Market Research Report
Europe Submarine Cable System Market to 2027 - Regional Analysis and Forecasts By Service (Installation Services and Maintenance & Upgrade Services) and Application (Communication and Energy & Power)
|Published by||The Insight Partners||Product code||907423|
|Published||Content info||125 Pages
Delivery time: 1-2 business days
|Europe Submarine Cable System Market to 2027 - Regional Analysis and Forecasts By Service (Installation Services and Maintenance & Upgrade Services) and Application (Communication and Energy & Power)|
|Published: July 19, 2019||Content info: 125 Pages||
The Europe submarine cable system market accounted for US$ 2.38 Bn in 2018 and is expected to grow at a CAGR of 5.9% over the forecast period 2019-2027, to account for US$ 4.08 Bn in 2027. An advancing global economy revolving around the internet as its backbone is the key driver boosting the submarine cable systems market growth. Moreover, the large number of ongoing projects for submarine cables is anticipated to boost the market growth in the near future. Furthermore, the content and cloud service providers are anticipated to govern the market during the forecast period. The data center footprints are extensive and have been increasing at exponential rate. However, large parts of the world are still underserved. Data centers have become increasingly important nodes of information that store, process and transfer large amounts of data, and therefore has become an essential part of almost all the industry sectors across the globe. As economies develop, the deployment of data centers is also expected to rise. Interconnection of these data centers is through the content distribution networks that use the submarine-based cabling. With the evolution of geographical markets for the internet, the demands for internet access would put heavy pressure on the content distribution networks (CDNs) as well as the cloud service providers (CSPs), thus leading to additional connectivity requirement by them. These requirements by the CDNs and the CSPs will lead to diversity and redundancy that would further drive new investments in the submarine cable system market.
The submarine cable system market is fragmented in nature due to the presence of several industry players, and the competitive dynamics in the market is anticipated to change during the coming years. In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the submarine cable systems market further. For instance, a stable political climate leads to a few policies and regulatory changes in the European region. Policies in this region are beneficial for the growth of the business, which is one of the reasons behind the development of the automotive industry, IT industry, and SMEs in Europe. However, after the occurrence of BREXIT, Europe has faced major political fluctuations, leading to frequent policy and regulation alteration. Nonetheless, the region has managed to keep its political issue away from impacting the business growth in European regions. The policies in Europe are certainly favorable for the growth of the market owing to the rising industrialization in the provinces, which includes the development of IT, and several other sectors.
Based on the application segment, the communication segment of the submarine cable system market is leading the market with the highest market share in Europe. The newer cables have the capability of carrying more data in comparison to those laid years ago. Content companies, including Google and Facebook, are investing heavily on submarine cable systems. Both Google and Facebook have invested in Pacific Light Cable Network that is set to be lit by 2019. The landing points of this system include Aurora, Philippines; Deep Water Bay, Hong Kong, China; El Segundo; California; United States; San Fernando City, Philippines; and Toucheng, Taiwan. The increasing demand for internet capacity is widely driving the submarine cable system market for communication.
The submarine cable system market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the submarine cable systems market. It also provides an overview and forecast for the submarine cable system market based on all the segmentation provided with respect to the Europe region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the submarine cable systems market. Some of the players present in submarine cable systems market are Fujitsu Limited, Huawei Marine Networks Co., Limited, Mitsubishi Electric Corporation, NEC Corporation, Nexans SA, Nokia Corporation, Prysmian Group, Subcom, LLC, Sumitomo Electric Industries, Ltd., and ZTT Group among others.
6.2 Europe Submarine Cable System Market Revenue and Forecasts to 2027 (US$ Mn)