Submarine Cables Market Segmented by Application, Component, Voltage, Country and Inustry Growth Forecast – 2027
The global submarine cables market size is expected to reach USD 37.8 billion by 2027 registering a CAGR of 7.1%, according to a new report by Grand View Research, Inc. Increasing investments in offshore wind farms, inter-country, and island connection for improved power supply and communication and growing investments in oil & gas deep-water drilling activities are the major factors driving the overall market. Moreover, rising internet and data traffic in developing regions, such as APAC, is expected to be the critical factor driving the market over the forecast period.
Currently, the densely populated regions including APAC, South America, and MEA are actively investing in the offshore wind power generation. These investments are expected to fuel the demand for submarine cables. Regional governments across the world are aiming at increasing their electricity generation output from fossil fuels-based sources of energy. However, high costs incurred for the installation of cables and the difficulty in the restoration and maintenance of deep-water cables have adversely affected the adoption and implementation of submarine cables.
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Several threats, such as fishing hooks, cyclones, ships, and cruises, create the need for maintenance services. Any fault in submarine cables levies hefty costs to be spent for the repair and re-deployment process. The OTT providers are an integral part of the market development. These companies own, manage, and fund their submarine cables infrastructure. Facebook, Google, Microsoft, and Amazon are amongst the leading OTT providers, which have drastically changed the landscape of the overall market.
Submarine Cables Market Report Highlights
- The submarine cables market accounted for USD 21.38 billion in 2019 and is expected to grow at a CAGR of 7.1% from 2020 to 2027
- The offshore wind power generation emerged as the largest end-user segment in 2019 and is estimated to retain its dominant position throughout the forecast years
- Asia Pacific regional market held the largest revenue share in 2019. The region is estimated to expand further at the fastest CAGR from 2020 to 2027
- This growth is attributed to rising number of offshore wind farms projects, investments by OTT providers, and increasing data traffic in the region
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