PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1880589
PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1880589
The global submarine wires and cables market plays a critical role in the world's digital and energy infrastructure. According to the 2024 industry report, the market size reached USD 14.51 billion in 2024 and is projected to grow to USD 15.29 billion in 2025, ultimately reaching USD 24.04 billion by 2032. This steady expansion reflects a strong CAGR of 5.82%, driven by rising demand for high-speed connectivity, global data transfer capacity, and increasing offshore renewable energy developments.
Submarine cables form the backbone of global communications, carrying more than 95% of international internet traffic. As internet use, cloud computing, and digital services expand worldwide, the need for high-capacity and low-latency subsea data links has surged. In addition to communication, subsea power cables enable electricity transmission from offshore wind farms and cross-border interconnection projects, supporting global energy transition goals.
Prysmian Group leads the market, with ongoing investments in expanding subsea cable production capacity across Europe. The company is actively engaged in major offshore wind and interconnection projects and continues to innovate in high-voltage DC transmission technologies for long-distance subsea networks.
Market Dynamics
Market Drivers
Growing global demand for high-speed internet, hyperscale data centers, and cloud services is the primary driver of market growth. Submarine fiber-optic cables support global telecommunications, cloud computing, and the rollout of 5G networks. Major technology companies-including Google, Amazon, and Meta-are investing heavily in private undersea cable networks to expand global bandwidth and reduce latency.
Market Trends
A major trend shaping the market is the rapid growth of offshore wind power projects. Countries are expanding offshore wind capacity to meet renewable energy targets, increasing the need for high-voltage subsea power cables. Large-scale offshore wind developments in Europe, China, the U.S., and South Korea are set to significantly boost demand for submarine power cables over the coming decade.
Market Restraints
High installation and maintenance costs remain a major challenge. Deep-sea cable installation requires specialized ships, advanced engineering, and high capital investment. Maintenance is costly and time-consuming, especially when repairs are needed in remote ocean locations. Additionally, submarine cables crossing international waters are vulnerable to geopolitical risks and national security issues.
Market Opportunities
Technology and telecom giants are increasingly investing in new cable routes. Google's Blue-Raman Submarine Cable System, expected to land in Mumbai in early 2025, carries a budget of USD 400 million and a designed capacity of 218 terabits per second. Such mega-projects highlight rising competition in global digital infrastructure and create major opportunities for cable manufacturers and installers.
Segmentation Overview
By Cable Type
By Component
By Service Offering
By Type
By End-User
North America
The region is driven by rising data consumption, cloud computing, and IoT growth. In 2024, the North American market reached USD 6.45 billion. Medium-voltage subsea power cables (1-35 kV) are also widely used across regional offshore projects.
The U.S. maintains one of the world's largest defense budgets, strengthening demand for specialized submarine communication systems to support strategic security operations.
Europe
Europe manages 39 intra-EU subsea cables, with the most extensive system (~45,000 km) connecting Europe to Africa and the Middle East. This mega-project is expected to reach 180 Tbps capacity by 2024.
Asia Pacific
The region dominates due to strong economic growth and population expansion. Recent milestones include NEC's completion of a 10,000 km intra-Asia cable with over 160 Tbps design capacity in 2024.
Latin America
The 20,000 km SAC network forms the backbone of Latin American connectivity, linking Argentina, Brazil, Chile, Panama, and Peru.
Middle East & Africa
Massive investments in systems like 2Africa and Umoja are enhancing regional connectivity and driving digital economic growth.
Conclusion
With a market value rising from USD 14.51 billion in 2024 to USD 24.04 billion by 2032, the submarine wires and cables industry is positioned for steady long-term expansion. Driven by data growth, offshore wind power, and global digitalization, submarine cables will remain essential to both communication and clean-energy infrastructure worldwide.
Segmentation By Cable Type
By Component
By Service Offering
By Type
By End-User
By Region