According to MarketsandMarkets’ report, “Submarine Cable System Market by Application, Component, Offering, and Region - Global Forecast to 2023”, the submarine cable system market is expected to grow from $11.74 billion in 2018 to $20.93 billion by 2023, at a CAGR of 12.25%. Growth is thought to be propelled by the growing number of global telecom subscriptions and internet connections, increasing internet traffic in APAC, surging demand for inter-country and island power connections, and the increasing number of offshore wind farms.
Highlights
- Wet plant products to hold larger share of submarine cable system market by 2023
- Upgrades to witness highest CAGR in submarine cable system market from 2018 to 2023
- Trans-Atlantic region to dominate submarine communication cable system market during forecast period
- 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.
For more details, preview the “Submarine Cable System Market” report.
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