Submarine Cable System Market expected to be worth $20.93 billion by 2023

(IT-NEWSWIRE.COM, October 05, 2018 ) According to the new research report "Submarine Cable System Market by Application (Communication, Power), Component (Dry Plant, Wet Plant (Cables, Branching Units, Repeaters)), Offering (Installation & Commissioning, Maintenance, Upgrades), and Region - Global Forecast 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% during the forecast period. The growth of the submarine cable system market is propelled by the growing number of telecom subscriptions and internet connections all over the world, increasing internet traffic in APAC, surging demand for inter-country and island power connections, and increasing number of offshore wind farms.

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Wet plant products to hold larger share of submarine cable system market by 2023

Wet plant products are likely to account for a larger share of the submarine communication cable market, by component, by 2023. The reason behind this larger market share is all cables, repeaters, and branching units are required to be laid on the ocean bed unlike dry plant products, such as SLTE, which could be upgraded according to the bandwidth requirement.

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Upgrades to witness highest CAGR in submarine cable system market from 2018 to 2023

Upgrades for submarine cable systems are expected to witness the fastest growth during the forecast period. Increasing internet traffic in APAC owing to the surging internet users is fuelling the requirement for more bandwidth across the region. APAC is likely to witness increasing upgrades for the installed submarine communication systems during the forecast period. Also, the growing number of internet users across the Middle East and Africa will further require modification in submarine communication cables in the coming years.

Trans-Atlantic region to dominate submarine communication cable system market during forecast period

The trans-Atlantic region accounted for the largest share of the submarine communication cable market in 2017. Investments in submarine cable infrastructure are on the rise again. Also, cable systems on this route are aging; hence, new cable systems are likely to be installed in the near future. The modern submarine fiber system, which will be marketed under the brand name America Europe Connect-2, is likely to witness an exploding demand from the data center and cloud service providers, owing to the availability of massive bandwidth of nearly 80 Tbps.

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Major players in the submarine power cable market include Prysmian (Italy), Nexans (France), NKT (Denmark), General Cable (US), and Furukawa Electric (Japan); key players in the submarine communication cable market are Alcatel Lucent (France), TE Connectivity (Switzerland), and NEC Corporation (Japan), among others. These players are increasingly adopting strategies such as mergers and acquisitions, and product launches to develop and introduce new technologies and products in the market.

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Submarine Cable System Market expected to be worth $20.93 billion by 2023