According to a recent report by Market Research Future, the global OPGW (Optical Ground Wire) optical cable market is projected to reach new heights in the next decade. The report suggests that the market will grow at a compound annual growth rate (CAGR) of 7.12% from 2023 to 2030.
OPGW is a type of cable that is used in the transmission and distribution of electricity. It combines optical fibers with steel wires to create a cable that can carry both electrical power and data. OPGW cables are used in high-voltage power lines to provide a communication link between substations.
The report suggests that the increasing demand for renewable energy sources and the need for efficient power transmission and distribution systems are the key factors driving the growth of the OPGW optical cable market. In addition, the increasing adoption of smart grid technologies and the rising demand for high-speed internet connectivity in remote areas are also expected to drive the growth of the market.
The report further highlights that the Asia-Pacific region is expected to dominate the OPGW optical cable market during the forecast period. The region is home to some of the fastest-growing economies in the world, such as China and India, which are heavily investing in their power infrastructure. The increasing adoption of renewable energy sources in the region is also expected to drive the demand for OPGW cables.
The report also identifies some of the major players in the OPGW optical cable market, including Prysmian Group, Sterlite Technologies Limited, Fujikura Ltd., AFL, ZTT, Nexans S.A., and Sumitomo Electric Industries Ltd. These companies are focusing on developing innovative products and expanding their distribution networks to gain a competitive edge in the market.
In conclusion, the global OPGW optical cable market is expected to witness significant growth in the next decade, driven by the increasing demand for renewable energy sources and the need for efficient power transmission and distribution systems. The Asia-Pacific region is expected to dominate the market, with major players focusing on developing innovative products to gain a competitive edge.