DUBLIN--(BUSINESS WIRE)--The "Submarine Cable Systems Market to 2027 - Global Analysis and Forecasts by Service and Application" report has been added to ResearchAndMarkets.com's offering.
The global submarine cable systems market was valued at US$ 13.4 Bn in 2018 and is expected to reach US$ 30.4 Bn by 2027 with a CAGR growth rate of 9.2% in the forecast period from 2019 to 2027.
Submarine cable systems are vital in establishing global connectivity and forming the entire internet. The globalized economy today desires a highly secure and reliable internet infrastructure to support the high bandwidth applications effectively, and trends of the modern world, namely the cloud data centers and Software Defined Networking (SDN).
Further, the exponential rise in the Datacenter Interconnect (DCI), cloud computing, artificial intelligence, Big Data, and IoT also boost the demand for robust intercontinental cable infrastructure. Such development in internet infrastructure is projected to deliver vast and potential opportunities for the submarine cable systems market.
With the growing demands for increased capacity of the submarine cable systems, there is a sharp decline in the prices witnessed over the last two-three years. It gives significant opportunities for the companies to enhance its submarine cable, which further develops the submarine cable systems market. Also, increasing investments by content providers is proliferating the growth of the market globally.
The steady growth of internet connected users coupled with good economic growth of the regions are some factors luring the enterprise and cloud service providers to establish servers in proximity to the users enabling them to access data with reduced latency and reaction time, this directly translates to the growth in the submarine cable systems market in the region that brings about the connection between the terrestrial fiber cables with the international broadband networks.
In the global submarine cable systems market, the Middle East and Africa are anticipated to grow with the highest CAGR during the forecast period. Further, the need for highly secure and reliable internet infrastructure to support the high bandwidth applications are the factors which also strengthen the submarine cable systems market. The Asia Pacific holds a significant share in the submarine cable systems market, followed by North America and Europe.
The submarine cable systems market globally is segmented by application into communication, and energy & power. Geographically, the submarine cable systems market is divided into five regions including North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
Key Industry Dynamics
Key Market Drivers
- An Advancing Global Economy Revolving Around the Internet as Its Backbone
- Increasing Bandwidth Demands From The Cloud and Content Service Providers
- Burgeoning Optical Fiber Demands in Growing Economies Such as China and India
Key Market Restraints
- High Initial Investments and Susceptible to Climatic Conditions
Key Market Opportunities
- Large Number Of Ongoing Projects For Submarine Cables
- Content and Cloud Service Providers to Govern The Market
- Huawei Marine Networks Co., Limited
- Subcom, LLC
- NEC Corporation
- Fujitsu Limited
- Nokia Corporation
- Hawaiki Cable Limited
- Sumitomo Electric Industries, Ltd.
- Nexans SA
- Prysmian Group
- Mitsubishi Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/aeynj3