Submarine Cables Market Opportunity Analysis and Industry Forecast between 2020 & 2027

 

Submarine Cables Market

By allowing humans and machines to communicate with one another, submarine networks erase geographic boundaries and distance. The growing demand for power generated by offshore plants using renewable energy sources, as well as the growing need to connect lands, have led to the expansion of the global submarine cable market. Hellenic Cables, a provider of submarine cable solutions, was awarded a contract by Seaway 7, Subsea 7's renewables business unit, to supply 66kV inter-array cables and accessories for the Seagreen offshore wind farm in July 2020.

Submarine cables are typically owned by telecom carriers, which form a consortium with all parties interested in using the cable. For example, NTT Group is collaborating with a consortium of companies that includes Amazon, Facebook, Japan's SoftBank Corp., and the Philippines' PLDT to lay the Jupiter submarine cable in Asia, which is set to go into service next year. Indigo, another recent project in the region, was completed in 2020 and was funded by companies such as Google, Telstra of Australia, and Singapore Telecommunications. A consortium led by KDDI, China Mobile International, and Facebook plans to complete the Southeast-Japan 2 cable in 2021.

The global Submarine Cables Market was valued at US$ 17.3 Bn in 2019 and is expected to reach US$ 34.6 Bn by 2027 at a CAGR of 9.1% between 2020 & 2027.

Due to increased internet traffic around the world, the global submarine cables market is expected to grow significantly during the forecast period (2020-2027). For example, Nippon Telegraph & Telephone (NTT), Japan's largest telecom company, invested approximately US$ 400 million in December 2019 to establish a new submarine cable connecting Myanmar and India, amid rising demand for global internet links.

Facebook, Google, Amazon, and Microsoft are among the major investors in new submarine cables. In recent years, the amount of capacity deployed by private network operators has surpassed that of internet backbone operators. With the continued expansion of bandwidth, owning new submarine cables creates more opportunities for these companies. Google and Facebook are both continuing to build new submarine cables, such as the Pacific Light Cable Network, in which they both have stakes.

The global Submarine Cable Market has been impacted by the COVID-19 pandemic. COVID-19 has affected several countries, and governments have declared nationwide lockdowns. Shutting down cable manufacturing plants due to social distancing is unlikely to have an immediate negative impact on global connectivity, but it may delay the deployment of new systems. It is extremely difficult to get personnel on and off ships that are conducting surveys and studies for future cables or laying new ones. The delay in carrying out cable repairs due to the pandemic is one of the factors impeding global connectivity.

Top Companies involved are- HENGTONG GROUP CO., LTD., ZTT, Corning Incorporated, NKT A/S, Hellenic Cables Group. The Okonite Company, Apar Industries Ltd., JDR Cable Systems Ltd., AFL, Hexatronic Cables & Interconnect Systems, and LEONI Special Cables GmbH

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