[Research Report] The subsea cable market was valued at US$ 16.92 billion in 2022 and is expected to reach US$ 34.16 billion by 2030; it is estimated to record a CAGR of 9.2% from 2022 to 2030.
Analyst Perspective:
Growing demand for Internet and smartphones among consumers, increasing investments in new cable systems, and rising adoption of cloud technology are a few factors that drive the subsea cable market growth. Subsea cables are used to rapidly transmit huge amounts of data and connect various countries across the globe. However, growing cybersecurity attacks and the high cost associated with the installation of subsea cables hinder the market growth. Moreover, the growing need for data and communication flow is boosting the market growth worldwide. Also, the rising number of new projects related to installation of subsea cables is anticipated to create several new growth opportunities for the market during the forecast period.
Market Overview:
Subsea cables, also known as submarine cables, are long fiber optic wires laid on sea beds that connect two or more landing points. These cables are thousands of miles in length and are used for carrying telecommunication signals from one point to another. Subsea cables are essential components for the global telecommunication infrastructure such as connecting continents, internet cables, and facilitating worldwide communication. These cables are primarily used for distant data and communication transportation by permitting rapid transfer of data globally.
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Subsea Cable Market: Strategic Insights
Market Size Value in US$ 16.92 billion in 2022 Market Size Value by US$ 34.16 billion by 2030 Growth rate CAGR of 9.2% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Subsea Cable Market: Strategic Insights
| Market Size Value in | US$ 16.92 billion in 2022 |
| Market Size Value by | US$ 34.16 billion by 2030 |
| Growth rate | CAGR of 9.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Market Driver:
Growing Internet Traffic Drives Subsea Cable Market
Increasing use of the Internet across the globe is driving the global market. According to the Atlantic Council, more than 97% of the global internet traffic depends on subsea cables, which is increasing rapidly. The world is connected through the Internet, and almost everyone heavily relies on it for managing their day-to-day activities, which increases the need for Internet services among consumers. According to the International Telecommunication Union (ITU), the world will have 5.4 billion Internet users by the end of 2023, which covers 67% of the world’s population that uses the Internet. There is rapid growth in the demand for fast bandwidth speed among consumers. Further, smartphone penetration across the globe is increasing owing to the rise in the number of internet users. For instance, per the GSM Association, there will be 5 billion mobile internet users across the globe by 2025, 8 billion smartphone connections by 2027, and 9.5 billion mobile connections by 2030. Thus, the growing adoption of smartphones boosts Internet traffic, which drives the growth of the global subsea cable market.
Report Segmentation and Scope:
The subsea cable market is segmented on the basis of type, voltage, offering, and application. Based on type, the market is segmented into single core and multi core. In terms of voltage, the market is categorized into medium and high. Based on offering, the subsea cable market is divided into installation services and maintenance & upgrade services. On the basis of application, the market is divided into communication and power. By region, the subsea cable market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
Segmental Analysis:
Based on offering, the market is bifurcated into installation services and maintenance & upgrade services. The maintenance & upgrade services segment is anticipated to develop at a significant pace during the forecasted period due to the high cost of cable installation. Maintenance and upgradation of subsea cables usually take less time (up to eight months) and are cheaper than new installations. Moreover, installed cables are a valuable asset for a nation, and the implementation of new technologies allows the user to use the original cable, both in terms of design and capacity.
Regional Analysis:
Asia Pacific held the largest subsea cable market share in 2022. The Asia Pacific market is segmented into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. The region contributes a noteworthy share to the global market owing to high adoption and investments in subsea cables in the region. The rising population in countries such as China and India increases the number of Internet users in the region, which is driving the market. About half of the global internet traffic is generated by consumers, mainly from Asia Pacific, which is fueling the demand for subsea cables. The rising need for faster internet services in the Transpacific region, due to the limited subsea communication cable in the region, encourages the governments to develop new cable systems in the region. For instance, in July 2023, Japan signed a Memorandum of Cooperation (MoC) with the European Union to develop subsea cables in the Arctic. These cables advance connectivity by speeding internet traffic across the globe and are expected to be operational by 2026.
Moreover, Asia Pacific is increasingly becoming a hub for direct investments in the subsea cable infrastructure. For instance, the Chennai-Singapore 3,200 km 4/6/8 fiber-pair cable system received an investment of US$ 100 billion from the governments of both countries to make the cable operational readiness in 2021. Additionally, many tech giants such as Google, Microsoft, and Facebook are partnering with subsea cable companies for the development of new projects. For instance, in January 2022, Google, as an investor, partnered with AARNet, Singtel, Indosat Ooredoo, SubPartners, and Telstra on a new subsea cable project connecting Japan to Australia via Guam.
Subsea Cable Market Report Scope
Key Player Analysis:
Nokia; SubCom, LLC; NEC Corporation; Prysmian S.p.A; NKT A/S; Furukawa Electric Co., Ltd.; Hengtong Group Co., Ltd.; Ciena Corporation; ZTT Cable; and JDR Cable Systems Ltd. are among the key subsea cable market players profiled in the report.
Recent Developments:
The market players are widely adopting inorganic and organic strategies. A few recent key market developments are listed below:
- In November 2022, Reliance Industries Limited received approval to deploy the world’s largest submarine cable connecting Singapore and Europe. The two submarine cables, India-Europe-Xpress (IEX) and India-Asia-Xpress (IAX), are expected to start operation between 2023 and 2024.
- In December 2022, Empresa de Telecomunicaciones de Cuba S.A. signed an agreement with Orange to integrate the Arimao project with the ARCOS-1 cable system in Cojimar, Cuba. The companies are also planning to make the project ready for service by the end of 2023.
- In October 2021, NEC Corporation announced that its subsidiary OCC Corporation collaborated with Sumitomo Electric Industries Ltd. to develop a four-crore-fiber-optic subsea cable for Facebook. This cable system increases the number of independent data channels by enabling next-generation subsea space division multiplexing (SDM) technology.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Voltage, Offering, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Europe is expected to register highest CAGR in the subsea cable market during the forecast period (2022-2030)
Communication segment is expected to hold a major market share of subsea cable market in 2022
US, China, UK, and Germany are expected to register high growth rate during the forecast period
The US is expected to hold a major market share of subsea cable market in 2022
Nokia, SubCom, LLC, NEC Corporation, Prysmian S.p.A, NKT A/S, Furukawa Electric Co., Ltd., Hengtong Group Co.,Ltd., Ciena Corporation, ZTT Cable, and JDR Cable Systems Ltd. are the key market players expected to hold a major market share of subsea cable market in 2022
Growing Adoption of 5G and IoT Technologies
The estimated global market size for the subsea cable market in 2022 is expected to be around US$ 16.92 billion
1. Introduction
1.1 Scope of the Study
1.2 Market Definition, Assumptions and Limitations
1.3 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness Analysis
3. Research Methodology
4. Subsea Cable Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. Subsea Cable Market - Key Market Dynamics
5.1 Key Market Drivers
5.2 Key Market Restraints
5.3 Key Market Opportunities
5.4 Future Trends
5.5 Impact Analysis of Drivers and Restraints
6. Subsea Cable Market - Global Market Analysis
6.1 Subsea Cable - Global Market Overview
6.2 Subsea Cable - Global Market and Forecast to 2030
7. Subsea Cable Market – Revenue Analysis (USD Million) – By Type, 2020-2030
7.1 Overview
7.2 Single Core
7.3 Multi Core
8. Subsea Cable Market – Revenue Analysis (USD Million) – By Voltage, 2020-2030
8.1 Overview
8.2 Medium
8.3 High
9. Subsea Cable Market – Revenue Analysis (USD Million) – By Offerings, 2020-2030
9.1 Overview
9.2 Installation Services
9.3 Maintenance and Upgrade Services
10. Subsea Cable Market – Revenue Analysis (USD Million) – By Application, 2020-2030
10.1 Overview
10.2 Communication
10.3 Power
11. Subsea Cable Market - Revenue Analysis (USD Million), 2020-2030 – Geographical Analysis
11.1 North America
11.1.1 North America Subsea Cable Market Overview
11.1.2 North America Subsea Cable Market Revenue and Forecasts to 2030
11.1.3 North America Subsea Cable Market Revenue and Forecasts and Analysis - By Type
11.1.4 North America Subsea Cable Market Revenue and Forecasts and Analysis - By Voltage
11.1.5 North America Subsea Cable Market Revenue and Forecasts and Analysis - By Offerings
11.1.6 North America Subsea Cable Market Revenue and Forecasts and Analysis - By Application
11.1.7 North America Subsea Cable Market Revenue and Forecasts and Analysis - By Countries
11.1.7.1 United States Subsea Cable Market
11.1.7.1.1 United States Subsea Cable Market, by Type
11.1.7.1.2 United States Subsea Cable Market, by Voltage
11.1.7.1.3 United States Subsea Cable Market, by Offerings
11.1.7.1.4 United States Subsea Cable Market, by Application
11.1.7.2 Canada Subsea Cable Market
11.1.7.2.1 Canada Subsea Cable Market, by Type
11.1.7.2.2 Canada Subsea Cable Market, by Voltage
11.1.7.2.3 Canada Subsea Cable Market, by Offerings
11.1.7.2.4 Canada Subsea Cable Market, by Application
11.1.7.3 Mexico Subsea Cable Market
11.1.7.3.1 Mexico Subsea Cable Market, by Type
11.1.7.3.2 Mexico Subsea Cable Market, by Voltage
11.1.7.3.3 Mexico Subsea Cable Market, by Offerings
11.1.7.3.4 Mexico Subsea Cable Market, by Application
Note - Similar analysis would be provided for below mentioned regions/countries
11.2 Europe
11.2.1 Germany
11.2.2 France
11.2.3 Italy
11.2.4 United Kingdom
11.2.5 Russia
11.2.6 Rest of Europe
11.3 Asia-Pacific
11.3.1 Australia
11.3.2 China
11.3.3 India
11.3.4 Japan
11.3.5 South Korea
11.3.6 Rest of Asia-Pacific
11.4 Middle East and Africa
11.4.1 South Africa
11.4.2 Saudi Arabia
11.4.3 U.A.E
11.4.4 Rest of Middle East and Africa
11.5 South and Central America
11.5.1 Brazil
11.5.2 Argentina
11.5.3 Rest of South and Central America
12. Pre and Post Covid-19 Impact
13. Industry Landscape
13.1 Mergers and Acquisitions
13.2 Agreements, Collaborations, Joint Ventures
13.3 New Product Launches
13.4 Expansions and Other Strategic Developments
14. Competitive Landscape
14.1 Heat Map Analysis by Key Players
14.2 Company Positioning and Concentration
15. Subsea Cable Market - Key Company Profiles
15.1 Nokia
15.1.1 Key Facts
15.1.2 Business Description
15.1.3 Products and Services
15.1.4 Financial Overview
15.1.5 SWOT Analysis
15.1.6 Key Developments
Note - Similar information would be provided for below list of companies
15.2 SubComm LLC
15.3 NEC Corporation
15.4 Prysmian S.p.A
15.5 NKT A/S
15.6 Furukawa Electric
15.7 Hengtong Group Co.Ltd
15.8 Ciena Corporation
15.9 TT Cable
15.10 JDR Cable Systems
16. Appendix
16.1 Glossary
16.2 About The Insight Partners
16.3 Market Intelligence Cloud
The List of Companies - Subsea Cable Market
- Nokia
- SubCom, LLC
- NEC Corporation
- Prysmian S.p.A
- NKT A/S
- Furukawa Electric Co., Ltd.
- Hengtong Group Co., Ltd.
- Ciena Corporation
- ZTT Cable
- JDR Cable Systems Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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