December 06, 2018 – The global optical fiber cable market is anticipated to grow at substantial CAGR during the forecast period (2017 to 2022), according to a report available on Radiant Insights, Inc. Growing requirement for high bandwidth communication and data services among consumers is anticipated to propel demand for optical fiber cable.
Increasing investments in R&D by manufacturers of optical fiber cable to develop advanced products can influence growth of market. Rising demand for high bandwidth communication and data services can spur market growth. Growing adoption of optical fiber networks attributed to awareness regarding benefits of the technology can augment growth of market. Increased security option of optical fiber cable that cannot be tapped than traditional copper cable can stimulate growth of market over the forecast period (2017 to 2022).
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To cater to rising demand for optical fiber market, most companies are likely to invest in R&D to develop advanced products to gain traction among consumers. For instance, a team of researchers at EPFL recently developed an optical fiber cable that can detect whether they are in contact with solid or liquid. It can be achieved by generating sound wave with support from light beam within fiber cable. It is likely to be a hyper –frequency wave that can regularly bounce off the walls of optical fiber cable. This echo can vary at different locations depending on material the wave comes in contact with. This echo can leave an imprint on light that can read when beam exits the fiber, making it possible to map out surroundings of fiber cable.
The optical fiber cable market can be segregated on the basis of product type, application, and region. Based on product type, the market can be bifurcated into single mode fiber and multi-mode fiber. Single mode fiber is likely to allow one type of light mode to be propagated at a time. However, multi-mode fiber cable can propagate multiple modes. Multi-mode optical fiber can be used for short distance runs and single mode fiber cable can be used for long distance applications. Hence, single mode fiber segment can grow well during the forecast period attributed to long distance applications and low installation cost as compared to multi-mode fiber.
Based on application, the market can be classified into industrial, telecom, and utility. In recent years, telecom segment dominated the market and accounted for largest market share. It is expected to grow at similar pace during the forecast period.
Regional segmentation includes Europe, North America, Asia Pacific, South America, and Middle East & Africa (MEA). In recent years, North America dominated the market and accounted for significant market share.
In Asia Pacific, the market is expected to witness significant growth attributed to continual technological advancements in optical fiber cable in the region. These cables are likely to be used in information technology (IT) and administrative sector expanding in this region. In addition, high penetration rate of manufacturing sectors coupled with increasing applications of fiber optics technology can augment growth if market. Moreover, growing adoption of broadband services and smartphones among Indian consumers can surge demand for optical fiber cable in the region.
In Europe, the market is anticipated to grow well owing to increasing use of optical fiber cable to enhance security infrastructure on individual or country level can spur market growth. In addition, growing awareness regarding benefits of technology in developing economies can stimulate growth of market.
Some of the leading companies offering optical fiber cables are Fujikura; General Cable; Corning Inc.; Hitachi, and Nexans.