Submarine Cables Market, By Service (Installation, Maintenance and Upgrade), By Application (Submarine Power Cables, Submarine Communication Cables), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
The submarine communication cables carry around 90% of the data traffic across the world. In addition, their total carrying capacity is in terabits per second. As a result, they are the most valued cables for OTT and communication providers such as Google, Amazon, Facebook, and Microsoft. For instance, in October 2021 NEC, the Japanese IT company announced plans to build a huge submarine cable with four crore fiber optics for Facebook. The submarine is expected to hold a capacity of up to 500mbps across 24 fiber pairs. Most economies consider submarine cables a vital component of the economy and have set regulations to protect them from threats. For instance, the Australian Communications and Media Authority (ACMA) has created safety zones that prohibit activities that can damage these cables linked through Australia & the Rest of the World. In addition, it legalizes the installation of new submarine cables projects.
In 2021, Submarine Cables Market is estimated to reach US$ 7,321.2 million in terms of value.
Market Dynamics
Over 97% of the global internet traffic is dependent on submarine cables, and almost everyone relies on the Internet for day-to-day activities. The world is connected through the Internet; thus, global traffic is increasing every other day. About half of the global internet traffic comes from Asia Pacific, which, in turn, is driving the demand for submarine communication cables. The need for faster internet services in the Transpacific region is attributed to the limited submarine communication cable systems in the countries in this region, which has led the World Bank and the Asia Development Bank to fund new cable systems in the region.
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