Subsea Cable Market is expected to reach US$ 34.16 billion by 2030

Rising Number of New Projects Related to the Installation of Subsea Cables are Creating Lucrative Opportunities in Subsea Cable Market During 2022–2030

According to our latest market study on "Subsea Cable Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Type, Voltage, Offering, and Application," the market was valued at US$ 16.92 billion in 2022 and is expected to reach US$ 34.16 billion by 2030; it is estimated to record a CAGR of 9.2% from 2022 to 2030.

Governments of many regions across the globe are engaged in developing and installing new subsea cable systems to enhance power transmission between users. Subsea cables are becoming a universal aspect of the power transmission landscape. There is a growing need for power transmission among nations is fueling the subsea cable market. The power transmission is performed by encompassing subsea cables widely and deeply in water bodies to fulfill the consumer demand for renewable energy. The growing need for efficient power transmission with reduced dissipative losses raises the installation of subsea cables is driving the subsea cable market growth. Efficient power transmission can be achieved by high-voltage direct current (HVDC) subsea power cables. This cable offers significant benefits over conventional high-voltage alternating current (HVAC) technologies. HVDC cables ensure more efficient power transmission over long distances and are environmentally friendly, leading to their increased adoption across the globe is fueling subsea cable market. 

Subsea Cable Market — by Geography, 2022

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Source: The Insight Partners Analysis

The subsea cable market is driven by a rapid evolution of HVDC power transmission technology, as well as increased demand for subsea cables with the globalization of power grids. Subsea cable allows the transmission of electrical power to the mainland from large-capacity offshore power generation sites, which is driving the subsea cable market. Countries such as China and Brazil are using HVDC transmission systems to transmit electrical power across long distances. There is a rise in the number of projects and initiatives such as North Seas Countries Offshore Grid Initiative, DESERTEC, the Council on Large Electric Systems (CIGRE), support HVDC deployments in Europe, and Friends of the Supergrid, which are held with 70% of the HVDC submarine cables worldwide. Thus, the ongoing government initiatives and projects in Europe, Asia Pacific, and North America for the installation of new subsea cables are anticipated to create opportunities for the subsea cable market growth during the forecast period.

Nokia; SubCom, LLC; NEC Corporation; Prysmian S.p.A; NKT A/S; Furukawa Electric Co., Ltd.; Hengtong Group Co., Ltd.; Ciena Corporation; ZTT Cable; and JDR Cable Systems Ltd. are among the key subsea cable market players profiled in the report. Several other major subsea cable market players were also studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The subsea cable market report provides detailed market insights, which help the key players strategize their growth.

During the forecast period, the subsea cable market in Europe is projected to record the highest CAGR due to the rising installation of new subsea cables. Many telecommunication companies are strategically collaborating and partnering to launch a new subsea cable system. For instance, in October 2023, Ooredoo Tunisia collaborated with PCCW Global to launch a new subsea cable, “PEACE,” in Europe. The new subsea cable is wholly owned and operated by Ooredoo Tunisia and connects Tunisia to Marseille. The subsea cable will support Ooredoo Tunisia to diversify its international connectivity offering. The PEACE subsea cable system is expected to be operational by early 2024. Also, the PEACE subsea cable system helps Ooredoo Tunisia provide its customers with enhanced data speed and quality by reduced cost, which is driving the subsea cable market in Europe.

In addition, increasing government investment in the development of subsea cable is fueling the subsea cable market in the region. For instance, in October 2023, the European Commission signed an agreement with the European Investment Bank (EIB) in the Global Gateway Forum 2023. The agreement includes an investment of US$ 42.23 million provided by the European Commission to the European Investment Bank (EIB) to coordinate the European National Research and Education Network and AFR-IX. This investment will support the execution of the “MEDUSA” submarine cable project. MEDUSA is a high-capacity fiber optic subsea cable system that offers high-speed digital connection between consumers in North Africa and the European Union. The MEDUSA project has a design life of 25 years and is expected to be operational by 2025–2026.

Europe is technologically advanced, owing to the high adoption rate of 5G, IoT, and other innovative technologies in the UK, Germany, France, Italy, Spain, and Russia. The region is experiencing a rise in spending on cloud technology, which is boosting the subsea cable market. According to the Vodafone Group Plc, the COVID-19 pandemic has caused a 50% rise in internet usage among consumers, which encouraged them to develop a subsea cabal for meeting the growing internet demand among consumers. The company is developing 2Africa cable between Europe, Africa, and the Middle East to provide 4G and 5G internet access to customers in France, Spain, Italy, and Portugal, with 16 countries in Africa and the Middle East. This subsea cable helps the company to improve digital connectivity, which is expected to drive the subsea cable market during the forecast period.

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