The global Fiber Optic Cable Market is growing rapidly, witnessing vast demand for various applications, including computer networking, broadcasting, medical scanning, and military equipment. Fiber optic cable cables are predominantly used in telecom and data management (internet service providing companies) to carry information over long distances superior to copper cables with higher bandwidth and no signal loss or interference.
Fiber optic cables offer high bandwidth allowing more data at the lighting speed. Besides growing opportunities in the healthcare sector, such as endoscopic imaging applications and biomedical sensing applications boost the market growth. The market is projected to garner substantial prominence. According to Market Research Future (MRFR), The Fiber Optic Cable market industry is projected to grow from USD 12.5 Billion in 2022 to USD 30.5 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 13.50% during the forecast period (2022 - 2030).
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Key Players:
Key Companies in the Fiber Optic Cable market include,
- Hengtong (China)
- ZTT International Limited (India)
- Nexans S.A. (France)
- Fiber Home (China)
- TongDing Group Co. Ltd. (China)
- Belden (U.S.)
- SterliteTech (India)
- Futong (Hong Kong)
- Kaile Science and Technology Co Ltd. (China)
- CommScope Inc. (U.S.)
- Corning Inc. (U.S.)
Fiber Optic Cable to Become an Alternative to Satellite Communication
Demand for high-speed internet is a major tailwind behind the market growth. Also, the market is mainly driven by the rising demand for fiber optic cables and high-speed internet as traditional wires cannot meet the expectation. Growing countries that are adopting the new technology for high-speed internet are creating huge market demand. Major opportunities in the market are technological advances leading to an increase in the data transmission rate and factors trends defining the telecommunications industry across the globe.
Additionally, fiber optic cable empowers data transmission, which along with the growing adoption of cloud computing, data transfer storage, and IoT, fuels the market's growth. Vast consumption of fiber optics cable components such as optical connectors, adapters, optical assemblies, optical backplanes, optical circuitry, termination kits, and tooling fosters market growth.
Global Fiber Optic Cable Market - Segments
The market is bifurcated into types, applications, and regions. The type segment is sub-segmented into single-mode and multi-mode. The application segment is sub-segmented into submarine cable, long-distance communication, local mobile metro network, cable television (CATV), fiber to the X (FTTX), local access networks, and others. The region segment is sub-segmented into North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW).
Global Fiber Optic Cable Market - Regional Analysis
North America dominates the global fiber optic cable market. The largest market share attributes to the vast demand for high-speed internet bandwidth.
Global Fiber Optic Cable Market - Competitive Analysis
The market appears to be highly competitive and diversified, with the presence of a large number of players having a global presence. These players focus on optimizing situational awareness for customers and ensure their mission success.
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Fiber Optic Cable Industry Developments:
January (2023): Corning announces the development of a new type of fiber optic cable that is more resistant to damage from harsh environments.
February (2023): Fujitsu and NEC announce a joint venture to develop and manufacture next-generation fiber optic cables for use in 5G networks.
March (2023): China's State Grid Corporation announces plans to invest $100 billion in the development of fiber optic cables over the next five years.
April (2023): Google announces that it is building a new undersea fiber optic cable that will connect the United States to Europe.
May (2023): The European Commission announces plans to invest €1 billion in the development of fiber optic cables as part of its Digital Decade initiative.
June (2023): The United States Department of Commerce announces that it is awarding $200 million in grants to support the development of fiber optic cables in rural areas.
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About Market Research Future (MRFR):
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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