Also known as an optical fiber cable, a fiber optic cable is a cable that contains one or more optical fibers, which are made of high-quality glass or plastic threads or wires. These wires can carry light and transfer data or information at high speeds. So, fiber optics cables are mainly used in the digital transmission of data and are being preferred for their efficiency and high transmission capacity. They are being increasingly used for data transfer, especially when there is a need for high bandwidth and immunity from external or internal interferences.
The global fiber optics cables market is expected to grow at a CAGR of 11.18% during the period from 2018 to 2025. The market for fiber optics cable is being propelled by the growing importance of high-speed data transfer and data storage. With the increasing demand for and adoption of IoT and the proliferation of connected devices like smartphones and wearable, data transmission has become crucial for users. All these will create lucrative opportunities for the fiber optics cable market.
Apart from these, the growing demand for high-quality video and audio will fuel market growth. The booming aerospace and automotive sectors will also create a high demand for fiber optic cables. Telecommunication and IT are the main sectors that have a wide range of applications for fiber optics.
The development of fiber-rich infrastructure, coupled with technological advancements in the telecom sector, has increased the deployment of fiber optic cables significantly. Moreover, increasing investments and research undertaken to upgrade the technology application area will propel the growth of the global fiber optic cable market. However, factors like high costs and complex installation process may restrain the growth of the market to some extent.
North America held a market share of 29.7% in terms of revenue in the global fiber optic cable market in the year 2018. However, in the coming days, the Asia-Pacific region is going to play an increasingly important role in the fiber optic cables market due to the large scale adoption of the technology in various sectors including IT and telecommunication, manufacturing, medical, and the administrative sector.
Technological advancement is another reason behind the growth of the Asia-Pacific market. Fiber optics technology is also known for its enhanced security features, which is another reason why both developed and developing countries are investing heavily in technology, to improve the telecommunication sector infrastructure.
The major players operating in the global fiber optic market are, Corning Incorporated, Sterlite Technologies Limited, Optical Cable Corporation (OCC), OFS Fitel, LLC, Prysmian Group, Birla Furukawa Fiber Optics Limited, Finolex Cables Limited, AFC Cable Systems, Fujikura Ltd., Hitachi Cable Ltd., Yangtze Optical Fiber, and ZTT International Ltd.