According to Verified Market Research, the Global Submarine Cable System Market size was estimated at USD 18.58 billion in 2022 and is expected to reach USD 52.75 billion by 2030, increasing at a CAGR of 12.23% from 2023 to 2030, according to a market analysis conducted by Verified Market Research.
Global Submarine Cable System Market Overview
A type of cable known as a submarine cable system connects stations on dry land and enables the transmission of telecommunication signals across huge oceanic and marine water bodies. Submarine cable systems are installed underwater to integrate communication and electrical transfer over huge areas of sea and ocean. A specialist ship is used to help lay off these wires. Submarine cable systems are working to extend cables in uncharted territory. Submarine cables are essential in the modern world, much like maritime freight and GPS.
The rise in internet users and the constant rise in internet traffic are two of the key reasons driving the global submarine cable system market toward expansion. A rise in the global submarine cable system market is anticipated during the projected period as a result of improved international connections and initiatives to spur economic growth worldwide. The high reliability and capacity of submarine cable networks are other significant aspects of the industry.
- In July 2021, NEC Corporation and SITA announced an organization to advance market-leading resolutions that authorize a safe walk-through portable knowledge at airports, leveraging delight particularity management platform collected with SITA Smart Path and SITA Flex.
- In October 2021, NEC Corporation declared the progress of a four-core fiber-optic submarine cable by its subordinate OCC Corporation in partnership with Sumitomo Electric.