The global submarine cable system market size is predicted to elevate from 2023 through 2030.
A submarine cable is laid on the sea bed to communicate signals across seas and oceans. This cable is used to increase internet traffic and increase demand for inter-country and island connections. The cable is used in land-based stations, which is important in establishing global connectivity and the internet. Increasing demand globally led to submarine cable system market growth.
Fortune Business Insights presents this information in its report titled “”Submarine Cable System Market, 2023-2030.””
The submarine cable system market is driven by the increasing demand for high-speed internet connectivity, the growing adoption of cloud-based services, and the increasing investment in submarine cable systems by major telecommunication companies. The market is also driven by the increasing demand for offshore wind farms and the need for reliable and efficient power transmission systems. This market is expected to witness significant growth during the forecast period, driven by the increasing demand for high-speed internet connectivity and the growing adoption of cloud-based services.
The market is classified into dry and wet plants based on system type.
On the basis of armor type, the market is split into double armored optical fiber (DA) and multiple and single armored optical fibers (SA).
The market is segmented into electric power and communication signals according to transmission type.
In terms of service type, the market is broken down into installation, maintenance & upgrade.
By end-user type, the market is divided into the oil & gas industry offshore, offshore wind power generation, and inter-country.
Region-wise, the market is segregated into North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
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The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Recent industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Rising Demand for the Land-Based Telecommunication Stations to Propagate Market
Rising demand for network capabilities, rising internet traffic, and increasing demand for island connections and inter-country account for the elevation of the market. Increasing demand for telecommunication and electric power cables across sea or ocean. Hence, the submarine cable system market share is expected to elevate during the forecast period.
Damage due to climatic conditions, the complex repairing procedure for deep water power cable links, and high investments are the factors that may hamper the market growth.
North America Market Investments to Elevate the Market during the Forecast Period
North America is anticipated to dominate the market from 2022 through 2029. The market is expected to elevate owing to the economic growth of developed countries such as the U.S. and Canada.
Europe is expected to play an important role in the market’s rise. The market is anticipated to grow because of the agreements with the key players in the gas & oil industry and wind-power projects in North America.
Asia Pacific is anticipated to show moderate progress through the forecast period. The market is estimated to elevate reasonably due to agreements, investments, and mergers in the wind power generation industry offshore.
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Key Players Focus on Partnerships to Gain a Competitive Advantage
Prominent market players are partnering with other companies to stay ahead of the competition. Many companies also invest in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
Notable Industry Development:
October 2021: NEC Corporation started the development of a four-core fiber-optic submarine cable by its subsidiary OCC Corporation in collaboration with Sumitomo Electric.
November 2020: Jiangsu Zhongtian Technology Co. Ltd and Zhongtian Technology Submarine Cable Co. Ltd introduced a 500 kV XLPE insulated power cable system.
The Report Lists the Key Players Profiled in the Market Report:
- SubCom, LLC (U.S.)
- ALE International (U.S.)
- NEC Corporation (Japan)
- JDR Cable Systems Ltd. (U.K.)
- Cablel Hellenic Cables Group (Belgium)
- Hengtong Group Co. Ltd. (China)
- Saudi Ericsson (Saudi Arabia)
- Nexan (France)
- Google (U.S.)
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