Global Submarine Cable Systems Market to Reach $40.5 Billion by 2030
The global market for Submarine Cable Systems estimated at US$20 Billion in the year 2023, is expected to reach US$40.5 Billion by 2030, growing at a CAGR of 10.6% over the period 2023-2030. Power Cables Application, one of the segments analyzed in the report, is expected to record 9.9% CAGR and reach US$24.3 Billion by the end of the analysis period. Growth in the Communication Cables Application segment is estimated at 11.6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $6.2 Billion, While China is Forecast to Grow at 9.9% CAGR
The Submarine Cable Systems market in the U.S. is estimated at US$6.2 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$6.9 Billion by the year 2030 trailing a CAGR of 9.9% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.5% and 8.5% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 8.4% CAGR.
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