Submarine Optical Fiber Cable Market Forecast 2023 - 2030

By Type:

The type segment is bifurcated into deep sea fiber optic cable and shallow sea fiber optic cable. The deep-sea fiber optic cable segment accounted for the largest market share in 2022 and is expected to witness highest CAGR during the forecast period. The increasing demand for deep sea fiber optic cables is due to the increasing demand for the cable for transmitting data over loge distances. The cables are designed to span vast distances connecting continents and islands. Further, the deep-sea fiber optic cable has a higher capacity and bandwidth. The cables are designed to handle large volumes of data traffic that is essential for global communication.

By Product Type

The product type segment is bifurcated into single core and multicore. The multicore segment accounted for the largest market share in 2022 and anticipated to grow at a fastest CAGR during forecast period. The use of multicore fiber optic cake is increasing due to growing demand for higher bandwidth. Further, the multicore cables allow parallel data transmission resulting in higher data rates and supporting the increasing data traffic requirements. Thus, the capability of the multicore cables to transmit multiple signals or data streams is driving the market growth.

By Component :

The product type segment is bifurcated into wet plant products and dry plant products. The wet plant products segment accounted for the largest market share in 2022 and is forecasted to grow at a highest CAGR. The growing demand for wet plant products owing to the advantages including seawater resistance, durability, and flexibility are driving the market growth. The submarines optic fiber cables are exposed to harsh environment of sea which can be corrosive. The wet plant products are designed in a way that cable offers excellent protection against water penetration which in turn improves the corrosive resistance.

By Offering :

The Offering segment is classified into installation & commissioning, maintenance, and upgradation. The installation & commissioning segment accounted for the largest market share in 2022 owing to the exponential rise in internet traffic. The internet traffic is driven by the increased number of connected devices, cloud computing, video streaming and digital services among others. The installation of new submarine cable helps meet the growing demand for bandwidth and ensure efficient data transfer across the globe. In addition, submarine fiber optic cables are vital for supporting the economic growth and development of a country. For instance, October 2021, NEC Corporation got the contract for laying subsea fiber cable network in India between Kochi-Lakshadweep. Thus, increasing installation & commissioning activities around the world is expected to drive the market growth.

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By End-User :

The end Use segment is classified into communication, oil & gas, others. The communication segment accounting for the largest market share in 2022 is likely to growth with a highest CAGR. The several factors driving the demand for optic fiber cable in communication include increasing bandwidth requirement, global connectivity, growing number of data centers, and government initiatives among others. The need for global connectivity is growing as individuals and organizations around the world are becoming more interconnected. The submarine fiber optic cable provides infrastructure for high-speed communication between different countries. In addition, the adoption of cloud services and establishment of data centers around the world is resulting in an increased demand for submarine fiber optic cables. For instance, in May 2022, Telstra has announced the first direct subsea cable to connect Australia with the US. The subsea connectivity between Asia Pacific and US is expected to meet the growing demand for high-speed data communication in the region. Thus, considering the overall trend the market is likely to grow during the forecast period.

By Region :

The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.

North America accounted for the largest revenue share in the year 2022 valued at USD 6,319.72 Million and is projected to grow at a CAGR of 13.9% during the forecast period. The growth is attributed to the increasing internet usage in the region for a wide range of applications including digital devices, online services, and streaming platforms among others. Further, people rely on the internet for various activities including communication, entertainment, education and e-commerce among others. Consequently, the rising demand from data centers for efficient transfer of data is primarily responsible for boosting the growth of the submarine fiber optic cable market in the region. For instance, in August 2022, according to Cushman and Wakefield, the Northern Virginia region is the largest data center market that need high speed internet connectivity for operation. The surge in data centers is contributing considerably in propelling the market growth in North America.

Asia Pacific accounted for USD 4,590.39 Million in 2022 and is anticipated to witness the fastest CAGR of 14.1% in the serial device server market during the forecast period. In addition, in the region, China accounted for the maximum revenue share of 27.1% in the year 2022. The growth is attributed to the increasing trend of economic growth and digitalization in the region. The Asia Pacific region is home to a large and rapidly growing middle-class segment which is resulting in an increased demand for internet usage. Further growing penetration of internet in rural areas and increasing adoption of smartphones is further driving the market growth of the submarine fiber cable market.