Amid the COVID-19 crisis, the global market for Submarine Power Cable estimated at US$9.2 Billion in the year 2020, is projected to reach a revised size of US$24.1 Billion by 2027, growing at a CAGR of 14.8% over the period 2020-2027.
Single Core, one of the segments analyzed in the report, is projected to record 15.7% CAGR and reach US$17.6 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Multi Core segment is readjusted to a revised 12.6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $2.7 Billion, While China is Forecast to Grow at 14.2% CAGR
The Submarine Power Cable market in the U.S. is estimated at US$2.7 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.2 Billion by the year 2027 trailing a CAGR of 14.2% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 13.2% and 12.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 10.7% CAGR.