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 fiber optic cables market is expected to demonstrate a CAGR of 7.2% during the forecast period to reach US$ 7.95 Bn by 2026.
The most prominent factor driving the fiber optic cables market growth is rapidly growing internet traffic worldwide. With increasing proliferation of mobile devices, number of internet users is on rapid rise since the past few years. As of March 2017, there were nearly 3.74 Bn internet users across the globe, resulting into higher requirement of internet bandwidth. The demand for unceasing bandwidth is yielding significant growth in the global fiber optic cables market. Fiber optic cable provides a constant, stable and fast internet connection that allows high speed data transfer with minimal interference. In recent past, it has become noticeable that fiber optic cables are rapidly replacing copper cables and other metal wires due to their wide range of advantages over electrical transmission. Some of the main advantages of fiber optic cables are as below:
- Higher bandwidth with less attenuation
- High information carrying capacity
- Resists electromagnetic interference
- Low signal degradation
- Smaller size
- Ease of accommodating increasing bandwidth
Furthermore, increasing expenditure on network infrastructure development is another major factor pushing the demand for fiber optic cables. Considering the immense benefits of fiber optic cables, more number of network providers are shifting towards establishing optical networks. Advent of Internet of Things (IoT) is expected to generate high demand for internet bandwidth in the following years. Thus, growing number of connected devices is expected to further support the market growth. However, high installation costs coupled with complex installation process of fiber optic cables acts as a restrain to the market. In addition, lack of industry standards have also hindered the demand for fiber optic cables in industrial environments as well as in 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.
Browse the full “Global Fiber Optic Cables Market Report at http://www.credenceresearch.com/report/fiber-optic-cables-market