Submarine Data Cables Market Growth to be Fuelled by Advancements in Technology Global Submarine Data Cables Market: Introduction
Submarine data cables are the cables used for communication in offshore projects, such as oil & gas fields and wind farms. They are also employed in data centers located in various parts of the world. Over the last decade, there has been rise in offshore oil and gas exploration and extraction, installation of offshore wind farms, and development of telecommunication infrastructure.
Due to high demand for submarine data cables, several private companies and multilateral development banks are investing in the global market for submarine data cables. Increased demand for Internet connectivity presents a significant opportunity for the global submarine data cables market.
Key Drivers and Restraints of Global Submarine Data Cables Market
Rapid industrialization and urbanization in developing countries has led to rise in the demand for Internet connectivity, which is a key driver of the global submarine data cables market. Due to rapid industrialization and urbanization, household incomes and spending capacity in developing countries have increased. This is driving the submarine data cables market in these countries.
Increased investments by private companies in the submarine data cables market is another driver of the global market. Companies such as Google Inc., Facebook, Inc., and Microsoft are heavily investing in the market. For instance, Google Inc. invested around US$ 42 Bn from 2016 to 2018 in the installation of new submarine data cables with the total length of around 112,000 kilometers.
Installation of submarine data cables requires highly advance technology and specialized equipment, which increases the project cost. High initial investments is a major restraint of the global submarine data cables market.
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The global submarine data cables market can be segmented in terms of cable type, project type, and end-user
Based on cable type, the global submarine data cables market can be segmented into single armored and double armored. The double armored segment is expected to dominate the global submarine data cables market during the
forecast period. Demand for double armored cables is high, as they are installed in deep sea water.
In terms of project type, the global submarine data cables market can be divided into new project and up-gradation. After introduction of 5G networks, the demand for submarine data cables in new projects has risen. Hence, the new project segment is expected to expand at a high CAGR during the forecast period.
Based on end-user, the global submarine data cables market can be classified into oil & gas, wind energy, telecommunication, and others. The telecommunication segment dominates the global market. This can be ascribed to the rise in urbanization and increase in the implementation of automation and IoT-based systems.
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Based on region, the global submarine data cables market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
With the rapid industrialization and modernization in Asia Pacific, the region is estimated to dominate the global submarine data cables market from 2020 to 2030. In this region, countries such as China, Japan, and India have witnessed rapid growth of telecommunication and oil & gas industries.
The submarine data cables markets in North America and Europe are projected to expand significantly during the forecast period, due to rapid increase in infrastructure development and industrialization in these regions
The submarine data cables markets in Middle East & Africa and Latin America is estimated to expand at a steady CAGR during the forecast period, due to steady growth of oil & gas and telecommunication industries in these regions\
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