Submarine Cable Systems Market by Cable Type (Communication Cable, Power Cable), Component (Dry Plant Product, Wet Plant Product), Insulation (Cross-linked Polyethylene, Oil-Impregnated Paper) and Type (Single Core, Multicore) - Global Forecast to 2030
At a CAGR of 11.1%, the global submarine cable system market is anticipated to grow from USD 19.95 billion in 2025 to USD 33.75 billion by 2030. 5G allows mobile handsets and Internet of Things (IoT) devices to accommodate multiple connections simultaneously while improving speed, latency, reliability, and power consumption.
Scope of the Report
Years Considered for the Study
2021-2030
Base Year
2024
Forecast Period
2025-2030
Units Considered
Value (USD Billion)
Segments
By Cable Type, Component, Service Offering, Type, Voltage, Insulation, End-use Application, and Region
Regions covered
North America, Europe, APAC, RoW
The auctions for spectrum have nearly finished, 5G-ready handsets have been released, and network implementation has begun globally. Most 5G developments are focused on the business-to-consumer (B2C) market, owing to the efforts of network operators to reduce operational costs. With the growing demand for data fueled by bandwidth-intensive applications, such as video and audio streaming services, coupled with the continued shift toward cloud services and 5G, there is a growing need for fiber optic interconnectivity, which will drive the submarine cable systems market growth.
"Dry plant products segment captured second-largest share of submarine cable systems market for communication cables in 2024"
The dry plant products of submarine communication cables, comprising submarine line monitors (SLE), power feeding equipment (PFE), and submarine line terminal equipment (SLTE), cover the stage between beach manholes and cable landing stations. The demand for dry plant products in the submarine cable system market is driven by the need to support and optimize the performance of undersea cable networks once they reach the shore. The rapid expansion of data centers and the proliferation of broadband services require robust terrestrial infrastructure.
"Installation & commissioning segment to witness highest CAGR in market for submarine communication cables between 2025 and 2030"
Installation & commissioning are anticipated to witness the highest CAGR during the forecast period in the submarine communication cable market. Several key factors propel the installation and commissioning of submarine cables in the market. Firstly, the increasing global demand for high-speed and reliable connectivity drives the need for efficient installation and commissioning processes to deploy submarine cable networks swiftly. Secondly, advancements in installation technologies, such as remotely operated vehicles (ROVs) and specialized vessels, enable faster and more accurate cable laying in challenging underwater environments, contributing to reduced installation times and costs.
"Rising interest towards offshore infrastructure to position Asia Pacific as the second-largest submarine power cable market in 2024"
The submarine power cable market in Asia Pacific, which includes China, Japan, South Korea, Malaysia, Vietnam, Indonesia, and Rest of Asia Pacific, has been thoroughly assessed. According to projections from the Global Wind Energy Council (GWEC), the Asia Pacific is expected to dominate offshore wind energy expansion throughout this decade. China is emerging as a dominant player in the global submarine power cable market, driven by its aggressive push toward renewable energy and offshore infrastructure development. The country has set a target to add 64 GW of offshore wind power capacity within the next five years, aiming to reduce its dependence on fossil fuels and achieve carbon neutrality.
Breakdown of Primaries
Various executives from key organizations operating in the submarine cable systems market, including CEOs, marketing directors, and innovation and technology directors, were interviewed in-depth.
By Company Type: Tier 1 - 40%, Tier 2 - 25%, and Tier 3 - 35%
By Designation: Directors - 25%, C-level Executives - 45%, and Others - 30%
By Region: North America - 55%, Europe - 10%, Asia Pacific - 25%, the Middle East & Africa - 5%, and South America - 10%
Note: Three tiers of companies have been defined based on their total revenue as of 2024: tier 3: revenue less than USD 500 million; tier 2: revenue between USD 500 million and USD 1 billion; and tier 1: revenue more than USD 1 billion. Other designations include sales managers, marketing managers, and product managers.
Major players profiled in this report are Alcatel Submarine Networks (France), Prysmian S.p.A (Italy), SubCom, LLC (US), NEC Corporation (Japan), Nexans (France), HENGTONG GROUP CO., LTD. (China), NKT A/S (Denmark), ZTT (China), LS Cable & System Ltd. (South Korea), Sumitomo Electric Industries, Ltd.(Japan), Corning Incorporated (US), Ningbo Orient Wires &Cables Co.,Ltd. (China), Taihan Cable & Solution Co., Ltd. (South Korea), Qingdao Hanhe Cable Co., Ltd. (China), Furukawa Electric Co., Ltd. (Japan), Hexatronic Group (Sweden), APAR Industries Ltd. (India), TFKable (Poland), AFL (US), Hellenic Cables (Greece), Shanghai Qifan Cable Co.,Ltd. (China), SSGCABLE (China), OCC Corporation (Japan), Tratos (UK), and Frigate Engineering Services Pvt Ltd (US). These leading companies possess a broad portfolio of products and establish a prominent presence in established and emerging markets.
The study provides a detailed competitive analysis of these key players in the submarine cable systems market, presenting their company profiles, most recent developments, and key market strategies.
Research Coverage
This report segments the submarine cable systems market based on cable type, component, service offering, type, end-use application, voltage, insulation, and region. The cable type segment includes communication cables and power cables. The component segment includes wet plant products and dry plant products.
The end-use application segment comprises offshore wind power generation plants, intercountry & island connections, and offshore oil & gas plants. The type segment includes single core and multicore. The service offerings segment covers the installation & commissioning, maintenance, and system upgrades. The voltage segment includes medium-voltage and High-voltage. The insulation segment includes cross-linked polyethylene, oil-impregnated paper, resin-impregnated paper, and resin-impregnated synthetics. The market for submarine power cable has been segmented into five regions-North America, Asia Pacific, Europe, the Middle East & Africa, and South America. The market for submarine communication cable has been segmented into five regions: Transatlantic, Transpacific, Intra-Asia, Americas, EMEA, and Europe-Asia.
Reasons to Buy the Report
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the subsegments. It will also help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the submarine cable systems market's pulse and provides information on key market drivers, restraints, challenges, and opportunities.
Key Benefits of Buying the Report
Analysis of key drivers (Expanding offshore wind power, Cost-effective access to internet connectivity, Cost-effective access to internet connectivity, Transition to 5G technology and cloud-based services, Growing demand for internet connectivity across the Transpacific region, Rising need for electrical power supply on islands ), restraints (Significant upfront investments and associated maintenance expenses, Engagement of several jurisdictions), opportunities (Implementation of HVDC power transmission technology, Rising participation of OTT players), challenges (Shortage of commissioning, maintenance, and repair activities for vessels, Rise of alternative technologies) influencing the growth of the submarine cable systems market
Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product launches in the submarine cable systems market
Market Development: Comprehensive information about lucrative markets, including the analysis of the submarine cable systems market across varied regions
Market Diversification: Exhaustive information about new products/services, untapped geographies, recent developments, and investments in submarine cable systems
Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players, including Alcatel Submarine Networks (France), Prysmian S.p.A (Italy), SubCom, LLC (US), NEC Corporation (Japan), and Nexans (France).
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 STUDY SCOPE
1.3.1 MARKETS COVERED AND REGIONAL SCOPE
1.3.2 INCLUSIONS AND EXCLUSIONS
1.3.3 YEARS CONSIDERED
1.4 CURRENCY CONSIDERED
1.5 UNIT CONSIDERED
1.6 LIMITATIONS
1.7 STAKEHOLDERS
1.8 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY AND PRIMARY RESEARCH
2.1.2 SECONDARY DATA
2.1.2.1 List of key secondary sources
2.1.2.2 Key data from secondary sources
2.1.3 PRIMARY DATA
2.1.3.1 List of primary interview participants
2.1.3.2 Key data from primary sources
2.1.3.3 Key industry insights
2.1.3.4 Breakdown of primaries
2.2 MARKET SIZE ESTIMATION METHODOLOGY
2.2.1 BOTTOM-UP APPROACH
2.2.1.1 Approach to derive market size using bottom-up analysis (demand side)
2.2.2 TOP-DOWN APPROACH
2.2.2.1 Approach to derive market size using top-down analysis (supply side)
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
2.4 RESEARCH ASSUMPTIONS
2.5 RESEARCH LIMITATIONS
2.6 RISK ANALYSIS
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN SUBMARINE CABLE SYSTEMS MARKET
4.2 SUBMARINE CABLE SYSTEMS MARKET, BY CABLE TYPE
4.3 SUBMARINE COMMUNICATION CABLES MARKET, BY COMPONENT
4.4 SUBMARINE POWER CABLES MARKET, BY INSULATION
4.5 SUBMARINE POWER CABLES MARKET IN EUROPE, BY END-USE APPLICATION AND COUNTRY
4.6 SUBMARINE POWER CABLES MARKET, BY COUNTRY
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Rising need for reliable power transmission amid expanding offshore wind power capacity
5.2.1.2 Increasing bandwidth usage due to high access to affordable internet connectivity
5.2.1.3 Rapid transition toward 5G technology and cloud-based services
5.2.1.4 Mounting demand for high-speed internet connections across Transpacific region
5.2.1.5 Rising need for electrical power supply in islands
5.2.2 RESTRAINTS
5.2.2.1 Significant upfront investments and associated maintenance expenses
5.2.2.2 Requirement for permits for submarine cable installations
5.2.3 OPPORTUNITIES
5.2.3.1 Evolving HVDC power transmission technology
5.2.3.2 Increasing investment in submarine cable projects by over-the-top (OTT) players
5.2.4 CHALLENGES
5.2.4.1 Lack of commissioning, maintenance, and repair activities for vessels
5.2.4.2 Growing reliance on satellite internet technology
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
5.4 PRICING ANALYSIS
5.4.1 PRICING RANGE OF SUBMARINE CABLE SYSTEMS, BY CABLE TYPE, 2024
5.4.2 AVERAGE SELLING PRICE TREND OF SUBMARINE COMMUNICATION CABLES, 2021-2024
5.4.3 PRICING RANGE OF SUBMARINE CABLE SYSTEMS OFFERED BY KEY PLAYERS, BY CABLE TYPE, 2024
5.4.4 AVERAGE SELLING PRICING TREND OF SUBMARINE POWER CABLES, BY REGION, 2021-2024
5.5 VALUE CHAIN ANALYSIS
5.6 ECOSYSTEM ANALYSIS
5.7 INVESTMENT AND FUNDING SCENARIO
5.8 TECHNOLOGY ANALYSIS
5.8.1 KEY TECHNOLOGIES
5.8.1.1 Wavelength division multiplexing
5.8.1.2 P-Laser cable technology
5.8.1.3 Open cables
5.8.2 COMPLEMENTARY TECHNOLOGIES
5.8.2.1 Subsea robotics
5.8.3 ADJACENT TECHNOLOGIES
5.8.3.1 Remote sensing and satellite communication
5.9 PATENT ANALYSIS
5.10 TRADE ANALYSIS
5.10.1 IMPORT SCENARIO (HS CODE 8544)
5.10.2 EXPORT SCENARIO (HS CODE 8544)
5.11 KEY CONFERENCES AND EVENTS, 2025-2026
5.12 CASE STUDY
5.12.1 CAMBRIDGE MANAGEMENT CONSULTING, PELAGIAN, AND BAKER BOTTS PROVIDE RESILIENT, HIGH-CAPACITY FIBER CONNECTIVITY SOLUTIONS IN TURKS & CAICOS ISLANDS
5.12.2 TRATOS SUPPLIES SUBMARINE CABLE COMPONENTS TO ADDRESS SPECIFIC REQUIREMENTS OF ENI'S MEXICO AREA 1 DEVELOPMENT PROJECT
5.12.3 XTERA AND GCS PARTNER TO DEPLOY SUBMARINE CABLES TO ENHANCE CONNECTIVITY BETWEEN GALAPAGOS ISLANDS AND ECUADOR
5.12.4 CORAL SEA CABLE SYSTEM (CS2) PROJECT ENABLES FASTER INTERNET CONNECTIVITY IN PAPUA NEW GUINEA AND SOLOMON ISLANDS
5.12.5 N-SEA BOOSTS PROJECT RESILIENCE USING SINAY'S METOCEAN ANALYTICS FOR WEATHER RISK MANAGEMENT
5.13 REGULATORY LANDSCAPE
5.13.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.13.2 STANDARDS
5.14 PORTER'S FIVE FORCES ANALYSIS
5.14.1 INTENSITY OF COMPETITIVE RIVALRY
5.14.2 BARGAINING POWER OF SUPPLIERS
5.14.3 BARGAINING POWER OF BUYERS
5.14.4 THREAT OF SUBSTITUTES
5.14.5 THREAT OF NEW ENTRANTS
5.15 KEY STAKEHOLDERS AND BUYING PROCESS
5.15.1 KEY STAKEHOLDERS IN BUYING PROCESS
5.15.2 BUYING CRITERIA
5.16 IMPACT OF AI/GEN AI ON SUBMARINE CABLE SYSTEMS MARKET
5.16.1 INTRODUCTION
5.16.2 IMPACT OF AI/GEN AI ON KEY END-USE APPLICATIONS
5.16.2.1 Offshore wind power generation plants
5.16.2.2 Offshore oil & gas plants
5.16.3 AI/GEN AI USE CASES
5.16.4 FUTURE OF AI/GEN AI IN SUBMARINE CABLE SYSTEMS ECOSYSTEM
5.17 IMPACT OF 2025 US TARIFF ON SUBMARINE CABLE SYSTEMS MARKET
5.17.1 INTRODUCTION
5.17.2 KEY TARIFF RATES
5.17.3 PRICE IMPACT ANALYSIS
5.17.4 IMPACT ON COUNTRIES/REGIONS
5.17.4.1 US
5.17.4.2 Europe
5.17.4.3 Asia Pacific
5.17.5 IMPACT ON END-USE APPLICATIONS
6 SUBMARINE CABLE SYSTEMS MARKET, BY CABLE TYPE
6.1 INTRODUCTION
6.2 COMMUNICATION CABLES
6.2.1 RISING ADOPTION OF CONNECTED DEVICES TO BOOST SEGMENTAL GROWTH
6.3 POWER CABLES
6.3.1 INCREASING OFFSHORE WIND FARM INSTALLATIONS TO ACCELERATE SEGMENTAL GROWTH
7 SUBMARINE COMMUNICATION CABLES MARKET, BY COMPONENT
7.1 INTRODUCTION
7.2 DRY PLANT PRODUCTS
7.2.1 GROWING DEMAND FOR ADVANCED TERRESTRIAL EQUIPMENT TO MANAGE DATA TRAFFIC AND ENSURE SEAMLESS CONNECTIVITY TO DRIVE MARKET
7.2.2 SUBMARINE LINE TERMINAL EQUIPMENT
7.2.3 SUBMARINE LINE MONITORS
7.2.4 POWER FEEDING EQUIPMENT
7.3 WET PLANT PRODUCTS
7.3.1 REPEATERS
7.3.1.1 Optimal amplification and resistance to water pressure to foster segmental growth
7.3.2 BRANCHING UNITS
7.3.2.1 Ability to handle cable breaks to contribute to segmental growth
7.3.3 CABLES
7.3.3.1 Use to address rising global connectivity demand to accelerate segmental growth
7.3.4 OTHER WET PLANT PRODUCTS
8 SUBMARINE COMMUNICATION CABLES MARKET, BY SERVICE OFFERING
8.1 INTRODUCTION
8.2 INSTALLATION & COMMISSIONING
8.2.1 RISING GLOBAL DEMAND FOR FAST AND RELIABLE CONNECTIVITY TO BOLSTER SEGMENTAL GROWTH
8.3 MAINTENANCE
8.3.1 INCREASING SUBMARINE CABLE DAMAGE FROM HUMAN ACTIVITIES TO AUGMENT SEGMENTAL GROWTH
8.4 SYSTEM UPGRADE
8.4.1 ADOPTION OF COHERENT TRANSMISSION TECHNOLOGY TO OFFER GROWTH OPPORTUNITIES
9 SUBMARINE POWER CABLES MARKET, BY TYPE
9.1 INTRODUCTION
9.2 SINGLE CORE
9.2.1 EXPANDING USE IN OFFSHORE WIND FARMS AND REMOTE ISLANDS FOR POWER DISTRIBUTION TO FUEL SEGMENTAL GROWTH
9.3 MULTICORE
9.3.1 CAPABILITY OF LEAD SHEATHS TO PREVENT WATER INGRESS TO EXPEDITE SEGMENTAL GROWTH
10 SUBMARINE POWER CABLES MARKET, BY VOLTAGE
10.1 INTRODUCTION
10.2 MEDIUM-VOLTAGE
10.2.1 RISING NEED FOR CONNECTIONS BETWEEN GENERATORS ON WIND FARMS AND OFFSHORE OIL & GAS PLATFORMS TO DRIVE MARKET
10.3 HIGH-VOLTAGE
10.3.1 INCREASING OFFSHORE RENEWABLE POWER GENERATION TO ACCELERATE SEGMENTAL GROWTH
11 SUBMARINE POWER CABLES MARKET, BY INSULATION
11.1 INTRODUCTION
11.2 CROSS-LINKED POLYETHYLENE (XLPE)
11.2.1 CAPABILITY TO PROVIDE HIGH ELECTRICAL AND MECHANICAL STRENGTH TO BOOST SEGMENTAL GROWTH
11.3 OIL-IMPREGNATED PAPER (OIP)
11.3.1 INCREASING USE IN HIGH-VOLTAGE DC TRANSMISSION LINES TO CONTRIBUTE TO SEGMENTAL GROWTH
11.4 RESIN-IMPREGNATED PAPER (RIP)
11.4.1 CAPABILITY TO ENDURE HARSH ENVIRONMENTAL CONDITIONS TO AUGMENT SEGMENTAL GROWTH
11.5 RESIN-IMPREGNATED SYNTHETIC (RIS)
11.5.1 EXPLOSION-PROOF PROPERTIES TO ACCELERATE SEGMENTAL GROWTH
12 SUBMARINE POWER CABLES MARKET, BY END-USE APPLICATION
12.1 INTRODUCTION
12.2 OFFSHORE WIND POWER GENERATION PLANTS
12.2.1 GROWING NEED FOR LONG-DISTANCE POWER TRANSMISSION TO FUEL SEGMENTAL GROWTH
12.3 INTERCOUNTRY & ISLAND CONNECTION
12.3.1 RISING DEMAND FOR CLEAN AND RENEWABLE ENERGY TO DRIVE MARKET
12.4 OFFSHORE OIL & GAS PLANTS
12.4.1 INCREASING USE OF SATELLITE WELLS IN SUBSEA FIELD DEVELOPMENT TO BOOST SEGMENTAL GROWTH
13 SUBMARINE POWER CABLES MARKET, BY REGION
13.1 INTRODUCTION
13.2 NORTH AMERICA
13.2.1 US
13.2.1.1 Rising government initiatives to promote offshore wind energy to accelerate market growth
13.2.2 CANADA
13.2.2.1 Growing emphasis on building clean economy through renewable energy technologies to drive market
13.2.3 MEXICO
13.2.3.1 Increasing offshore oil activities to contribute to market growth
13.3 EUROPE
13.3.1 UK
13.3.1.1 Growing emphasis on achieving net-zero emission targets to boost market growth
13.3.2 GERMANY
13.3.2.1 Government initiatives to support renewable energy adoption to fuel market growth
13.3.3 DENMARK
13.3.3.1 Increasing investment in offshore wind sector to accelerate market growth
13.3.4 NETHERLANDS
13.3.4.1 Growing reliance on sustainable energy sources to drive market
13.3.5 NORWAY
13.3.5.1 Increasing production of offshore oil and gas to bolster market growth
13.3.6 FRANCE
13.3.6.1 Growing construction of offshore wind farms to contribute to market growth
13.3.7 REST OF EUROPE
13.4 ASIA PACIFIC
13.4.1 CHINA
13.4.1.1 Strong focus on reducing reliance on fossil fuels to augment market growth
13.4.2 JAPAN
13.4.2.1 Increasing installation of offshore wind capacity to foster market growth
13.4.3 SOUTH KOREA
13.4.3.1 Government-driven initiatives to promote renewable energy to fuel market growth
13.4.4 MALAYSIA
13.4.4.1 Escalating offshore oil production to contribute to market growth
13.4.5 INDONESIA
13.4.5.1 Rising implementation of favorable laws to promote carbon capture to accelerate market growth
13.4.6 VIETNAM
13.4.6.1 Strong commitment to achieving net-zero carbon emissions using renewable energy to expedite market growth
13.4.7 REST OF ASIA PACIFIC
13.5 MIDDLE EAST & AFRICA
13.5.1 UAE
13.5.1.1 Increasing investment to accelerate oil and gas production to drive market
13.5.2 SAUDI ARABIA
13.5.2.1 Growing emphasis on offshore oil and gas exploration activities to boost market growth
13.5.3 ANGOLA
13.5.3.1 Increasing focus on offshore crude oil and natural gas production to accelerate market growth
13.5.4 REST OF MIDDLE EAST & AFRICA
13.6 SOUTH AMERICA
13.6.1 BRAZIL
13.6.1.1 Emergence as significant hub for wind energy to contribute to market growth
13.6.2 ARGENTINA
13.6.2.1 Rising implementation of legislation to support renewable energy initiatives to fuel market growth
13.6.3 REST OF SOUTH AMERICA
14 SUBMARINE COMMUNICATION CABLES MARKET, BY REGION
14.1 INTRODUCTION
14.2 TRANSATLANTIC
14.2.1 MOUNTING DEMAND FOR LOW-LATENCY COMMUNICATION TO CREATE MARKET GROWTH OPPORTUNITIES
14.3 TRANSPACIFIC
14.3.1 RISING INITIATIVES TO CONNECT MAJOR ECONOMIC AND DATA CENTER HUBS TO DRIVE MARKET
14.4 INTRA-ASIA
14.4.1 GROWING FOCUS ON ENHANCING DIGITAL CONNECTIVITY TO FUEL MARKET GROWTH
14.5 AMERICAS
14.5.1 FLOURISHING MOBILE DATA INDUSTRY TO CONTRIBUTE TO MARKET GROWTH
14.6 EURASIA
14.6.1 GROWING ADOPTION OF MOBILE AND CLOUD SERVICES TO BOLSTER MARKET GROWTH
14.7 EMEA
14.7.1 INCREASING EXECUTION OF SUBMARINE COMMUNICATION CABLE PROJECTS TO FOSTER MARKET GROWTH
15 COMPETITIVE LANDSCAPE
15.1 OVERVIEW
15.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2021-2025
15.3 REVENUE ANALYSIS, 2020-2024
15.4 MARKET SHARE ANALYSIS, 2024
15.5 COMPANY VALUATION AND FINANCIAL METRICS
15.6 PRODUCT COMPARISON
15.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024
15.7.1 STARS
15.7.2 EMERGING LEADERS
15.7.3 PERVASIVE PLAYERS
15.7.4 PARTICIPANTS
15.7.5 COMPANY FOOTPRINT: KEY PLAYERS IN SUBMARINE POWER CABLES MARKET, 2024
15.7.5.1 Company footprint
15.7.5.2 Region footprint
15.7.5.3 Type footprint
15.7.5.4 End-use application footprint
15.7.6 COMPANY FOOTPRINT: KEY PLAYERS IN SUBMARINE COMMUNICATION CABLES MARKET, 2024
15.7.6.1 Company footprint
15.7.6.2 Region footprint
15.7.6.3 Component footprint
15.7.6.4 Service offering footprint
15.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024