The new submarine fiber cable market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Submarine Fiber Cable Market 2020-2024 (Graphic: Business Wire)
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“One of the primary growth drivers for this market is the rising demand for higher bandwidth,” says a senior analyst for the Industrials industry at Technavio.
The rising demand for high-speed internet led by the growing number of internet users has increased the demand for higher bandwidth worldwide. This is increasing the demand for new submarine fiber cable projects and more modernization projects. This, in turn, is driving the demand for submarine fiber cables. As the markets recover Technavio expects the submarine fiber cable market size to grow by USD 4.34 billion during the period 2020-2024.
Submarine Fiber Cable Market Segment Highlights for 2020
- The submarine fiber cable market is expected to post a year-over-year growth rate of over 15%.
- The consortia segment was the leading segment based on investment source in the global submarine fiber cable market in 2019.
- Market growth in the consortia segment will be slower than the growth of the market in the private enterprises, and governments and development banks segment.
- 48% of the growth will originate from the European region.
- The growth of the market in Europe is driven by factors such as rising demand for connectivity, faster internet services, rapid urbanization, and the development of various frameworks by the European Commission.
- Italy and Finland are the key markets for submarine fiber cable in Europe. Market growth in this region will be slower than the growth of the market in APAC and North America.
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- The submarine fiber cable market size is expected to accelerate at a CAGR of over 15% during the forecast period.
- The submarine fiber cable market is segmented End-user (Consortia, Private enterprises, and Governments and development banks) and Geography (Europe, APAC, North America, MEA, and South America).
- The market is fragmented due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including Alcatel Submarine Networks Ltd., Corning Inc., Hexatronic Group AB, Huawei Marine Networks Co. Ltd, Jiangsu Zhongtian Technology Co. Ltd., LS Cable & System Ltd., NEC Corp., Prysmian Spa, SSG cable group, and SubCom LLC
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