submarine cable system Market

The submarine cable system market size was valued at US$ 12.58 billion in 2022 and is expected to reach US$ 30.50 billion by 2030; it is estimated to record a CAGR of 11.7% from 2022 to 2030.

The growing number of projects based on HVDC power transmission technology is likely to create new opportunities in the submarine cable systems market growth during the forecast period. The increasing demand for transmitting energy over long distances, including wide and deep-water bodies, necessitates the integration of renewable energy sources. As the installation of submarine cable systems rises, there is a growing need for efficient power transmission and reduced dissipative losses. High-voltage direct current (HVDC) submarine power cables offer various advantages over conventional high-voltage alternating current (HVAC) technologies, making them a preferred choice for efficient power transmission.

HVDC power transmission technology is rapidly evolving, enabling the transfer of electrical power from offshore power generation sites to the mainland. China, Brazil, and many other developing countries are already utilizing HVDC transmission systems to transmit several gigawatts of electrical power over long distances. This technology is particularly beneficial for integrating renewable energy sources and reducing dissipative losses in submarine cable systems. Therefore, the submarine cable system market is growing significantly.

A few of the major initiatives and projects such as Friends of the Supergrid, DESERTEC, North Seas Countries Offshore Grid Initiative, and the Council on Large Electric Systems (CIGRE) support the deployment of HVDC systems, with Europe accounting for approximately 70% of HVDC submarine cables. According to the ENTSO-E TYNDP 2016 report, Europe needs to build and refurbish ~40,000 kilometers of extra-high-voltage power lines (both land and sea) by 2030, with a significant portion built of HVDC submarine cables. Similar investments and initiatives are also planned in regions such as APAC and North America.

Thus, the growing number of projects based on HVDC power transmission technology is likely to create new opportunities in the submarine cable systems market during the forecast period. Thus, these factors are further propelling the submarine cable system market growth.

Segment Analysis:

The submarine cable system market share is categorized on the basis of service, cable capacity, application, and type. Based on service, the market is segmented into installation services and maintenance and upgrade. Based on cable capacity, the market is segmented into less than 10 Tb/S, 10 - 20 Tb/S, 20-30 Tb/S, and more than 30Tb/S. Based on application, the market is segmented into communication, energy, and power. Based on the type, the market is segmented into single core and multi core. The multi core segment held significant submarine cable system market share in 2022.

Competitive Landscape and Key Developments

The submarine cable system market report is based on the annual performances of major players such as Fujitsu Limited, Hawaiki Cable Limited, HMN Technologies, Mitsubishi Electric Corporation; NEC Corporation, Nexans SA; Nokia Corporation; Prysmian Group; SubCom, LLC; and Sumitomo Electric Industries, Ltd. Several other essential market players were analyzed to get a holistic view of the market and its ecosystem. The submarine cable system market report emphasizes the key factors driving the market and prominent players' developments.