OPGW Cable Market Emerging Trends, Business Growth Opportunities and Major Driving Factors

According to a new market report published by Transparency Market Research entitled “OPGW Cable Market–Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,” the global OPGW cable market was valued at US$ 515.6 Mn in 2017 and is expected to expand at a CAGR of 5.07% from 2018 to 2026, reaching US$ 797.1 Mn by the end of the forecast period.

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Growing demand for electricity from emerging economies expected to be the primary market driver

The OPGW cable market is primarily driven by the growing demand for electricity from the emerging economies, especially China and India. According to the International Energy Agency (IEA), about two thirds of the energy growth comes from countries in Asia such as India and China and electricity is one of the fastest growing forces for the end use of energy. As this rising demand for electricity is met, electricity utility companies will increase their transmission and distribution network to make electricity available to people across these regions. This will stir the demand for OPGW cables which would be deployed on the top of the towers to offer protection to power cables against faults, short circuit current, and lightening. However, the high cost of installation and upgrade of existing ground wire of OPGW cables might be a hindrance to the growth of the OPGW cable market. Nonetheless, the growing popularity and widespread adoption of OPGW cables by electric utility companies is anticipated to affect the OPGW cable market positively.