The global submarine cables market was valued at USD 31.70 billion in 2024 and is expected to expand to USD 44.33 billion by 2030, registering a CAGR of 5.6% from 2025 to 2030. Market growth is primarily supported by increasing investments in offshore wind energy projects and the rapid rise in global data traffic driven by over-the-top (OTT) service providers.

Submarine cables play a critical role in both power transmission and telecommunications. They are widely deployed for connecting offshore oil and gas platforms, offshore wind farms, and cross-border power interconnections, while also forming the backbone of global internet connectivity by carrying the majority of international data traffic. Rising demand for secure energy transmission, grid interconnections, and high-capacity data networks continues to reinforce market expansion.

Key Market Trends & Insights

  • Asia Pacific emerged as the dominant regional market, accounting for 38.6% of global revenue in 2024, supported by large-scale offshore renewable projects and expanding digital infrastructure.
  • The U.S. submarine cables market is witnessing accelerated growth due to surging demand for high-capacity and low-latency data transmission.
  • By application, submarine power cables represented the largest revenue share of approximately 61.80% in 2024, reflecting strong offshore energy investments.
  • By voltage, the high-voltage segment held the leading market share in 2024, driven by long-distance power transmission requirements.
  • By component, dry plant products led the submarine communication cables segment in 2024, supported by increased deployment of advanced landing station equipment.

Market Size & CAGR Highlights

  • 2024 Market Size: USD 31.70 Billion
  • 2030 Projected Market Size: USD 44.33 Billion
  • CAGR (2025–2030): 5.6%
  • Largest Regional Market (2024): Asia Pacific

Submarine communication cables alone carry approximately 90% of global data traffic, with total transmission capacity measured in terabits per second. This makes them indispensable for OTT and cloud service providers such as Google, Amazon, Facebook, and Microsoft. In October 2021, NEC announced plans to develop a large-scale submarine cable system for Facebook, incorporating four crore fiber optics and offering capacity of up to 500 mbps across 24 fiber pairs. Given their strategic importance, many countries have implemented regulations to protect submarine cable infrastructure. For example, the Australian Communications and Media Authority (ACMA) has established safety zones restricting activities that may damage submarine cables connecting Australia to global networks, while also regulating voltage standards for new submarine projects.

Demand for submarine communication cables continues to surge as global data consumption rises. Europe, the Middle East, Asia Pacific, and Latin America are witnessing increased investments in new cable systems. Major technology companies are key drivers of this growth. Google owns 10,433 miles of submarine cables independently and 63,605 miles through consortium arrangements with Facebook, Amazon, and Microsoft. Facebook owns approximately 57,709 miles, Amazon 18,987 miles, and Microsoft 4,104 miles of submarine cable infrastructure. Amazon’s cable network connects the U.S. with Asia Pacific regions, including Singapore, Japan, California, and Oregon.

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Key Submarine Cables Company Insights

Leading players in the global submarine cables market in 2024 included Alcatel-Lucent, TE SubCom, and NEC Corporation. Smaller and mid-sized companies typically focus on regional or niche projects, while many suppliers also operate across offshore oil and gas, undersea power transmission, and marine infrastructure segments. Major players are increasingly pursuing strategic acquisitions and collaborations to strengthen their geographic presence. In April 2023, Nexans acquired Finland-based Reka Cables, aiming to enhance the supply of high-quality cable solutions to Nordic and international markets.

  • NEC Corporation remains one of the most prominent players in the industry, having deployed over 400,000 kilometers of undersea cables worldwide. The company offers comprehensive solutions covering manufacturing, marine installation, voltage management, and long-term maintenance. NEC has played a vital role in large international projects such as the Asia Direct Cable (ADC) and the India–Lakshadweep cable system, supporting digital connectivity across Asia. Its submarine cables are designed to withstand extreme oceanic environments while enabling reliable, high-capacity data transmission.
  • Microsoft Corporation has also made substantial investments in submarine cable infrastructure to support its global cloud ecosystem, including Azure and Microsoft 365. The company co-developed the MAREA submarine cable with Meta and Telxius, a 6,600 km transatlantic system connecting Virginia, USA, to Bilbao, Spain, offering high-capacity, low-latency connectivity. Microsoft is also a participant in the Amitié cable consortium linking the U.S. with the UK and France, further strengthening transatlantic digital infrastructure.

Key Submarine Cables Companies

  • ALE International
  • ALE USA Inc.
  • SubCom, LLC
  • NEC Corporation
  • Prysmian S.p.A
  • Nexans
  • Google LLC
  • com, Inc.
  • Microsoft
  • NKT A/S
  • ZTT

Conclusion

The global submarine cables market is on a steady growth trajectory, driven by expanding offshore renewable energy projects, increasing cross-border power interconnections, and exponential growth in global data traffic. Strong demand from OTT providers, rising investments in high-voltage and high-capacity cable systems, and supportive regulatory frameworks are reinforcing market momentum. As digital connectivity and energy security become increasingly critical worldwide, submarine cables will remain a foundational infrastructure, positioning the market for sustained growth through 2030.

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