At 11.1% CAGR, North America Submarine Cable Systems Market is Projected to be Worth US$ 6,222.78 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America submarine cable systems market was valued at US$ 2,688.80 million in 2022 and is expected to reach US$ 6,222.78 million by 2030, registering a CAGR of 11.1% 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 North America submarine cable systems market growth.

With the rise of digitalization, cloud computing, and the Internet of Things (IoT), there is a growing need for high-speed and reliable connectivity across various countries and oceans. To cater to such needs, submarine cable systems act as the foundation of global internet connectivity, offering unparalleled speed and bandwidth capabilities. These undersea cables provide a massive capacity for data transmission, supporting businesses with increased bandwidth requirements and ensuring efficient and high-performance internet connectivity. According to Ericsson, by the end of 2023, the total global mobile data traffic, excluding Fixed Wireless Access (FWA), is projected to reach 130 exabytes (EB) per month. This figure is expected to grow nearly threefold and reach 403 EB per month by 2029. When including FWA, the total mobile network traffic is estimated to reach approximately 160 EB per month by the end of 2023, and it is predicted to rise further to 563 EB per month by the end of 2029. These projections consider the assumption that the adoption of XR-type services, including AR, VR, and mixed reality (MR), will begin in the latter part of the forecast period. In addition, video traffic is estimated to represent 73% of all mobile data traffic by the end of 2023. Hence, in a progressively interconnected world, the demand for undersea communication cables is growing substantially. Advancements in cable technology, including the deployment of higher-capacity cables and the implementation of advanced transmission techniques, play a key role in enhancing global connectivity. By leveraging these innovations, businesses focus on improving communication capabilities and enhancing access to global networks to manage growing data traffic. Thus, the rise in data traffic drives the submarine cable systems market.

On the contrary, the high initial investment and deployment costs and damage due to vulnerable climatic conditions hampers the growth of North America submarine cable systems market.

Based on services, the North America submarine cable systems market is bifurcated into installation services and maintenance & upgrade services. The installation services segment held 82.1% market share in 2022, amassing US$ 2,206.95 million. It is projected to garner US$ 4,912.90 million by 2030 to register 10.5% CAGR during 2022-2030.

In terms of cable capacity, the North America 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 44.1% share of North America submarine cable systems market in 2022, amassing US$ 1,186.33 million. It is anticipated to garner US$ 2,817.97 million by 2030 to expand at 11.4% CAGR during 2022-2030.

By application, the North America submarine cable systems market is bifurcated into communication and energy & power. The communication segment held 85.1% share of North America submarine cable systems market in 2022, amassing US$ 2,287.00 million. It is projected to garner US$ 5,111.47 million by 2030 to expand at 10.6% CAGR from 2022 to 2030.

Based on type, the North America submarine cable systems market is bifurcated into single core and multi-core. The single core segment held 51.2% share of North America submarine cable systems market in 2022, amassing US$ 1,375.35 million. It is predicted to garner US$ 3,051.15 million by 2030 to expand at 10.5% CAGR between 2022 and 2030.

Based on country, the North America submarine cable systems market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 88.3% share of North America submarine cable systems market in 2022. It was assessed at US$ 2,372.86 million in 2022 and is likely to hit US$ 5,586.19 million by 2030, registering a CAGR of 11.3% during 2022-2030.

Key players operating in the North America 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 June-2021, SubCom received a contract from Google for the design, manufacture, and deployment of the Firmina submarine cable.
  
  

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com