Submarine Cables Market In-Depth Insights And Analysis 2024-2032

Submarine Cables Market Synopsis:

Submarine Cables Market Size Was Valued at USD 27.69 Billion in 2023, and is Projected to Reach USD 48.39 Billion by 2032, Growing at a CAGR of 6.4% From 2024-2032.

The Submarine Cables Market encompasses the manufacturing, laying, and servicing of underwater power and high voltage communication cables for interconnection of continents, islands and offshore structures. Submarine cables are divided into two types of cables – power cables for carrying energy and communication cables for telecom and internet connections.

•  The submarine cables market is an indispensable facet of the international network for energy distribution and communication. Pipeline cables for use in the seabed are crucial in catering for the increasing demand for energy as well as connectivity within the global scenery. These cables cater different areas such as renewable energy, oil and gas and Telecommunication that bridge certain technologies that enable offshore functioning.
• A particular and prominent section of the markets is the power cables, which mainly used in transmitting electricity from an offshore wind farm, oil rig, or the shore. The turn toward the development of renewable energy sources has created demand for offshore wind power generation, which relies on submarine cables. State and business entities are putting massive capital into increasing the scale of offshore wind power development for achieving net-zero emission targets, thereby creating a need for subsea interconnection platforms.
• Communication cables are some of the most vital systems for Internet and data transfer around the world. They run intercontinental and carry out around 99% of global Internet traffic: voice calls, cloud services, and stream video. Higher level of digitalization, the growing demand for data transmission and the advance use of cloud solutions are stimulating the growth of submarine communication cables market.
• By and large, the submarine cables market has a great potential to grow due to several factors such as development in technology, expansion of offshore renewable energy resources, and growing connectivity investments. A cable damage from activities such as shipping continues to be a key challenge of the market, and high installation costs also remain a restrictive factor in the market.

Submarine Cables Market Trend Analysis:

Growing Investment in Offshore Renewable Energy

• The shift towards the use of sustainable energy has increased investment in offshore renewable energy especially in the wind power. Offshore generation through wind farms requires the use of submarine power cables as the means of transporting power to the onshore power grid. Due to policy support and emission reduction targets, most of the new offshore wind additions are set in Europe and Asia.
• For instance, Europe particularly the United Kingdom, Germany and Denmark head the list of stations embracing offshore wind. Transmission infrastructure is now being installed to tie these offshore wind projects with national networks through submarine cables. The use of HVDC (high voltage direct current) technology in the submarine cables increases their efficiency in long distance transmission making intercontinental energy export possible.

Growing Demand for High-Speed Internet Connectivity

• One of the opportunities in MSCs are the increasing global needs for broadband internet connectivity and faster data transmission. The mobility of people around the world enhances the demand for low latency networks hence the new trend in technology. This is more relevant today for cloud computing, streaming media and global business that depends on submarine communication cable systems.
• Those Internet giants such as Google, Facebook, and Amazon have also been seen getting involved in direct submarine cable systems so that their data centers can always be connected with the rest of the world with high speed, including in the African region. Also, the demand for internet connectivity in the emerging markets, which is rapidly increasing, boosts the demand for the submarine communication cables to reach out for the underprivileged geographical locations on earth.

Submarine Cables Market Segment Analysis:

Submarine Cables Market Segmented on The Basis of Type, Component, Voltage, Offering, Application, End User, and Region.

By Type, Power Cables segment is expected to dominate the market during the forecast period

• Power Cables: In the context of the offshore wind power as well as the transmission of electricity from offshore oil, and gas platforms, cables are critical in facilitating electricity delivery from the production site to the consumption center. As renewable energy is gradually becoming popular, laying of submarine power cables is also becoming popular. HVDC technology is taking the central stage in this segment because of the effectiveness of transmitting electricity across long distances.
• Communication Cables: Communication cables are the key enabler of all internet and telecommunications networks around the globe. They are in data communication and transmission services telephone networks and cloud computing for efficient development of the world’s digital infrastructure. Hyperscalers and the manufacture of data center and 5G technology is the key factor reinvigorating undersea cables as the world invests in global internet infrastructure.

By Application, Offshore Wind Power Generation segment expected to held the largest share

• Offshore Wind Power Generation: Amongst all sectors, the utilization of submarine power cables for offshore wind power is one of the most rapidly developing applications. Offshore wind power is on the rise because governments want to meet clean energy goals as soon as possible. Power cables used in submarine facilities enable the transferring of electricity from offshore structures to onshore networks. Offshore Oil & Gas: Offshore oil and gas platforms depend on such cables to supply power, and for control systems. Even with the challenges posed by the energy transition, existing oil & gas projects offshore need submarine cables for function.
• Communication (Telecom, Data Transfer): Telecommunication and cloud services depend on subsea communication cable to interconnect continents for internet services. The growth of big data, digital transformation initiatives and 5G networks have greatly facilitated the need for high capacity submarine communication networks.

Submarine Cables Market Regional Insights:

Asia-Pacific is Expected to Dominate the Market Over the Forecast period

• Today, Asia-Pacific region takes the largest market share in terms of submarine cables due to rising offshore wind power and the demand on addressing the problem of signal transmission on the ocean. Offshore wind projects being developed mainly from countries such as China, Japan and South Korea to meet demand for submarine power cables. Just within China there are increasing tendencies towards installing offshore wind energy systems so as to support the country’s clean energy quest.
• Apart from renewable energy Asia-Pacific internet connectivity and population increase has boosted demand for Submarine communication cables. The expanding of data connectivity especially in the South East Asia & pacific is contributing to the increasing influence of the region in the submarine cables market through large investments.

Active Key Players in the Submarine Cables Market:

•  Nexans (France)
•  Prysmian Group (Italy)
•  ABB Ltd (Switzerland)
•  General Cable Corporation (United States)
•  Sumitomo Electric Industries (Japan)
•  NKT A/S (Denmark)
•  ZTT Group (China)
•  LS Cable & System (South Korea)
•  Furukawa Electric Co., Ltd. (Japan)
•  Hengtong Group (China)
•  KEC International (India)
•  TE SubCom (United States), and Other Active Players

Key Industry Developments in the Submarine Cables Market:

• In April 2024: Google has declared its intention to allocate $1 billion towards the development of new subsea cable networks, with the aim of enhancing internet access between the United States and Japan.
• In January 2024: NEC Corporation India has finished the construction of the Kochi-Lakshadweep Islands Submarine Cable earlier than expected. This cable now links 11 islands and contributes to India's 'Digital India' initiative.
   

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Submarine Cables Market by Type
 4.1 Submarine Cables Market Snapshot and Growth Engine
 4.2 Submarine Cables Market Overview
 4.3 Power Cables
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Power Cables: Geographic Segmentation Analysis
 4.4 Communication Cables
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Communication Cables: Geographic Segmentation Analysis

Chapter 5: Submarine Cables Market by Component
 5.1 Submarine Cables Market Snapshot and Growth Engine
 5.2 Submarine Cables Market Overview
 5.3 Dry Plant Products
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Dry Plant Products: Geographic Segmentation Analysis
 5.4 Wet Plant Products
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Wet Plant Products: Geographic Segmentation Analysis

Chapter 6: Submarine Cables Market by Voltage
 6.1 Submarine Cables Market Snapshot and Growth Engine
 6.2 Submarine Cables Market Overview
 6.3 Medium Voltage
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Medium Voltage: Geographic Segmentation Analysis
 6.4 High Voltage
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 High Voltage: Geographic Segmentation Analysis

Chapter 7: Submarine Cables Market by Offering
 7.1 Submarine Cables Market Snapshot and Growth Engine
 7.2 Submarine Cables Market Overview
 7.3 Installation & Commissioning
  7.3.1 Introduction and Market Overview
  7.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.3.3 Key Market Trends, Growth Factors and Opportunities
  7.3.4 Installation & Commissioning: Geographic Segmentation Analysis
 7.4 Maintenance
  7.4.1 Introduction and Market Overview
  7.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.4.3 Key Market Trends, Growth Factors and Opportunities
  7.4.4 Maintenance: Geographic Segmentation Analysis
 7.5 Upgrades
  7.5.1 Introduction and Market Overview
  7.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.5.3 Key Market Trends, Growth Factors and Opportunities
  7.5.4 Upgrades: Geographic Segmentation Analysis

Chapter 8: Submarine Cables Market by Application
 8.1 Submarine Cables Market Snapshot and Growth Engine
 8.2 Submarine Cables Market Overview
 8.3 Offshore Wind Power Generation
  8.3.1 Introduction and Market Overview
  8.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  8.3.3 Key Market Trends, Growth Factors and Opportunities
  8.3.4 Offshore Wind Power Generation: Geographic Segmentation Analysis
 8.4 Offshore Oil & Gas
  8.4.1 Introduction and Market Overview
  8.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  8.4.3 Key Market Trends, Growth Factors and Opportunities
  8.4.4 Offshore Oil & Gas: Geographic Segmentation Analysis
 8.5 Communication (Telecom
  8.5.1 Introduction and Market Overview
  8.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  8.5.3 Key Market Trends, Growth Factors and Opportunities
  8.5.4 Communication (Telecom: Geographic Segmentation Analysis
 8.6 Data Transfer
  8.6.1 Introduction and Market Overview
  8.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  8.6.3 Key Market Trends, Growth Factors and Opportunities
  8.6.4 Data Transfer: Geographic Segmentation Analysis

Chapter 9: Submarine Cables Market by End User
 9.1 Submarine Cables Market Snapshot and Growth Engine
 9.2 Submarine Cables Market Overview
 9.3 Telecommunication
  9.3.1 Introduction and Market Overview
  9.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  9.3.3 Key Market Trends, Growth Factors and Opportunities
  9.3.4 Telecommunication: Geographic Segmentation Analysis
 9.4 Energy & Power
  9.4.1 Introduction and Market Overview
  9.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  9.4.3 Key Market Trends, Growth Factors and Opportunities
  9.4.4 Energy & Power: Geographic Segmentation Analysis
 9.5 Oil & Gas
  9.5.1 Introduction and Market Overview
  9.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  9.5.3 Key Market Trends, Growth Factors and Opportunities
  9.5.4 Oil & Gas: Geographic Segmentation Analysis

Chapter 10: Company Profiles and Competitive Analysis
 10.1 Competitive Landscape
  10.1.1 Competitive Benchmarking
  10.1.2 Submarine Cables Market Share by Manufacturer (2023)
  10.1.3 Industry BCG Matrix
  10.1.4 Heat Map Analysis
  10.1.5 Mergers and Acquisitions  
 10.2 NEXANS - FRANCE
  10.2.1 Company Overview
  10.2.2 Key Executives
  10.2.3 Company Snapshot
  10.2.4 Role of the Company in the Market
  10.2.5 Sustainability and Social Responsibility
  10.2.6 Operating Business Segments
  10.2.7 Product Portfolio
  10.2.8 Business Performance
  10.2.9 Key Strategic Moves and Recent Developments
  10.2.10 SWOT Analysis
 10.3 PRYSMIAN GROUP - ITALY
 10.4 ABB LTD - SWITZERLAND
 10.5 GENERAL CABLE CORPORATION - UNITED STATES
 10.6 SUMITOMO ELECTRIC INDUSTRIES - JAPAN
 10.7 NKT A/S - DENMARK
 10.8 ZTT GROUP - CHINA
 10.9 LS CABLE & SYSTEM - SOUTH KOREA
 10.10 FURUKAWA ELECTRIC CO. LTD. - JAPAN
 10.11 HENGTONG GROUP - CHINA
 10.12 KEC INTERNATIONAL - INDIA
 10.13 TE SUBCOM - UNITED STATES
 10.14 OTHER ACTIVE PLAYERS

Chapter 11: Global Submarine Cables Market By Region
 11.1 Overview
 11.2. North America Submarine Cables Market
  11.2.1 Key Market Trends, Growth Factors and Opportunities
  11.2.2 Top Key Companies
  11.2.3 Historic and Forecasted Market Size by Segments
  11.2.4 Historic and Forecasted Market Size By Type
  11.2.4.1 Power Cables
  11.2.4.2 Communication Cables
  11.2.5 Historic and Forecasted Market Size By Component
  11.2.5.1 Dry Plant Products
  11.2.5.2 Wet Plant Products
  11.2.6 Historic and Forecasted Market Size By Voltage
  11.2.6.1 Medium Voltage
  11.2.6.2 High Voltage
  11.2.7 Historic and Forecasted Market Size By Offering
  11.2.7.1 Installation & Commissioning
  11.2.7.2 Maintenance
  11.2.7.3 Upgrades
  11.2.8 Historic and Forecasted Market Size By Application
  11.2.8.1 Offshore Wind Power Generation
  11.2.8.2 Offshore Oil & Gas
  11.2.8.3 Communication (Telecom
  11.2.8.4 Data Transfer
  11.2.9 Historic and Forecasted Market Size By End User
  11.2.9.1 Telecommunication
  11.2.9.2 Energy & Power
  11.2.9.3 Oil & Gas
  11.2.10 Historic and Forecast Market Size by Country
  11.2.10.1 US
  11.2.10.2 Canada
  11.2.10.3 Mexico
 11.3. Eastern Europe Submarine Cables Market
  11.3.1 Key Market Trends, Growth Factors and Opportunities
  11.3.2 Top Key Companies
  11.3.3 Historic and Forecasted Market Size by Segments
  11.3.4 Historic and Forecasted Market Size By Type
  11.3.4.1 Power Cables
  11.3.4.2 Communication Cables
  11.3.5 Historic and Forecasted Market Size By Component
  11.3.5.1 Dry Plant Products
  11.3.5.2 Wet Plant Products
  11.3.6 Historic and Forecasted Market Size By Voltage
  11.3.6.1 Medium Voltage
  11.3.6.2 High Voltage
  11.3.7 Historic and Forecasted Market Size By Offering
  11.3.7.1 Installation & Commissioning
  11.3.7.2 Maintenance
  11.3.7.3 Upgrades
  11.3.8 Historic and Forecasted Market Size By Application
  11.3.8.1 Offshore Wind Power Generation
  11.3.8.2 Offshore Oil & Gas
  11.3.8.3 Communication (Telecom
  11.3.8.4 Data Transfer
  11.3.9 Historic and Forecasted Market Size By End User
  11.3.9.1 Telecommunication
  11.3.9.2 Energy & Power
  11.3.9.3 Oil & Gas
  11.3.10 Historic and Forecast Market Size by Country
  11.3.10.1 Russia
  11.3.10.2 Bulgaria
  11.3.10.3 The Czech Republic
  11.3.10.4 Hungary
  11.3.10.5 Poland
  11.3.10.6 Romania
  11.3.10.7 Rest of Eastern Europe
 11.4. Western Europe Submarine Cables Market
  11.4.1 Key Market Trends, Growth Factors and Opportunities
  11.4.2 Top Key Companies
  11.4.3 Historic and Forecasted Market Size by Segments
  11.4.4 Historic and Forecasted Market Size By Type
  11.4.4.1 Power Cables
  11.4.4.2 Communication Cables
  11.4.5 Historic and Forecasted Market Size By Component
  11.4.5.1 Dry Plant Products
  11.4.5.2 Wet Plant Products
  11.4.6 Historic and Forecasted Market Size By Voltage
  11.4.6.1 Medium Voltage
  11.4.6.2 High Voltage
  11.4.7 Historic and Forecasted Market Size By Offering
  11.4.7.1 Installation & Commissioning
  11.4.7.2 Maintenance
  11.4.7.3 Upgrades
  11.4.8 Historic and Forecasted Market Size By Application
  11.4.8.1 Offshore Wind Power Generation
  11.4.8.2 Offshore Oil & Gas
  11.4.8.3 Communication (Telecom
  11.4.8.4 Data Transfer
  11.4.9 Historic and Forecasted Market Size By End User
  11.4.9.1 Telecommunication
  11.4.9.2 Energy & Power
  11.4.9.3 Oil & Gas
  11.4.10 Historic and Forecast Market Size by Country
  11.4.10.1 Germany
  11.4.10.2 UK
  11.4.10.3 France
  11.4.10.4 The Netherlands
  11.4.10.5 Italy
  11.4.10.6 Spain
  11.4.10.7 Rest of Western Europe
 11.5. Asia Pacific Submarine Cables Market
  11.5.1 Key Market Trends, Growth Factors and Opportunities
  11.5.2 Top Key Companies
  11.5.3 Historic and Forecasted Market Size by Segments
  11.5.4 Historic and Forecasted Market Size By Type
  11.5.4.1 Power Cables
  11.5.4.2 Communication Cables
  11.5.5 Historic and Forecasted Market Size By Component
  11.5.5.1 Dry Plant Products
  11.5.5.2 Wet Plant Products
  11.5.6 Historic and Forecasted Market Size By Voltage
  11.5.6.1 Medium Voltage
  11.5.6.2 High Voltage
  11.5.7 Historic and Forecasted Market Size By Offering
  11.5.7.1 Installation & Commissioning
  11.5.7.2 Maintenance
  11.5.7.3 Upgrades
  11.5.8 Historic and Forecasted Market Size By Application
  11.5.8.1 Offshore Wind Power Generation
  11.5.8.2 Offshore Oil & Gas
  11.5.8.3 Communication (Telecom
  11.5.8.4 Data Transfer
  11.5.9 Historic and Forecasted Market Size By End User
  11.5.9.1 Telecommunication
  11.5.9.2 Energy & Power
  11.5.9.3 Oil & Gas
  11.5.10 Historic and Forecast Market Size by Country
  11.5.10.1 China
  11.5.10.2 India
  11.5.10.3 Japan
  11.5.10.4 South Korea
  11.5.10.5 Malaysia
  11.5.10.6 Thailand
  11.5.10.7 Vietnam
  11.5.10.8 The Philippines
  11.5.10.9 Australia
  11.5.10.10 New Zealand
  11.5.10.11 Rest of APAC
 11.6. Middle East & Africa Submarine Cables Market
  11.6.1 Key Market Trends, Growth Factors and Opportunities
  11.6.2 Top Key Companies
  11.6.3 Historic and Forecasted Market Size by Segments
  11.6.4 Historic and Forecasted Market Size By Type
  11.6.4.1 Power Cables
  11.6.4.2 Communication Cables
  11.6.5 Historic and Forecasted Market Size By Component
  11.6.5.1 Dry Plant Products
  11.6.5.2 Wet Plant Products
  11.6.6 Historic and Forecasted Market Size By Voltage
  11.6.6.1 Medium Voltage
  11.6.6.2 High Voltage
  11.6.7 Historic and Forecasted Market Size By Offering
  11.6.7.1 Installation & Commissioning
  11.6.7.2 Maintenance
  11.6.7.3 Upgrades
  11.6.8 Historic and Forecasted Market Size By Application
  11.6.8.1 Offshore Wind Power Generation
  11.6.8.2 Offshore Oil & Gas
  11.6.8.3 Communication (Telecom
  11.6.8.4 Data Transfer
  11.6.9 Historic and Forecasted Market Size By End User
  11.6.9.1 Telecommunication
  11.6.9.2 Energy & Power
  11.6.9.3 Oil & Gas
  11.6.10 Historic and Forecast Market Size by Country
  11.6.10.1 Turkiye
  11.6.10.2 Bahrain
  11.6.10.3 Kuwait
  11.6.10.4 Saudi Arabia
  11.6.10.5 Qatar
  11.6.10.6 UAE
  11.6.10.7 Israel
  11.6.10.8 South Africa
 11.7. South America Submarine Cables Market
  11.7.1 Key Market Trends, Growth Factors and Opportunities
  11.7.2 Top Key Companies
  11.7.3 Historic and Forecasted Market Size by Segments
  11.7.4 Historic and Forecasted Market Size By Type
  11.7.4.1 Power Cables
  11.7.4.2 Communication Cables
  11.7.5 Historic and Forecasted Market Size By Component
  11.7.5.1 Dry Plant Products
  11.7.5.2 Wet Plant Products
  11.7.6 Historic and Forecasted Market Size By Voltage
  11.7.6.1 Medium Voltage
  11.7.6.2 High Voltage
  11.7.7 Historic and Forecasted Market Size By Offering
  11.7.7.1 Installation & Commissioning
  11.7.7.2 Maintenance
  11.7.7.3 Upgrades
  11.7.8 Historic and Forecasted Market Size By Application
  11.7.8.1 Offshore Wind Power Generation
  11.7.8.2 Offshore Oil & Gas
  11.7.8.3 Communication (Telecom
  11.7.8.4 Data Transfer
  11.7.9 Historic and Forecasted Market Size By End User
  11.7.9.1 Telecommunication
  11.7.9.2 Energy & Power
  11.7.9.3 Oil & Gas
  11.7.10 Historic and Forecast Market Size by Country
  11.7.10.1 Brazil
  11.7.10.2 Argentina
  11.7.10.3 Rest of SA

Chapter 12 Analyst Viewpoint and Conclusion
12.1 Recommendations and Concluding Analysis
12.2 Potential Market Strategies

Chapter 13 Research Methodology
13.1 Research Process
13.2 Primary Research
13.3 Secondary Research