Fiber Optic Cable Market: Introduction
Transparency Market Research delivers key insights on the global fiber optic cable market. In terms of revenue, the global market is estimated to expand at a CAGR of ~7% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global fiber optic cable market.
A fiber optic cable is a type of network cable that contains strands of glass fibers inside an insulated casing. Fiber optic cables are designed for use in long-distance and high-performance telecommunication and data networking. Fiber optic cables support much of the world’s Internet service, telephone systems, and cable television networks. The global fiber optic cable market has been broadly segmented by fiber type, cable design, deployment, and end-use industry. Based on fiber type, the market has been divided into single-mode fiber, multi-mode fiber, and others.
Fiber Optic Cable Market: Dynamics
The continuously increasing need for 24×7 high-speed connectivity and increased traffic generation from services such as voice calls, emails, messaging, games, mobile Internet, downloads, and video streaming have unleashed the benefits of optical fiber cable networks. In view of the requirement for high-speed and 24×7 connectivity, continuous efforts are being made to make telecommunication networks vigorous, future proof, and consistent.
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The volume of data traveling through the Internet continues to increase, as more number of devices are being connected and new applications are being developed. Optical fiber is the only transmission medium capable of supporting this explosive growth. Common applications, such as web browsing and high-definition videos, constitute approximately 66% of this traffic. Attributes of fiber optic cables are expected to drive their use in end-use industries such as IT & telecommunication and healthcare. Thus, rising demand for high-speed connectivity is expected to drive the global fiber optic cable market at a significant pace in the near future.
Costs of fiber optic cables, components, and hardware are gradually decreasing. Installation costs of fiber optic cables are higher than those of copper cables, owing to the skill required for termination. Generally, fiber is costlier than copper in the short run. However, it can actually cost less in the long run. Maintenance cost of fiber is much less; it has much less downtime; and it requires less hardware for network installation. Due to these factors, fiber optic cables are expected to witness high demand across the globe during the forecast period.