Growing demand for internet and Adoption of Fiber for 5G Infrastructure are anticipated to boost Fiber Optic Cable market during the forecast period 2021-2026. Fiber Optic Cable Market Size is forecast to reach $19.2 billion by 2026, at a CAGR of 13.7% during 2021-2026. The technology is one of the latest technologies that has developed over time, owing to comprehensive studies performed through thorough research and development by researchers and scientists around the world. The technology has proven to be a blessing across a wide range of applications and over time has increased the number of advances. The worldwide demand for the internet, coupled with the growing need for FTTx, is the major factor driving the growth of the fiber optics sector. Increasing demand for communication at high bandwidth through rising adoption of 5G and LTE technology is boosting market growth. For example, these systems are used with ease to transmit data, speech, and images that range from a few meters to a few km. Telecommunications and IT have a wide variety of uses as primary industries. The development of fiber-rich networks has increased the market for these cables tremendously.
Fiber optics is a significant building block for telecommunications networks. With the Internet, electronic commerce, computer networks, multimedia, voice, data, and video explosion of information traffic, the need for a transmission medium with bandwidth capabilities to handle such vast amounts of information is of paramount importance, primarily through multi fiber termination. Fiber optics, with a comparatively infinite bandwidth has proven to be the solution. In addition, 5G, LTE network, IoT, and Big Data rely heavily on the collection and transfer of data in real time. As fiber optics has unlimited potential for bandwidth, fiber optics cables and thereby connectors is chosen to support these levels of bandwidth. Additionally, more small cells (or nodes) and mobile edge computing will be needed to eliminate network bottlenecks to achieve the expected performance levels for 5G networks. Such small-cell deployments also make use of the millimeter wave spectrum by relying heavily on fiber cabled connections for the network's backhaul component. The 5G rollout would directly add increased flexibility and reduced latency to networks. Fiber optics cable is the preferred option for 5G and LTE networks due to its scalability, safety and ability to handle the large volume of traffic in the backhaul. In return, this is expected to create a huge market opportunity for IT and Telecom's fiber optic cable market.
The U.S. accounted for a huge market base for Fiber Optic Cables due to the early adoption of fiber optic technology driven by a push from companies such as Google and Verizon. This growth of 5G and LTE networks will be a major proponent driving the adoption of fiber optic cables, not just in the U.S but globally as well. Consumers have increasingly demanded high-speed internet in their homes and on mobile devices, underpinning this rising number of companies. As a result, wireless carriers and cable providers are demanding fiber-optic cable at increasing rates. The increase in fiber-optic cable networks which utilize various connector types such as LC, SC, ST and FC, has expanded the speed and size of wireless carriers' and cable providers' data networks, providing higher-speed data transmission and larger volume data transfers. Industry revenue is projected to continue grow due to this development. The rising telecommunication.
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Fiber Optic Cable Market Growth Drivers:
Increasing demand for internet
The internet is a massive, linked computer network. Fiber optics act as the internet's backbone; fiber optic cables are used as a medium for transmitting information from one point to another. According to the International Telecommunication Union (ITU), in 2019 52.4% of the world's population used the Internet. The growth rate of Internet users in 2019 was approximately 45%. Internet demand is also influenced by many other factors such as rise in the number of connected devices in households as well as in Enterprise systems connection, an increase in demand for OTT video content and an increase in access to internet. The growing importance of cloud computing, data transfer and storage, and IoT drives internet usage and increasing internet use will drive the fiber optics market. This growth will also be driven by rising adoption of LC connectors for multi fiber connector purposes.
The Major Players in this Market Include
Key players in the Fiber Optic Cable Market. Optical Cable Corporation, Sterlite Technologies, Fujikura Limited, Finolex Cable Limited, Ofs Fitel, Llc, Prysmian Spa, Infinera Corporation, Corning INC, Birla Furukawa Fibre Optics and others are considered to be the key players of the Fiber Optic Cable Market. In June 2020, Black Box had launched a new family of networking active optical cables as a part of offering optimizing data center as well as edge network applications. These cables will help in addressing the rising demand for cloud services, big data storage as well as media streaming with offering support for SFP, SFP+, QSFP and QSFP+. Moreover, with integrated SFP/QFSP transceivers, these optical cables will help in significantly reducing the costs and complexities related to fiver installation along with overcoming the requirement of time consuming and costly testing using modular transceivers.
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