasing internet dependency which will boost submarine cable market growth.

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Based on Application, the submarine cable system market is divided into two segments: communication cables and power cables. From 2024 to 2029, the power cables segment is expected to hold a larger share of the market and exhibit a higher CAGR compared to the communication cables segment. This growth is driven by ongoing and proposed offshore wind capacity installations in various countries, as well as the rising demand for intercountry and island connections. The increasing need for renewable energy on islands, along with the high costs of maintaining local electricity production plants, has amplified the demand for submarine power cables to transmit electricity from the mainland to these islands. Consequently, the necessity to connect new renewable energy sources to main grids, ensuring a reliable and continuous power supply to isolated islands, is propelling the global demand for submarine power cables.

Based on Component, the submarine cable system market has been segmented into wet plant products, and dry plant products. The wet plant products segment held larger share of the submarine communication cable market in 2023. The growth of this segment can be attributed to increased demand for cables, repeaters, and branching units for laying them on ocean beds, unlike dry plant products such as SLTE, which can be upgraded according to bandwidth requirements. Marine operations are one of the key elements in the submarine cable system market ecosystem; these operations involve vessel operations, diver surveys, topographic surveys, and other analyses for recommendations for maintenance and installations.

Based on Type, the submarine cable system has been segmented into Single Core, and Multicore. The single core segment is projected to lead the global submarine power cable market from 2024 to 2029. The growth of this segment can be attributed to the increased use of single-core cables due to ease of deployment, high bandwidth, low attenuation, and suitability for covering longer lengths than multicore cables. The upcoming ultra-high-voltage projects in Asia Pacific, Europe, and North America are expected to drive the growth of the single core segment during the forecast period.

Key Market Players:

Major players operating in the submarine cable system system market include include Alcatel Submarine Networks (France), SubCom, LLC (US), NEC Corporation (Japan), NEXANS (France), Prysmian Group (Italy), HENGTONG GROUP CO.,LTD. (China), ZTT (China), NKT A/S (Denmark), Corning Incorporated (US), Hellenic Cables (Greece), Sumitomo Electric Industries, Ltd. (Japan), Apar Industries (India). AFL (US), TFKable (Poland), Hexatronic Group (Sweden), SSGCABLE (China), OCC Corporation (Japan), 1X Technologies LLC (US), Tratos (UK), Taihan Cable & Solution Co., Ltd. (South Korea), FURUKAWA ELECTRIC CO., LTD. (Japan), Ningbo Orient Wires &Cables Co.,Ltd. (China), Qingdao Han Cable Co., Ltd. (China), LS Cable & System Ltd (South Korea), and Ocean Specialists, Inc. (US).

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These companies have reliable service facilities and strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of a robust market presence, reputable products and services, and strong business strategies. Furthermore, these companies have a significant market share, services with more comprehensive applications, and broader geographical footprints.

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Submarine Cable Systems Industry worth $29.7 billion by 2029 at a CAGR of 10.3%