The Compound Annual Growth Rate Of The Global Submarine Optical Cable Market Will Exceed 15% From 2020 To 2024
According to a report released by Technavio, an international market research organization, the global submarine optical cable market is expected to grow by USD 4.34 billion from 2020 to 2024, with a compound annual growth rate of more than 15% during the period.
The report believes that the growing demand for fast and reliable data, and the increase in investment caused by the development of the Internet of Things and cloud-based technology will promote the rapid growth of the submarine optical cable market in the next few years.
At the same time, the ever-increasing penetration rate of smart phones and the increasing demand for high-speed Internet for bandwidth expansion applications will greatly promote the growth of the global submarine optical cable market.
Europe is the largest submarine fiber optic cable market in 2019. During the forecast period, the demand for connectivity will continue to grow, the demand for faster Internet services, rapid urbanization and the European Commission (including the Digital Single Market Strategy and European Gigabit Factors such as the development of the social connectivity) framework will continue to stimulate the growing demand in this market.
It is expected that during the forecast period, 48% of the market growth will come from Europe. Italy and Finland are the main markets for European submarine cables. But in terms of growth rate, the market growth in this region will be slower than the growth in the Asia-Pacific and North American markets.
With the construction and promotion of 5G and the rise and development of fiber optic communication, the market demand for optical communication products and devices is exploding, and higher requirements are placed on quality and performance.
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