Submarine Cable System Market Worth $22.0 Billion by 2025 - Exclusive Report by MarketsandMarkets™
Retrieved on:
Thursday, February 27, 2020
CHICAGO, Feb. 27, 2020 /PRNewswire/ -- According to the new market research report "Submarine Cable System Market by Application (Communication (Component, Offering (Installation & Commissioning, Upgrades)), Power (Type, Voltage, End User (Offshore Wind Power Generation, Offshore Oil & Gas), and Region - Global Forecast to 2025", published by MarketsandMarkets, the Submarine Cable System Marketisexpected to grow from USD 13.0 billion in 2020 to USD 22.0 billion by 2025 at a CAGR of 11.1%.
Key Points:
- CHICAGO, Feb. 27, 2020 /PRNewswire/ -- According to the new market research report "Submarine Cable System Market by Application (Communication (Component, Offering (Installation & Commissioning, Upgrades)), Power (Type, Voltage, End User (Offshore Wind Power Generation, Offshore Oil & Gas), and Region - Global Forecast to 2025", published by MarketsandMarkets, the Submarine Cable System Marketisexpected to grow from USD 13.0 billion in 2020 to USD 22.0 billion by 2025 at a CAGR of 11.1%.
- Moreover, an increase in the investments for the deployment of high-capacity communication systems by over-the-top (OTT) players and increasing demand for high-voltage direct current (HVDC) submarine power cable are expected to create considerable growth opportunities for the development of the global submarine cable system sector.
- The wet plant products segment held a larger share of the submarine communication cable market during the forecast period.
- Moreover, upcoming extra-high voltage projects in APAC, Europe, and North America are expected to drive the growth of the single-core segment of the submarine power cable market during the forecast period.