According to a new market report published by Credence Research Inc., “Global Fiber Optic Cables Market (By Cable Type (Single Mode and Multi-mode), By Optical Fiber Type (Glass Optical Fiber and Plastic Optical Fiber), By Application (Banking, Financial Services, and Insurance (BFSI), Military & Aerospace, Oil & Gas, Medical, Telecom and Others))- Growth, Future Prospects and Competitive Landscape, 2018 – 2026”, The global market for fiber optic cables is expected to show a CAGR of 7.2 per cent to reach US$ 7.95 billion by 2026 during the forecast period.
Browse the full report at Global Fiber Optic Cables Market
The fast-growing internet traffic globally is the most prominent driver of the market for fiber optic cables. With the increase in the amount of mobile devices, the amount of Internet users has increased rapidly since the last few years. As of March 2017, there were almost 3.74 billion Internet users worldwide, leading in a greater demand for internet bandwidth. Demand for continuous bandwidth is generating important development in the worldwide market for fiber optic cables. The fiber optic cable offers a steady, stable and quick web link that enables high-speed information transfer with minimal interference. Recently, because of their broad spectrum of benefits over electrical transmission, it has become apparent that fiber optic cables are quickly replacing copper cables and other metal wires.
Some of the primary benefits of fiber optic wires are as follows:
• Higher bandwidth with less attenuation
• High data carrying capacity
• Resisting electromagnetic interference
• Low signal degradation
• Light weighted
• Smaller size
• Easy to accommodate growing bandwidth
In addition, increasing spending on network infrastructure growth is another significant factor driving demand. In view of the enormous advantages of fiber optic cables, more network suppliers are moving towards optical networks. Advent of the Internet of Things (IoT) is anticipated to create strong demand for internet bandwidth in the years to come. As a result, an increasing number of connected devices is anticipated to further promote market growth. However, the elevated installation expenses combined with the complicated method of installing fiber optic wires act as a constraint on the market. In addition, the absence of industry norms has also hindered the demand for fiber optic cables in both industrial and subscriber networks.
The growth of fiber optic cables has been very rapid in recent years with ubiquitous demand for high-speed internet. As a result, market players emphasize on developing more sophisticated optical cables that can offer high speed internet with reduced need for amplifiers. In addition, mergers & acquisitions have emerged as a prominent strategy for market players seeking to expand their business. For instance, in 2017, Corning, Inc. announced the acquisition of 3M’s Communications Unit. The acquisition is completed to help Corning further expand its geographic reach and optical product offerings. Major players identified in the global fiber optic cable market include Corning, Inc., Finisar Corporation, Prysmian Group, AFL Telecommunications LLC, Sumitomo Electric Industries, Ltd., LS Cable & System Ltd., LEONI, Furukawa Electric Co., Ltd., Finolex Cables Ltd., General Cable Technologies Corporation, Yangtze Optical Fiber and Cable Joint Stock Ltd. Co. and Sterlite Technologies Ltd.
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By Fiber Type Segment (2016-2026; US$ Bn)
- Single Mode
By Material Segment (2016-2026; US$ Bn)
- Glass Optical Fiber
- Plastic Optical Fiber
By Application Segment (2016-2026; US$ Bn)
- Banking, Financial Services & Insurance (BFSI)
- Defense & Aerospace
- Oil & Gas
- Others (Transportation, Industrial, etc.)
By Geography Segment
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America