The 2023 report on the “Subsea Cable Equipment Market” presents a thorough and accurate examination of different factors pertaining to business expansion prospects, challenges, risk elements, and trends in all geographical regions. This report delivers current information on the most recent technological developments, along with SWOT and PESTLE analysis, and valuable insights on market size.
Global Subsea Cable Equipment Market is valued approximately USD 1.40 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 5.00 % over the forecast period 2020-2027. The subsea cables equipment is used between land-based stations to benefit the telecommunication sector to carry signals across stretches of sea and ocean. These cables are laid down with the help of specially-modified ships that carry the submarine cables on board and slowly lay it out on the seabed as per the instructions given by the cable operator. Further, technological advancements have played a crucial role in molding the overall growth of the market.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
As advancements made in the transoceanic communication space have positively favored the demand for subsea cable equipment. Also, the key players are focusing on strategies such as product launch, innovation and merger & acquisition to sustain themselves amidst fierce competition. Also, the surge in the number of offshore projects, including offshore wind power generation and construction of several new oilrigs in different locations has led in growth of the market. As per the report published by the Information Technology & Innovative Foundation (ITIF) in 2019, maintaining and deploying cables is an expensive undertaking.
Since 1990, around $48 billion has been invested in submarine cables, and almost half of these funds have been invested in America. Similarly, over 2019-2021, more than 50 submarine projects have been proposed, worth an investment of $7.2 billion. About 30% of the expected deployment will be in the Asia-Pacific region, with many projects aiming to increase capacity and reduce latency between Australia, United States and Asia. The region with the 2nd largest amount of activity is the Atlantic, with around 21% of planned investments and then the Indian Ocean which is anticipated to witness around 17% of the investments in coming years. In addition, the Australia’s Overseas Development Assistance (ODA) provided $3.9 billion and the country is using these funds for the deployment of undersea internet cable. However, increasing natural disasters is hampering the growth of the market during the forecast period of 2020-2027.
The regional analysis of global Subsea Cable Equipment market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region as it is projected to endure its control on the global subsea cables market. Whereas Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are:
Gray Diving Services Pty Ltd
Hong Kong Marine Contractors Limited
KT Submarine Co. Ltd
Metco Marine
NTT World Engineering Marine Corporation
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Oceaneering International, Inc.
Royal IHC
S. B. Submarine Systems Co., Ltd
Soil Machine Dynamics Ltd
Osbit
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
Trenchers
Ploughs
Others
By Application:
Offshore Wind Power Generation
Inter-country and Island Connection
Offshore Oil Rigs
By Region:
North America
U.S.
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Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Market Dynamics:
- Surging air traffic: As the global aviation industry continues to expand, there is a corresponding increase in market demand.
- Heightened emphasis on safety and reliability: The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
- Growing commitment to environmental sustainability: The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
- Escalating globalization: The growth of international trade and travel propels the demand for market solutions.
- Increasing desire for private air transportation: The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
- Expanding utilization of digital fuel management systems: The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
- Advancements in fuel cell technology: Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
- Mounting demand for air cargo transportation: The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
- Rising defense budgets: Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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