Report : Europe Submarine Cable Systems Market Forecast to 2030 - Regional Analysis - by Services (Installation Services and Maintenance & Upgradation), Cable Capacity (Less than 10 Tb/S, 10 - 20 Tb/S, 20-30 Tb/S, and More than 30Tb/S), Application (Communication and Energy & Power), and Type (Single Core and Multi Core)
At 9.9% CAGR, Europe Submarine Cable Systems Market is Speculated to be Worth US$ 4,301.04 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Europe submarine cable systems market was valued at US$ 2,027.11 million in 2022 and is expected to reach US$ 4,301.04 million by 2030, registering a CAGR of 9.9% from 2022 to 2030. Rise in data traffic, surge in investment in offshore wind power generation and need for reduced latency and reaction time are among the critical factors attributed to drive the Europe submarine cable systems market growth.
Submarine cables were primarily used to transmit power from traditional sources, such as coal plants, across countries, islands, or on oil stages. After witnessing a collapse in the undersea cable business during the 19th century, the business gained traction in the 2000s when high energy costs and an increase in concerns about climate change led to a surge in investments in offshore wind power generation. Investments in offshore wind power generation have also been increasing due to the need to transition to cleaner and more sustainable energy sources. This resulted in a rise in the development of efficient power systems. Offshore wind power offers several advantages over onshore wind power, including higher capacity factors due to more consistent and stronger winds found offshore. This makes offshore wind farms more efficient in terms of power generation. This surge in investments is expected to continue as the implementation of the Inflation Reduction Act (IRA) drives alternative uses of offshore wind power. Submarine power cables are used for long-distance power transmission from offshore wind farms to onshore grids, leading to the integration of renewable energy sources into the existing power grid and enabling the efficient distribution of renewable energy. Thus, the surge in investments in offshore wind power generation fuels the market growth.
On the contrary, high initial investment and deployment costs and damage due to vulnerable climatic conditions hampers the growth of Europe submarine cable systems market.
Based on services, the Europe submarine cable systems market is bifurcated into installation services and maintenance & upgrade services. The installation services segment held 84.4% market share in 2022, amassing US$ 1,711.64 million. It is projected to garner US$ 3,444.22 million by 2030 to register 9.1% CAGR during 2022-2030.
In terms of cable capacity, the Europe submarine cable systems market is segmented into less than 10 Tb/S, 10-20 Tb/S, 20-30 Tb/S, and more than 30 Tb/S. The 20-30 Tb/S segment held 45.4% share of Europe submarine cable systems market in 2022, amassing US$ 920.47 million. It is anticipated to garner US$ 1,987.51 million by 2030 to expand at 10.1% CAGR during 2022-2030.
By application, the Europe submarine cable systems market is bifurcated into communication and energy & power. The communication segment held 83.0% share of Europe submarine cable systems market in 2022, amassing US$ 1,682.70 million. It is projected to garner US$ 3,474.87 million by 2030 to expand at 9.5% CAGR from 2022 to 2030.
Based on type, the Europe submarine cable systems market is bifurcated into single core and multi-core. The single core segment held 56.0% share of Europe submarine cable systems market in 2022, amassing US$ 1,135.98 million. It is predicted to garner US$ 2,283.68 million by 2030 to expand at 9.1% CAGR between 2022 and 2030.
Based on country, the Europe submarine cable systems market is categorized into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that the UK captured 23.1% share of Europe submarine cable systems market in 2022. It was assessed at US$ 467.78 million in 2022 and is likely to hit US$ 952.25 million by 2030, registering a CAGR of 9.3% during 2022-2030.
Key players operating in the Europe submarine cable systems market are Sumitomo Electric Industries Ltd; SubCom, LLC; Prysmian SpA; Alcatel Submarine Networks; Nexans SA; NEC Corp; Mitsubishi Electric Corp; Fujitsu Ltd; Vodafone Group Plc; and HMN Technologies Co., Ltd. among others.
- In November-2022, Sumitomo Electric Industries, Ltd. was awarded a contract from the Prysmian Group to supply 150 km of HVDC submarine cable for NeuConnect Interconnector, a 1.4 GW power interconnection project between the UK and Germany.
- In September-2022, Sumitomo Electric Industries, Ltd. announced that its 525 kV cross-linked polyethylene (XLPE)-insulated high-voltage direct current (HVDC) submarine cable system was tested in accordance with the international standard CIGRE-TB496 and that a third-party certification body approved the completion of the test.
- In October-2021, NEC Corporation and Sumitomo Electric Industries, Ltd. announced that they completed the first trial of uncoupled (1) 4-core submarine fiber cable (2) and verified its transmission performance to meet the exacting demands of global telecommunications networks.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com