The Global Fiber Optic Cables Market was $6.8 Bn in 2019, and it is expected to reach $16.9 Bn by 2028. It is eventually growing at a commendable high compound of annual growth rate CAGR of 11.8% between 2020-2028. However, the current pandemic of COVID-19 might make a slight difference in the growth rate in the present year. The market is majorly driven by the increasing importance of faster data transfer and storage. Rising new technology such as the Internet of Things (IoT) and an increasing number of connected devices such as smartphones, wearable devices, and tablets are also some of the factors that fuel the growth of the Fiber Optics Cable Market rapidly. These cables are considered to be a fast and reliable medium for data transfer. Further, the significant advantages of fiber optic cables such as resistance to obstructions from vibrations and electricity, and capability to offer higher bandwidth as compared to traditional cables also trigger the market growth over the forecast period.
Global Single-Mode Fiber Optic Cable Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
The global Fiber Optic Cables Market has been segmented into cable type, material, and application. By cable type, the global Fiber Optic Cables Market is divided into Single-Mode, Multi-Mode, and Glass. By material, the global Fiber Optic Cables Market is divided into Glass, and Plastic. By applications, the global Fiber Optic Cables Market is divided into Communication, Power Transmission, Sensor, and Others. Single-Mode Fiber Optic Cable Segment is expected to witness remarkable growth over the forecast period due to high demand for high-performance single-mode fibers in centralized data centers across the world.
By Region, North America is Holding the Major Market Share
The global Fiber Optic Cables Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, and Africa region. In addition to this, North America Fiber Optic Cables Market is holding the largest market share currently and is estimated to show the steady compound annual growth rate in the upcoming forecast period due to the presence of major information communication and technology industry which needs higher bandwidth for day to day business operations. Europe's market is expected to show sluggish growth over the forecast period. Moreover, the Asia Pacific region is projected to witness the fastest growth over the forecast period. This is attributed due to rising industrialization and infrastructural development in the region. Surging demand for internet connection and faster internet in the region is also projected to propel the market growth in the region. LAMEA is also anticipated to show decent growth due to rising telecommunication industry increasing demand for connected devices such as smartphones, and tablets over the forecast period from 2020 to 2028.
Major Players in Global Fiber Optic Cables Market
Some of the key players in the global Fiber Optic Cables Market include 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., Corning Inc., Finisar Corporation, General Cable Corporation, Finolex Cables Ltd, and Yangtze Optical Fiber & Cable.
The Global Fiber Optics Cable Market Has Been Segmented into:
Global Fiber Optics Cable Market: By Cable Type
Global Fiber Optics Cable Market: By Material
Global Fiber Optics Cable Market: By Applications
Global Fiber Optics Cable Market: By Region