Market Research Report
North America 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||907447|
|Published||Content info||119 Pages
Delivery time: 1-2 business days
|North America 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: 119 Pages||
The North America submarine cable system market accounted for US$ 2.63 Bn in 2018 and is expected to grow at a CAGR of 6.6% over the forecast period 2019-2027, to account for US$ 4.78 Bn in 2027. The rising bandwidth demands from the content and cloud service providers are the key driver boosting the submarine cable system market growth. Moreover, a significant number of ongoing projects for submarine cables is anticipated to boost the market growth in the near future. The focus on the development of submarine cable system has grown from strength to strength in the last decade. There have been a few notable factors that have resulted in significant growth of this market in recent times. The international bandwidth has grown at an average of close to 40% year on year from 2012 to 2016. The internet, as well as the voice operators, have witnessed impressive growth in the traffic. Also, various content, as well as cloud service providers, have had a remarkable impact on data traffic growth. In addition, with the use of more and more connected devices and easy access to the internet, coupled with the decreasing cost of internet services, the demand for data storage is increasing worldwide. This is due to the increasing demand for big data analytics and cloud-based services, such as online contents including movies, apps, videos, and social media.
The submarine cable system market is fragmented in nature due to the presence of several industries, and the competitive dynamics in the market is anticipated to change during the coming years. Additionally, various initiatives are undertaken by the governmental bodies to accelerate the submarine cable system market further. Moreover, economic progress in the North American region is very high. That is affecting positively for the market, as businesses are open to adopting new emerging technologies. Also, the purchasing power of individuals is quite high, and thus, the competition to provide them with the best product is very high in the commodity market. This generates huge amounts of data that needs to be managed efficiently. Thus, storage and transfer of huge amounts of data create a potential growth for submarine cable system market.
The submarine cable system market is dominated by the installation services segment in the year 2018 and is anticipated to dominate the market during the forecast period. Moreover, maintenance & upgrade services are anticipated to witness the highest growth rate. The maintenance & upgrade services are provided through private agreements or consortiums and are tailored in order to exact the specific requirements. For instance, the Pacific & Indian Ocean cable mutual agreement (PIOCMA) consists of Yokohama Zone, NZ, and SEAIOCMA agreements. It offers mutual support in case of a disaster and provides solutions for risk management for the consortium members. Undersea cable faults may be caused by adverse conditions including rock slides, earthquakes, anchors, or other such causes. Thus, the concerns for faulty lines and natural disasters are widely steering the need for submarine cable system maintenance & upgrade services.
The overall 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 system market. It also provides an overview and forecast for the submarine cable system market based on all the segmentation provided with respect to the North America 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 system market. Some of the players present in submarine cable system 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 Hawaiki Cable Limited among others.
6.2 North America Submarine Cable System Market Revenue and Forecasts to 2027 (US$ Mn)