According to a study published by Insure Insights, the global fiber optic cables market is estimated to grow at a CAGR of 15.6% during the forecast period. Fiber optic cables are made of plastic and glass inner core, surrounded by a cladding and enclosed in an outside jacket. Fiber optic cables are an innovative technology that utilizes optical fiber of plastic or glass threads to transmit data. The data is transferred through a medium of light. The light is kept inside fiber optics due to its core and the cladding layer over the core. Fiber optic cables are widely adopted in telephone signals, cable TV, and the internet and can transmit information over 600 miles. Multi-mode fiber optics are utilized for a short distance, such as linking computer networks to share information.

Top Driver: Extended Benefits and Technological Advancements

Fiber optic cable on the internet offers more bandwidth that allows ease of massive data on video chatting, online game, streaming movie, and TV shows. These factors contribute to the growth of the fiber optic cables market. In addition to this, the primary benefit of fiber optic cable is the optimized security option, which cannot be tapped, is another critical factor driving the fiber optic cables market. The fiber optics are upgraded with the help of electronic pulse technology, which does not require changing cable incurring substantial operational cost is another potential to the growth of the fiber optic cable market.

However, installing fiber optic cables requires a relatively higher cost than coaxial cable, or copper is a restraining factor to the fiber optic cables market.

Communication Segment to Exhibit Highest Growth in the Forecast Period

The fiber optics market is segmented into communication, power transmission, sensors, and others based on the application. The communication segment is estimated to be the largest application of the global fiber optics market. The increasing number of internet users is a key factor driving the growth of the fiber optics market in the communication segment. Moreover, the growth in industrial sectors, telecom, premises, and utility is driving the growth of the fiber optics market. Based on the cable type, the market is segmented into single-mode and multi-mode. Based on the material, the market is segmented into glass and plastic.

 Expanding Industrialization and Infrastructural Development to Benefit Asia Pacific Market

The Asia Pacific fiber optics market is estimated to be the largest during the forecast period. The expanding industrialization and infrastructural development in the region have created lucrative opportunities for the use of fiber optics across the region. The primary fiber optics markets in the Asia Pacific are South Korea, China, Japan, India, and Australia. China is the central region for manufacturing activities, globally, and accounts for the largest number of internet users.

Players to Focus on Product Innovation

The global optic fiber cables market is estimated to stay fragmented during the forecast period owing to the possible new entrants. Major key players operating in the market are AFC Cable Systems, Corning Inc., Fujikura Ltd., Furukawa Electric Co. Ltd., Hitachi Cable Ltd., Optical Cable Corporation, Prysmian Group, Sterlite technologies Ltd., Sumitomo Electric Industries Ltd., and Yangtze Optical Fiber & Cable.

OFS Fitel: In June 2020, OFS introduced the MiDia® 2GX Cable. It can help take metropolitan networks to the next level with increased fiber density, enhanced performance and significantly greater cost-saving opportunities on deployment. Specifically designed for seamless installation into existing microduct networks, the MiDia 2GX Microcable can help service providers achieve up to a 100% increase in fiber density plus longer air-blown installation distances, by using a single, reduced-diameter cable.

Scope of the Report

By Cable Type

• Single-mode
• Multi-mode

By Application

• Communication
• Power Transmission
• Sensor
• Others

By Material

• Glass
• Plastic

By Region

• North America
• Europe
• Asia Pacific
• SAMEA

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.