Global Marine Cables and Connectors Market: Snapshot
Ever since the first underwater cable was implemented in 1850 to deliver telegraphy traffic, marine cables and connectors have been playing a vital role in the integration of various sub-systems and systems across a number of industry verticals. In the recent years, the vast rise in the demand for reliable high performance, connectivity, and efficiency has been enhancing the growth of the marine cables and connectors market. Fiber-optic cables are being widely adopted in the telecommunication industry due to their advantages such as efficient data transfer and high-speed data transfer capabilities.
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The global marine cables and connectors market was estimated at US$ 8869.8 Mn in the year of 2016 and is anticipated to expand at a CAGR of 5.3% throughout the forecast year from 2017 to 2025.
Cables to Continue to Account for Higher Share in Revenue
The global marine cables and connectors market has been segmented on the basis of type, underwater depth, end-use industry, and geography. On the basis of type, the market is broadly analyzed for cables and connectors. In 2016, the segment of cables accounted for the maximum market share in terms of revenue. The segment is also estimated to witness the most promising growth opportunity over the report’s forecast period. The connector segment is also expected to show substantial growth during the forecast period due to rise in applications with advancement in power transmission and telecommunication industry.
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In terms of underwater depth, the marine cable and connector market is segmented into beach joint 1, beach joint 2, burial, and freelay. In 2016, the beach joint 2 segment held the dominant share in the global market and is also expected to expand at a high CAGR during the forecast period. This is mainly due to the vast increase in installation of power and telecommunication network lines in this under-water depth. Based on end-use industry verticals, the market is segmented into oil and gas, military and defense, telecommunication, and power transmission. In 2016, telecommunication industry accounted for the dominant market share, and is also predicted to expand at a healthy CAGR during the forecast period.
Asia Pacific Market to Present Promising Growth Opportunities
Geographically, the global marine cables and connectors market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa and South America. Europe held the dominant share in the market, chiefly owing to the early adoption of marine cables and connectors, followed by Asia Pacific, in 2016. The market in Asia Pacific is likely to outpace other regional markets over the forecast period owing to extensive investment in telecommunication application and a massive rise in infrastructure upgrade activities across data centers.
North America, is projected to witness strong growth owing to the presence of several technology giants in the U.S. The vast rise in infrastructure upgrade activities owing to the global expansion of companies such as Facebook, Google, and Microsoft will lead to promising growth opportunities. The market in South America is expected to showcase slower growth in the marine cables and connectors market compared to other regions.
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Some of the leading companies operating in the global marine cables and connectors market are Sea and Land Technologies Pte. Ltd., TE Connectivity, Inc., Eaton Corporation Plc., Fujitsu Limited, SAMCO Inc., Molex, Scorpion Oceanics, Hengtong Optic-Electric Co., Ltd., Teledyne Marine, Huawei Marine, SEACON, HESFIBEL, Axon Cable, OCC Corporation, General Cable Company, ZTT Corporation, and Nexans.
Growing Utilization in Internet of Things will Augment Growth of Marine Cables and Connectors Market
The marine cables and connectors give a serious advantage regarding superior and better transmission abilities in connection to satellite correspondence. Additionally, factors, for example, expanding utilization of marine cables and connectors in developing pervasion of different innovations, for example, cloud and Internet of Equipment across safeguard and military are projected to drive the market. In addition, the rising entrance of inventive advances, for example, Internet of Things and cloud across various businesses and immense development openings inferable from the expanded spotlight on improving media communications framework across a few arising economies could likewise end up being useful for the worldwide market.
A tremendous ascent in the demand for dependable elite, availability, and proficiency has been observed that is expected to improve the development of the marine cables and connectors market. Fiber-optic cables are in effect generally received in the media transmission industry because of their benefits, for example, proficient information move and fast information move capacities.
Various components are probably going to help the general extension of the worldwide marine cables and connectors market, remembering the enormous rush of ventures for the field of marine availability from telecom organizations and governments with the perspective on improving and expanding between and intra-country telecom organizations. The rising worldwide demand for higher and more solid bandwidth for powerful and quicker transmission of information and tremendous ventures from the safeguard and military areas are likewise expected to drive the market sooner rather than later. The immense ascent in server farms across the globe is likewise expected to support the general take-up of an assortment of marine cables and connectors.
Europe held the dominant position, attributable to the early appropriation of marine cables and connectors, trailed by Asia Pacific. North America, on the other hand, is projected to observe solid development inferable from the presence of a few innovation monsters in the U.S. The immense ascent in foundation redesign exercises inferable from the worldwide extension of organizations, for example, Facebook, Google, and Microsoft will prompt promising development openings.