OPGW Optical Cable Market Projected to Grow at a CAGR of 5.6% During 2023-2028
The global OPGW (Optical Ground Wire) market is expected to see significant growth over the next five years, according to a new report by market research firm, Market Insights Reports. The report projects that the market will grow at a compound annual growth rate (CAGR) of 5.6% during the period of 2023-2028.
The report identifies several factors that are expected to drive the growth of the OPGW optical cable market. One of the key drivers is the increasing demand for high-speed internet and reliable communication networks. As more people around the world rely on the internet for work, education, entertainment, and other purposes, the need for fast and reliable connectivity continues to grow.
Another important factor is the increasing use of renewable energy sources such as wind and solar power. OPGW optical cables are often used in these applications to provide reliable communication and control systems for power transmission and distribution networks.
The report also notes that the Asia-Pacific region is expected to be a major growth driver for the OPGW optical cable market. This is due to the increasing demand for high-speed internet and the rapid expansion of renewable energy infrastructure in countries such as China, India, and Japan.
Key players in the OPGW optical cable market include Prysmian Group, Furukawa Electric Co., Ltd., ZTT International Limited, Fujikura Ltd., Sterlite Technologies Limited, Sumitomo Electric Industries, Ltd., and LS Cable & System Ltd.
Overall, the report suggests that the OPGW optical cable market is poised for strong growth over the next five years, driven by increasing demand for reliable communication and control systems in a variety of industries.