SubCableWorld (SCW), a news and market intelligence resource for the global submarine cable industry, today revealed details of an exclusive market report that forecasts continued growth for the submarine fiber optic cable industry amid the COVID-19 pandemic.
The report shows that, in spite of all of the turmoil of 2020, the submarine fiber optic cable market had a solid year in 2020 and is set to continue on the current trajectory of sustained growth.
SubCableWorld’s measure of market demand, the amount of cable contracted during the year, rose 2.7% in 2020 over 2019 and was almost exactly at the average annual demand seen from 2014 through 2019. This puts the global market for submarine fiber optic cable and systems in 2020 at approximately US$2.3 billion.
What is particularly remarkable about the submarine fiber optics market in 2020 is that it performed so well in spite of the economic uncertainty brought about by COVID-19. A major global event, such as the disruption caused by the pandemic, always has the potential to negatively impact large international infrastructure projects and submarine cables have been susceptible to this in the past.
“The submarine fiber optics market has become something totally different than what it was before 2014,” said John Manock, editor of SubCableWorld and author of the report. “The internet is so ingrained into our society, our economy and every other aspect of our lives that almost nothing seems to negatively impact the need for new cables. The pandemic increased the demand for internet bandwidth as countries went into lockdown and this only accelerated an already expanding cable market. This investment is not just going to connect the major population or business centers or the mega data centers, but also to reach remote and underserved populations around the world, so that they too can enjoy the advantages provided by broadband connectivity.”
Submarine Fiber Optics Cable Market in 2020 is the 10th edition of SubCableWorld’s annual market analysis and is available now from TSC Strategic. For more information about the 49-page market report, including how to purchase, click here.
