The global fiber optic cable market will reach $13.87 billion by 2021, with a compound annual growth rate of about 5.8 percent, according to a report by the communications market research firm Absolute Markets Insights.
The report argues that increased demand for long-distance data transmission and increased network activity are driving the market's expansion. Another driver is the penetration of mobile phones and other hand-held devices, such as tablets and laptops, in the consumer market. Meanwhile, the growing demand for high-speed Internet connections continues to drive the cable market.
In 2017, the global fiber optic cable market is about us $11.07 billion, of which the Asia-pacific region is the largest regional market, reaching us $6.28 billion, followed by North America and Europe.
From the field of application, it is expected that telecom and broadband will dominate in 2021.Fiber-optic cable supports high-speed data transmission services in small and long-distance communications. These cables have tremendous potential for growth in the wide range of applications in health care, aerospace and defense, rail and oil and gas. In addition, the growing audio and video services, cloud computing technology and video on-demand (VOD) services have further increased the demand for fiber optic cables.
From the region, North America is at the forefront of growth. In North America, fiber optics is used in a variety of medical, commercial and modern applications. The defense department is also using fiber optics because U.S. manufacturers are developing ground tactical cables and connection solutions for the U.S. military. Case.
It should be noted that high costs and complex installation processes are a major threat to market growth. While the cost of installing fiber-optic cables is down by 60%, the cost of using a conventional copper cable is still higher.
From the point of market participants, prysmian group (has acquired general cable), corning, sumitomo electric industries, belden company, cane storehouse, OFS, ZMS Cable will become the world's leading optical fiber cable manufacturer.