Submarine Cables Market size was over USD 29.06 billion in 2023 and is poised to cross USD 60.48 billion by 2036, growing at more than 5.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of submarine cables is evaluated at USD 30.41 billion. The growth of the market can be attributed to the growing requirement for offshore communication system, penetration of internet and mobile networks in remote areas, and rising demand for power supply. The submarine cable systems are highly demanded in island countries for power connectivity, which is estimated to boost the market growth. Moreover, the requirement for higher bandwidth, backed by the growing usage of the internet, and advancement in network connectivity with the adoption of 7G technology, are estimated to boost the demand for submarine cable system. According to the data by the World Bank, 1.134 billion people worldwide have a fixed broadband connection, as of 2019, which is approximately 15.6 per 100 individuals. Additionally, the emergence of large number of offshore wind farms and offshore oil wells is estimated to boost the market growth.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5.8% |
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Base Year Market Size (2023) |
USD 29.06 billion |
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Forecast Year Market Size (2036) |
USD 60.48 billion |
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Regional Scope |
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The market is segmented by application into communication, power supply, and others, out of which, the power supply segment is anticipated to hold the largest share in the global market over the forecast period on account of the need for electricity for sustenance of any civilization in the modern times. The increasing habitation in the island areas, along with development of tourist attractions in such places, is estimated to generate the demand for power supply, which is estimated to boost the market growth.
Our in-depth analysis of the global market includes the following segments
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By Voltage |
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By Application |
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By End User
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On the basis of geographical analysis, the global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Europe industry is poised to dominate majority revenue share by 2036, impelled by growing requirement of establishing connectivity across the region in the Atlantic Ocean, including Norway, UK, and others. Various important tourist spots in the Europe, such as, the Dalmatian Islands, Paros, Milos, Canary Islands, and others, are islands. This is estimated to fuel the market growth in the region. Moreover, presence of various offshore wind energy farms is also estimated to boost the market growth. The market in the North America region is anticipated to gain significant market share throughout the forecast period owing to the presence of large number of offshore oil reserves, along with the growing requirement of internet across the region.
August, 2021: Alcatel-Lucent Enterprise to collaborate with Roost, a Brazilian technology company, to expand its business in Brazil for telecommunication, media and entertainment, and various other sectors.
Author Credits: Abhishek Verma
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