Submarine cables are generally owned by telecom carriers who would form a consortium of all parties interested in using the cable. For example, NTT Group is working with a consortium of companies, including Amazon, Facebook, Japan's SoftBank Corp. and the Philippines' PLDT to lay submarine cable called Jupiter in Asia, which is expected to go into service next year. Other recent project in the region is Indigo, which was completed in 2020 and paid for by companies such as Google, Telstra of Australia and Singapore Telecommunications. The Southeast-Japan 2 cable is scheduled for completion in 2021 by a consortium comprising KDDI, China Mobile International, and Facebook.
The global submarine cables market is expected to witness significant growth during the forecast period (2020–2027) due to increasing internet traffic around the world. For instance, in December 2019, Japan’s largest telecom company, Nippon Telegraph & Telephone (NTT) invested around US$ 400 million to establish a new submarine cable connecting Myanmar and India amid surging demand for global internet links.
According to TeleGeography, a telecommunications consulting company based in the U.S., there are 378 active submarine cables deployed worldwide spanning a total distance of over 1.2 million kilometers, which together are the jugular veins of intercontinental connectivity. Some cables are quite short, such as the 131 Km Celtix-Connect submarine cable between the U.K. and Ireland. Conversely, some cables are long, for example, the 20,000 Km Asia America Gateway cable.
Content providers such as Facebook, Google, Amazon, and Microsoft are key investors in new submarine cables. The amount of capacity deployed by private network operators has outpaced internet backbone operators in recent years. With the ongoing huge bandwidth growth, owning new submarine cables create more opportunities for these companies. Both Google and Facebook are continuing to build new submarine cables, for example, the Pacific Light Cable Network in which they are both investors.

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The submarine communication cables segment is expected to drive the market growth during the forecast period.
Among applications, the submarine communication cables segment is expected to hold dominant position in the global submarine cables market during the forecast period. Submarine communication cables are designed to carry data from one continent to another, and between data centers. Submarine telecommunication cables equipped with sensors which are capable of measuring pressure, temperature, salinity, currents, and movement, are called Scientific Monitoring and Reliable Telecommunications (SMART) cables, or Green Cables.
Major players operating in the global submarine cables market are Alcatel Submarine Networks, SubCom, LLC, ABB, Huawei Marine Networks Co., Ltd., NEC Corporation, NEXANS NORWAY AS, FUJITSU, Prysmian Group, Saudi Ericsson, HENGTONG GROUP CO., LTD., ZTT, Corning Incorporated, NKT A/S, Hellenic Cables Group. The Okonite Company, Apar Industries Ltd., JDR Cable Systems Ltd., AFL, Hexatronic Cables & Interconnect Systems, and LEONI Special Cables GmbH.
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