North America Submarine Cables Market Size & Outlook
North America submarine cables market highlights
- The North America submarine cables market generated a revenue of USD 2,418.8 million in 2023.
- The market is expected to grow at a CAGR of 4.7% from 2024 to 2030.
- In terms of segment, offshore wind power generation was the largest revenue generating end use in 2023.
- Offshore wind power generation is the most lucrative end use segment registering the fastest growth during the forecast period.
North America data book summary
| Market revenue in 2023 | USD 2,418.8 million |
| Market revenue in 2030 | USD 3,325.5 million |
| Growth rate | 4.7% (CAGR from 2024 to 2030) |
| Largest segment | Offshore wind power generation |
| Fastest growing segment | Offshore wind power generation |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Offshore wind power generation |
| Key market players worldwide | Alphabet Inc Class A, Nexans, Prysmian SpA, NEC Corp, SubCom, Amazon.com Inc, Microsoft Corp, NKT A/S, ZTT International |
Other key industry trends
- In terms of revenue, North America region accounted for 13.1% of the global submarine cables market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 10,679.6 million by 2030.
Offshore wind power generation was the largest segment with a revenue share of 100% in 2023. Horizon Databook has segmented the North America submarine cables market based on offshore wind power generation covering the revenue growth of each sub-segment from 2018 to 2030.
The growth of data-intensive applications and cloud computing have driven the demand for submarine cables to connect major data centers in North America. These cables develop fast and robust connectivity between data center hubs, facilitating efficient data transfer, disaster recovery, and redundancy for essential digital infrastructure.
For instance, the MAREA cable system is a joint project between Microsoft Corporation, Facebook Inc., and Telxius Telecom S.A. The MAREA cable system is a high-capacity submarine cable system that connects North America with Europe, specifically linking Virginia Beach in the U.S. with Bilbao in Spain.
Digital transformation initiatives across various sectors, including finance, healthcare, education, and entertainment, require robust and reliable connectivity. Submarine cables enable seamless data transfer between North America and other regions, supporting international collaborations, data sharing, and global connectivity.
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Submarine Cables Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| ZTT International | View profile | 501-1000 | Nanjing, Jiangsu, China, Asia | https://www.zttcable.com/ |
| SubCom | View profile | 1001-5000 | Eatontown, New Jersey, United States, North America | http://subcom.com |
| Prysmian SpA | View profile | 30351 | Via Chiese 6, MIlan, Italy, 20126 | https://www.prysmiangroup.com |
| Nexans | View profile | 28541 | Nexans 4, allée de l’Arche, Courbevoie, France, 92400 | http://www.nexans.com |
| NKT A/S | View profile | 4978 | Vibeholms Alle 20, Broendby, Denmark, 2605 | https://www.nkt.com |
| NEC Corp | View profile | 118527 | 7-1, Shiba 5-chome, Minato-ku, Tokyo, Japan, 108-8001 | https://www.nec.com |
| Alphabet Inc Class A | View profile | 180895 | 1600 Amphitheatre Parkway, Mountain View, CA, United States, 94043 | https://www.abc.xyz |
| Microsoft Corp | View profile | 221000 | One Microsoft Way, Redmond, WA, United States, 98052-6399 | https://www.microsoft.com |
| Amazon.com Inc | View profile | 1525000 | 410 Terry Avenue North, Seattle, WA, United States, 98109-5210 | https://www.amazon.com |
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