Global Subsea Cable Equipment Market is valued USD 1.45 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 4.90 % over the forecast period 2020-2026.
Major Competitors in the subsea cable equipment market includes Alcatel-LucentTE Connectivity, NEC, Huawei Marine, Saudi Ericsson, Prysmian, Nexans, ZTT, Hengtong Norddeutsche Seekabelwerke GmbH and NKT.
As of early 2020, there are approximately 406 submarine cables in service around the world. The total number of cables is constantly changing as new cables enter service and older cables are decommissioned.
Recent development in market-
In January 2020, the project of laying submarine cables from Chennai (India) to Andaman & Nicobar Island was flagged off. The project involves laying of around 2,250 km of submarine optical fiber cable.
In February 2020, Osbit, the U.K.-based offshore technology company was awarded a contract by FTAI Ocean, a subsidiary of Fortress Transportation and Infrastructure Investors LLC (FTAI), to design and construct an innovative new well intervention tower system. According to the contract, the company is expected to construct riser-less and riser-based well intervention operations in water depths up to 1,500.
In February 2020, Royal IHC and National Marine Dredging Company successfully launched a trailing suction hopper dredger (TSHD) GHASHA, which includes an enlarged hopper capacity of 8,000m³ and a larger dredging depth of 45 meters.
March 2020- To gain access to multiple terrestrial network service providers (NSPs) with diverse routes to major global metro markets, today’s cable owners and operators prefer their subsea cable capacity to be terminated on land at a carrier-neutral colocation or a hyperscale data center (e.g., AWS, Google, etc.). A carrier-neutral colocation provider also enables subsea cable customers to colocate their cable landing station (CLS) equipment and access space, power and direct cross connects. In addition, “Over the Top” (OTT) providers, such as YouTube, Netflix and Hulu, and IIPs are actively investing in terrestrial backhaul networks. This is leading to growth in dark fiber connectivity from the CLS or data centers hosting CLS, components, which include power feed equipment (PFE) and submarine line terminal equipment (SLTE). These subsea cable owners are looking for carrier-neutral data center facilities to terminate their subsea cable connections where they can be proximate to the most customers and business partners.
Google announced on July 2020- its plans to build a new subsea cable with landing points in New York in the U.S. and Bude, U.K. and Bilbao, Spain in Europe. The new cable, named after the pioneering computer scientist Grace Hopper, will join Google’s various other private subsea cables like Curie between the U.S. and South America, Dunant between the U.S. and France and Equiano between Europe and Africa. The new cable is scheduled to go online in 2022 and will be built by SubCom, which Google also contracted for work on its Dunant and Curie cables.
On the basis of product type, the global subsea cables market is segmented as High Voltage AC Cables and High Voltage DC Cables. On the basis of application the global market can be divided into offshore wind power, inter-country and island connection, and offshore oil rigs. Based on region, the global subsea cables installation equipment market can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Among these North America dominated the global subsea cables installation equipment market in 2019. This trend is projected to continue during the forecast period due to the discovery of shale reserves and large number of offshore activities in Gulf of Mexico. The market in Asia Pacific region is expected to grow at a highest CAGR during the forecast period. China is planning to invest US$ 23.5 Bn in an offshore wind power project that would have an installed capacity of more than 10 GW.