Fiber Optic Cable Market is estimated to expand at a CAGR of ~7%

Transparency Market Research delivers key insights on the global fiber optic cable market. In terms of revenue, the global market is estimated to expand at a CAGR of ~7% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global fiber optic cable market.

A fiber optic cable is a type of network cable that contains strands of glass fibers inside an insulated casing. Fiber optic cables are designed for use in long-distance and high-performance telecommunication and data networking. Fiber optic cables support much of the world’s Internet service, telephone systems, and cable television networks. The global fiber optic cable market has been broadly segmented by fiber type, cable design, deployment, and end-use industry. Based on fiber type, the market has been divided into single-mode fiber, multi-mode fiber, and others. In terms of cable design, the global fiber optic cable market has been classified into ribbon tube, loose tube, tight buffered, central core, and others. Based on deployment, the market has been segmented into underground, underwater, aerial, and others. In terms of end-use industry, the market has been segregated into IT & telecommunication, aerospace & defense, healthcare, energy & power, and others. Among fiber types, the single-mode fiber segment holds a significant market share and it is anticipated to expand at a rapid pace during the forecast period. This is primarily attributable to significant deployment of single-mode fibers in the global IT & telecommunication industry.

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Fiber Optic Cable Market: Dynamics

The continuously increasing need for 24×7 high-speed connectivity and increased traffic generation from services such as voice calls, emails, messaging, games, mobile Internet, downloads, and video streaming have unleashed the benefits of optical fiber cable networks. In view of the requirement for high-speed and 24×7 connectivity, continuous efforts are being made to make telecommunication networks vigorous, future proof, and consistent. The volume of data traveling through the Internet continues to increase, as more number of devices are being connected and new applications are being developed. Optical fiber is the only transmission medium capable of supporting this explosive growth. Common applications, such as web browsing and high-definition videos, constitute approximately 66% of this traffic. Attributes of fiber optic cables are expected to drive their use in end-use industries such as IT & telecommunication and healthcare. Thus, rising demand for high-speed connectivity is expected to drive the global fiber optic cable market at a significant pace in the near future.

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Fiber optic cable is undoubtedly becoming one of the most rapidly growing transmission medium for installation and upgrade of new cabling, which includes horizontal, backbone, and desktop applications. Fiber optic cables are preferred for use in applications that require high bandwidth, long distance, and thorough immunity to electric interference. Fiber optic cables are perfectly suitable for use in systems with high data rate such as gigabit Ethernet, fiber distributed data interface, multimedia, asynchronous transfer mode, synchronous optical networking, and any other network that requires transfer of large and bandwidth-consuming data files over very long distances.

Costs of fiber optic cables, components, and hardware are gradually decreasing. Installation costs of fiber optic cables are higher than those of copper cables, owing to the skill required for termination. Generally, fiber is costlier than copper in the short run. However, it can actually cost less in the long run. Maintenance cost of fiber is much less; it has much less downtime; and it requires less hardware for network installation. Due to these factors, fiber optic cables are expected to witness high demand across the globe during the forecast period.

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Fiber Optic Cable Market: Prominent Regions

According to regional analysis, Asia Pacific is the dominant region of the global fiber optic cable market.  Growth of the market in the region can be attributed to the significant manufacturing ability of players operating in the Asia Pacific market to produce fiber optic cables for use in IT & telecommunication and aerospace & defense industries. China has proved to be the most diversified and dynamic market. A majority of single-mode optical fiber cables is expected to be installed in national and provincial trunks in China, and this is anticipated to drive the fiber optic cable market in Asia Pacific in the next few years. China held a major share of the Asia Pacific fiber optic cable market, in terms of revenue, followed by Japan, in 2019. However, in terms of revenue, the market in India is anticipated to expand at a significant CAGR during the forecast period. Additionally, North America is focusing on the adoption of fiber optic cables in order to strengthen its IT & telecommunication infrastructure and defense forces. The U.S. is home to several well-established players that design and offer fiber optic cables. Thus, rising demand for fiber optic cables in IT & telecommunication and aerospace & defense sectors is anticipated to boost the fiber optic cable market in North America during the forecast period. The market in Europe is estimated to witness prominent growth during the forecast period. The fiber optic cable market in Middle East & Africa and South America is expected to witness moderate growth in the near future.

Fiber Optic Cable Market: Key Players

Key players operating in the global fiber optic cable market are Corning Inc., Prysmian Group, HTGD, Furukawa Electric Co., Ltd., Yangtze Optical Fibre and Cable (YOFC), Sumitomo Electric Lightwave Corp., Tongding Interconnection Information Co. Ltd, CommScope, and Sterlite Tech.