Submarine Cable System Market Size

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.