Northbrook, IL -- (SBWire) -- 02/03/2022 --The Submarine Cable Systems market is projected to grow from USD 13.8 billion in 2021 to USD 22.7 billion by 2026; it is expected to grow at a CAGR of 10.5%from 2021 to 2026.

Impact of Covid-19 on Submarine Cable Systems market

According to our analysis, the top six players of the submarine cable system market observed a delay in contract timelines due to the outbreak of COVID-19 during 2020-2021. The submarine power cable installation capacity witnessed a plunge of about 3–4% in 2020 compared with the previous year, while the number of oil and gas rigs plunged in double digits. However, in 2021 and later, the market is expected to start recovering from the impact of COVID-19 and projects for renewable energy grids and communication networks would resume.

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The key factors fueling the growth of the market include increasing penetration of internet and collaboration among tier-1 vendors, expanding offshore wind power capacity, growing demand for bandwidth due to emergence of 5G, and increasing network of submarine power cable systems. Moreover, increasing investments by content delivery and streaming partners to create abundant opportunities in pacific region.

Asia Pacific region is expected to hold the largest share of the submarine power cable systems market during the forecast period.
The region has about 35,000 offshore wells, over 2,600 platforms, and over 55,000 km of pipelines in countries such as China, Thailand, Malaysia, Indonesia, and Australia. Along with exploring new oil and gas resources, several operators in the region are adopting technologies to boost the production of oil and gas from the existing fields and develop capital projects to bring new energy supplies to the region. The region is expected to witness unprecedented growth in offshore wind energy installations during the forecast period.

Key Market Players
The Submarine Cable Systems market players have implemented various types of organic as well as inorganic growth strategies, such as new product launches, and acquisitions to strengthen their offerings in the market. The major players in the Submarine Cable Systems market are

Alcatel-Lucent Enterprise (France), SubCom LLC (US), NEC Corporation (Japan), NEXANS (France), Prysmian Group (Italy), Saudi Ericsson (Saudi Arabia), Jiangsu Hengtong Au Optronics Co (China), ZTT (China), NKT A/S (Denmark), JDR Cable Systems Ltd. (US), Corning Incorporated (US), The Okonite Company (US), Cablel Hellenic Cables Group (Greece), Sumitomo Electric Industries, Ltd., Apar Industries (India), AFL (US), TFKable (Poland), Hexatronic (Sweden), SSGCABLE (China), OCC Corporation (Japan), 1X Technologies LLC (US), Tratos (UK), General Cable (US), and Ocean Specialists, Inc. (US).