“Submarine cable system market to grow at CAGR of 12.25% from 2018 to 2023”
The submarine cable system market is expected to grow from USD 11.74 billion in 2018 to USD 20.93 billion by 2023, at a CAGR of 12.25%. The growth of the submarine cable system market is propelled by the increasing internet traffic in APAC and growing number of internet users. However, factors such as entry barriers for start-ups and small-to-medium enterprises (SME) are restraining the market growth. Redundant links and natural and human-triggered activities pose major challenges for the players in the submarine cable system market.
”Market for submarine power cables expected to grow at highest CAGR from 2018 to 2023”
The market for power cables is estimated to grow at the highest rate during the forecast period. Increasing demand for electric energy on islands, along with disproportional costs of maintaining local electric energy production plants, has led to the significant production of submarine power cables to transfer electricity from the mainland to main grids. Thus, the need to connect new renewable sources to main grids and ensure the reliability of power supply to isolated islands will continue to boost the demand for high- and extra-high-voltage submarine power cables during the forecast period.
“APAC fastest-growing market for submarine power cables”
APAC is expected to be the fastest-growing market for submarine power cables. China is expected to be the largest market for submarine power cables in APAC because of the significant investments being made in the offshore wind sector. The submarine power cable market is also expected to grow at a good pace in countries such as India, Taiwan, and South Korea because of new capacity additions in the offshore wind industry that are planned during the forecast period. These factors are expected to boost the growth of the submarine power cable market in Asia Pacific.
Breakdown of the profiles of primary participants:
- By Company: Tier 1 = 45%, Tier 2 = 35%, and Tier 3 = 20%
- By Designation: C-Level Executives = 50%, Managers = 30%, and Others = 20%
- By Region: North America = 43%, Europe = 29%, APAC = 21%, and RoW = 7%
The major players profiled in this report are as follows:
- Alcatel-Lucent (Finland)
- TE connectivity (Switzerland)
- NEC (Japan)
- Huawei Marine (China)
- Saudi Ericsson (Saudi Arabia)
- Prysmian (Italy)
- Nexans (France)
- Jiangsu Zhongtian Technology Co., Ltd. (ZTT) (China)
- Jiangsu Hengtong Optic-Electric Stock Co., Ltd. (Hengtong) (China)
- Norddeutsche Seekabelwerke GmbH Electronic (NSW) (Germany)
- NKT (Germany)
- Sumitomo Electric (Japan).
In this report, the submarine cable system market has been segmented by application, component, offering, and geography. The market has been segmented on the basis of application into communication, and power. The submarine cable system market, by type, has been segmented into dry plant products and wet plant products. Based on offerings, the market has been segmented into installation and commissioning, maintenance, and upgrades. The study also forecasts the size of the market in 4 main regions?North America, Europe, APAC, and RoW.
Reasons To Buy the report
The report would help the market leaders/new entrants in this market in the following ways:
- This report segments the submarine cable system market comprehensively and provides the closest approximation of the overall market size and those of the subsegments across different contact applications, components, offerings, and regions.
- The report would help stakeholders understand the pulse of the market and provide them with the information on key drivers, restraints, challenges, and opportunities for the growth of the market.
- This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business.
- The competitive landscape section includes competitor ecosystem, and product launches, partnerships, and mergers and acquisitions carried out by the major players in the market.