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According to the latest research report on submarine cable systems released by MarketsandMarkets, the market size of submarine cable systems will grow from $11.
74 billion in 2018 to $20.
93 billion by 2023, with a compound annual growth rate of 12.
25%
during the period.
The growth of the submarine cable system market is driven by the growing number of telecom users and internet connections across the globe, especially in the Asia-Pacific region with increasing internet traffic, surging demand for domestic and island power connections, and increasing
number of offshore wind farms.
By 2023, wet power plant products will account for a larger share
of the submarine cable system market.
The reason behind this is that all cables, repeaters and branch units need to be laid on the seabed and can be upgraded
according to bandwidth requirements.
Submarine cable system upgrade services are expected to grow the fastest
during the forecast period.
Increasing internet traffic in the Asia-Pacific region due to the surge in internet users is driving the demand for more bandwidth across the
region.
Asia Pacific is likely to see an increase
in the need to upgrade installed submarine communication systems during the forecast period.
In addition, a growing number of internet users in the Middle East and Africa will further request modifications to submarine communication cables
in the coming years.
Regionally, the transatlantic region accounted for the largest share
of the submarine communication cable market in 2017.
Investment in submarine cable infrastructure has increased
again.
In addition, the cable system on this route is aging
.
Therefore, it is quite possible that a new cable system
will be installed in the near future.
From a corporate perspective, the major players in the submarine power cable market include Prysmian (Italy), Nexans (France), Nktor (Denmark), General Cable (USA, acquired by Prysmian) and Furukawa Electric and Sumitomo Electric (Japan); The major players in the submarine communication cable market are Alcatel-Lucent (France), TE Connectivity (Switzerland) and NEC (Japan) and Huawei of China, among others
.
According to the latest research report on submarine cable systems released by MarketsandMarkets, the market size of submarine cable systems will grow from $11.
74 billion in 2018 to $20.
93 billion by 2023, with a compound annual growth rate of 12.
25%
during the period.
The growth of the submarine cable system market is driven by the growing number of telecom users and internet connections across the globe, especially in the Asia-Pacific region with increasing internet traffic, surging demand for domestic and island power connections, and increasing
number of offshore wind farms.
By 2023, wet power plant products will account for a larger share
of the submarine cable system market.
The reason behind this is that all cables, repeaters and branch units need to be laid on the seabed and can be upgraded
according to bandwidth requirements.
Submarine cable system upgrade services are expected to grow the fastest
during the forecast period.
Increasing internet traffic in the Asia-Pacific region due to the surge in internet users is driving the demand for more bandwidth across the
region.
Asia Pacific is likely to see an increase
in the need to upgrade installed submarine communication systems during the forecast period.
In addition, a growing number of internet users in the Middle East and Africa will further request modifications to submarine communication cables
in the coming years.
Regionally, the transatlantic region accounted for the largest share
of the submarine communication cable market in 2017.
Investment in submarine cable infrastructure has increased
again.
In addition, the cable system on this route is aging
.
Therefore, it is quite possible that a new cable system
will be installed in the near future.
From a corporate perspective, the major players in the submarine power cable market include Prysmian (Italy), Nexans (France), Nktor (Denmark), General Cable (USA, acquired by Prysmian) and Furukawa Electric and Sumitomo Electric (Japan); The major players in the submarine communication cable market are Alcatel-Lucent (France), TE Connectivity (Switzerland) and NEC (Japan) and Huawei of China, among others
.
