The Global Submarine Cables Market Growth Accelerated By Connecting Continents

 

Submarine cables offer high-speed internet connectivity between continents by laying fiber-optic cables along ocean floors. As these cables are buried in the seabed, they offer reliable and secure connectivity. With the rise of data consumption and digital services, the demand for internet connectivity has increased rapidly.

The global Submarine Cables Market is estimated to be valued at US$ 2751.81 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing deployment of submarine cables connecting continents is one of the key trends driving the growth of the submarine cables market. Large regions and countries are investing heavily in projects to lay submarine cables to enhance connectivity. For instance, the Asia-Africa-Europe 1 (AAE-1) is a major submarine communications cable system connecting Singapore, England, and Germany, with landing points along fifteen countries in Asia and Europe. Expanding at a CAGR of 5.1%, the submarine cables market size is estimated to reach US$ 3890.87 Mn by 2030 owing to the rising number of projects for connecting continents through underwater fiber networks.

Segment Analysis
The global submarine cables market is dominated by the communications segment. This segment accounts for over 60% of the total market share owing to the vast underwater infrastructure required for telecom connectivity across the globe. With rising internet penetration and increasing offshore data center deployments, the demand for high bandwidth telecom cables is rising rapidly. Other segments like power cables and oil & gas are expected to witness steady growth during the forecast period.

Key Takeaways
The Global Submarine Cables Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing investments in undersea connectivity projects. The global Submarine Cables Market is estimated to be valued at US$ 2751.81 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030.

Regional analysis shows that Asia Pacific currently dominates the market and is expected to maintain its lead through 2030 due to large-scale infrastructure upgrades in countries like China, India, and Japan.

Key players operating in the submarine cables market are ANDRITZ (Austria), Thyssenkrupp (Germany), General Cable Technologies Corporation (US), ZTT Group (China), Prysmian Group (Italy), among others. The competitive landscape is gradually shifting towards consolidation as major players focus on mergers and acquisitions to expand their global footprint and comprehensive solutions offerings. Meanwhile, growing demand for inter-country connectivity within ASEAN and African regions is also attracting new players to tap business opportunities.

For More Insights, Read: https://www.newswirestats.com/submarine-cables-market-demand-growth-and-regional-outlook-by-2030/