Boosting Undersea Connectivity Through Submarine Cables Market is driven by Growing Internet Penetration
The Submarine Cables Market allows for the laying of communication cables along ocean floors, enabling telecommunication signals and internet connectivity between lands. Key applications include telephone calls, television signal transmission, and broadband internet access between country networks and continents. Advantages include massive data transfer capabilities, low transmission latency and redundancy. The development of next-generation optical fiber cables has enhanced transmission capacities over 100x in recent times.
The Global Submarine Cables Market is estimated to be valued at US$ 3170.09 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the submarine cables are ANDRITZ (Austria), Thyssenkrupp (Germany), GEA Group Aktiengesellschaft (India), Metso (Finland), FLSmidth (Denmark), Buhler Holding AG (Switzerland), Anivi (Spain), Carrier Vibrating Equipment, Inc. (U.S.), Mitchell Dryers Ltd (U.K.), Yamato Sanko Co., Ltd. (Japan), Kerone Engineering Solutions (India), Ventilex.(Netherlands), FEECO International, Inc (U.S.), GEM MACHINERY & ALLIED INDUSTRIES (India), Glatt GmbH, Binzen (Germany), Cadworks India Pvt. Ltd.(India) ,FEECO International, Inc. (U.S.). The significant investments by these players for enhancing network capacities is supporting the market growth.
The growing Submarine Cables Market Trends for seamless internet connectivity due to rapid digitalization and increased usage of social media platforms is propelling the need for more robust submarine cable network infrastructure globally. Additionally, the rising penetration of smartphones and demand for high speed internet among consumers is further driving the market.
Key global telecom giants are constantly working towards expansion plans to meet future needs. For example, in 2022, Meta and Google announced multibillion-dollar projects to lay new submarine cables in a bid to boost connectivity between Asia, Africa, and Europe.
Market Drivers
The rapidly growing internet penetration has been a key driver for the submarine cables market. According to reports, the number of internet users worldwide increased from 3.8 billion in 2020 to over 4.95 billion in 2022. This widespread adoption of internet across homes and businesses has necessitated greater international bandwidth through undersea cables. The demand for seamless connectivity is anticipated to boost market growth over the forecast period.
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