Fiber optic cable market impressive gains with 14% CAGR witness vast demand across globe till 2029

Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Fiber Optic Cable market.

Fiber Optic Cable Market is poised to reach USD 30.05 Billion by 2029, registering an 14% CAGR throughout the forecast period (2022-2029)

The introduction of the 5G network will benefit the expansion of the fibre optic cable business. In many industries, a fast internet connection is necessary. The construction of 5G network infrastructure is now taking place in several nations. To meet the high demand for 5G connectivity, telecom leaders rely on fibre optic cable. The Fiber Optic Cable Market is anticipated to increase as a result of all these causes.

Increasing demand in FTTX and the telecommunications industry and technological advancements are primarily responsible for the increased growth of the Fiber Optic Cable Market.

Recent Developments

• In May 2022, Corning Incorporated (US) announced the expansion of its MiniXtend cable portfolio, with the introduction of MiniXtend HD cables for 12 to 72 fibers and MiniXtend XD cables for 192 and 288 fibers. The new MiniXtend HD cables and MiniXtend XD cables deliver high density, duct space efficiency, and reduced carbon footprint.
• In November 2021, Sumitomo Electric Industries, Ltd. (Japan) launched new ITU-T G.654.E terrestrial ultra-low-loss optical fibers and cables through its PureAdvance series. The new products, i.e., ultra-low-loss optical fibers and cables are suitable for broadband applications.
• In October 2021, Prysmian Group (Italy) extended its partnership contract with Openreach for three more years. Prysmian Group will provide innovation and expertise to support Openreach’s updated Full Fiber broadband build plan, which will be fundamental to the UK Government achieving its target of delivering ‘gigabit-capable broadband’ to 85% of the UK by 2025.

Asia pacific to support market growth
Due to the presence of major companies who manufacture fibre optic cable throughout the region, the Asia Pacific fiber optic cable market is anticipated to grow at a significant CAGR during the projected period of 2020–2029. Because China is expected to install the majority of the single-mode optical cable in the next years, China is predicted to hold the most portion of the Fiber Optic Cable Market share.

In India, the use of fibre optic cables to transport signals with the least amount of loss has grown. Additionally, the government is spending more money on the advancement of telecom services. The Indian government allotted INR 142 billion (USD 1.9 billion) for telecom infrastructure in the Union Budget 2021–22, which would be used to build up a network of optical fibre cables for defence services, roll out internet to 2.2 lakh panchayats, and enhance mobile services in the North East. ​

Additionally, it is projected that the growing demand for OFC from the IT and telecom industry, expanding mobile device shipments, rising FTTH (Fiber to the Home) connection adoption, and surging data centres would drive the fiber optic cable market in India during the ensuing years.

Fiber optic cable market trends

IT and telecom sector is expected to witness significant growth
Optical fibre cable (OFC) is a crucial component of the communications network. Fiber optics, particularly those used by telecommunications corporations, have met rising bandwidth needs over the past ten years and are now the transmission method of choice. A transmission channel with a larger bandwidth for such massive volumes of information is now required due to the expansion of data traffic from different sources, including the internet, e-commerce, computer networks, and multimedia (voice, data, and video). The solution has been found to be fibre optic lines, which have almost endless bandwidth. ​

Improved telecom and broadband access will increase living standards by promoting tourism and job creation in the Islands. The Andaman and Nicobar Islands will receive quicker, more dependable mobile and landline communication services via the new network, on par with other regions of the nation. ​

Fiber optic cables are also being chosen to support the bandwidth levels catering to advanced technologies like 5G, Big Data, and IoT that heavily rely on real-time data collection and transfer due to their security, scalability, and unlimited bandwidth potential to handle the enormous amount of backhaul traffic being generated. The introduction of 5G is anticipated to increase capacity and reduce latency directly to networks.

Increasing investments of manufacturers:
The internet is a sizable global network of linked technology. Data is transferred between sites using optical fibre connections, and fibre optics is the foundation of the internet. The International Telecommunication Union estimates that 51.2% of people worldwide used the internet in 2018. (ITU). The fibre cable industry has recently expanded at a pace of 15% to 25% annually. To satisfy this demand, manufacturers intend to expand. For instance, Corning said in February that it will spend more than USD 150 million to increase the capacity of its optical fibre manufacturing plant in Wilmington, North Carolina, while AT&T apparently plans to increase production at its Norcross, Georgia, location. PR Newswire