According to the new research report, the “Submarine Cable Systems Market by Application (Communication Cable and Power Cable), Component (Dry Plant Products and Wet Plant Products) Offering, Voltage, Type (Single Core and Multicore), insulation, End User and Geography – Global Forecast to 2026”, published by MarketsandMarkets™, the market is projected to grow from USD 13.8 billion in 2021 to USD 22.7 billion by 2026 it is expected to grow at a CAGR of 10.5%from 2021 to 2026.
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The key factors fueling the growth of the market include increasing penetration of internet and collaboration among tier-1 vendors, expanding offshore wind power capacity, growing demand for bandwidth due to emergence of 5G, and increasing network of submarine power cable systems. Moreover, increasing investments by content delivery and streaming partners to create abundant opportunities in pacific region.
The power cables segment is projected to hold a larger share of the submarine cable systems market from 2021 to 2026 and is projected to grow at a higher CAGR than the communication cables segment during the forecast period.
The ongoing and proposed offshore wind capacity installations in many countries and the increased demand for intercountry & island connections are the key factors driving the growth of the power cables segment. The increasing demand for renewable energy from islands, coupled with the disproportional costs of maintaining local electricity production plants, has led to increased demand for laying power cables to transfer electricity from the mainland to the islands. Thus, the requirement to connect new renewable sources of energy to the main grids to ensure a reliable and continuous supply of power to isolated islands is fueling the demand for submarine power cables globally.
The Resin Impregnated Synthetics (RIS) segment of the submarine cable systems market is expected to grow at the highest CAGR during the forecast period.
RIS is the most recent technology in the market. It is similar to resin-impregnated paper technology, except that the bushings core is coiled using synthetic textiles instead of traditional paper as a spacer between the capacitive layers. They also have the same great fire-resistance, explosion-proof properties, and other benefits as typical dry/RIP bushings. Hitachi Energy is one of the prominent suppliers of RIS-insulated submarine cables.
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The offshore wind power generation segment of submarine cable systems market is expected to hold the biggest market share in 2026 alongside growing at the highest CAGR during the forecast period.
The GWEC expects an increase in offshore wind power installations in Asia during the forecast period, followed by North America. According to GWEC, the annual global offshore installations are expected to reach 6 GW or more soon.
Asia Pacific region is expected to hold the largest share in the market during the forecast period.
Increasing government spending across countries including China and Korea to proliferate the demand for submarine power cable systems market.
The key players operating in the submarine cable systems market include Alcatel-Lucent Enterprise (France), SubCom LLC (US), NEC Corporation (Japan), NEXANS (France), and Prysmian Group (Italy).
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