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Global Ribbon Fiber Optic Cable Market to Reach US$ 8,320.3 Million by 2031 at a Staggering CAGR of 11.6%: Astute Analytica
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New Delhi, March 30, 2023 (GLOBE NEWSWIRE) — Global ribbon fiber optic cable market is estimated to witness a major jump in its revenue from US$ 3,122.1 Mn in 2022 to US$ 8,320.3 Mn by 2031 at a CAGR of 11.6% over the forecast period 2023-2031.
Astute Analytica’s analysis of the global ribbon fiber optic cable market reveals that it is a rapidly growing sector within the telecommunications industry. With increasing demand for high-speed data transmission and the need for efficient and reliable communication networks, the market is expected to continue expanding in the coming years.
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The market is being driven by several key factors. Firstly, the demand for high-speed internet and data transmission is growing at an unprecedented rate, which is necessitating the development and implementation of advanced communication networks. Secondly, the shift towards cloud-based services and applications is further fueling the demand for high-speed data transmission. Thirdly, the increasing adoption of smart devices and the Internet of Things (IoT) is further driving the need for reliable and efficient communication networks.
The ribbon fiber optic cable market is highly competitive, with several major players vying for market share. The market is dominated by a few key players, including Corning, CommScope, Fujikura Ltd, Prysmian and Yangtze Optic Fibre and Cable Joint Stock Limited Company (YOFC). These companies have significant resources and capabilities to develop and manufacture high-quality ribbon fiber optic cables, which has enabled them to establish a strong foothold in the market.
In terms of regional markets, North America is the largest consumer of fiber optics and accounted for a market share of over 23% in 2031. This growth is driven by the region’s heavily invested telecommunications infrastructure and the growing demand for fast and reliable data connections from both residential and business users. The Asia-Pacific region is expected to be the largest and fastest-growing market for ribbon fiber optics, due to the increasing popularity of cloud computing, streaming media services and data-intensive applications.
Key Macro and Micro Economic Factors Behind Booming Global Ribbon Fiber Optic Cable Market
The market is influenced by several macroeconomic factors. One of the key factors is government regulations and policies related to telecommunications infrastructure. Governments around the world are investing heavily in telecommunications infrastructure to support economic growth and development. This is creating significant opportunities for the market, as companies are able to leverage government funding to expand their operations and develop new products.
Another macroeconomic factor that is impacting the ribbon fiber optic cable market is the global economic environment. The market is highly sensitive to fluctuations in the global economy, with economic downturns typically resulting in decreased demand for telecommunications products and services. However, the market has demonstrated resilience in the face of economic challenges, with companies continuing to invest in research and development and product innovation.
Key Findings in the Global Ribbon Fiber Optic Cable Market
- The global demand for data is projected to reach 175 zettabytes by 2025, up from 33 zettabytes in 2018
- Global data consumption reached 180 exabytes per month by 2022, up from 45 exabytes per month in 2017
- There were an estimated 30.9 billion IoT devices in use worldwide in 2020, and this number is expected to grow to 75.4 billion by 2025
- The Asia-Pacific region is the largest market for fiber optic cables, accounting for over 42% of global revenue by 2031
- The COVID-19 pandemic has accelerated the adoption of digital technologies, including cloud-based services and remote work, which has further increased the demand for high-speed data transmission and reliable communication networks.
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Multimode Ribbon Fiber Optic Cable Type to Hits Sales Value of US$ 5,672.9 Million by 2031
Multimode ribbon fiber optic cable is the dominant segment in the fiber optic cable market, contributing over 70% of the total revenue of the global ribbon fiber optic cable market. The increasing need for high-speed data transmission across various industries such as telecommunications, healthcare, and aerospace is driving the demand for this cable. The market for multimode ribbon fiber optic cable is expected to grow steadily due to the rising demand for high-speed data transmission, cloud computing, IoT devices, and artificial intelligence applications. The adoption of 5G networks and high-bandwidth applications like video conferencing and online gaming are also driving demand.
Manufacturers in the global ribbon fiber optic cable market are expected to increase the production of multimode ribbon fiber optic cable to meet the growing demand. Investment in research and development and advanced manufacturing technologies will contribute to the production of high-quality cable. As a result, the prices of multimode ribbon fiber optic cable are expected to remain stable as manufacturers maintain their market share. However, prices may fluctuate based on raw material costs, manufacturing costs, and market demand.
According to the Fiber Optic Sensing Association, the use of fiber optic cables in the oil and gas industry is increasing rapidly, with the market for fiber optic sensors in the industry projected to grow at a CAGR of over 8% during the forecast period. As per Astute Analytica, China is the largest producer of optical fiber cables, accounting for over 40% of the total production, followed by Japan and the United States. In addition to this, China is the largest exporter of optical fiber cables, accounting for over 29% of the total exports, followed by the United States and Japan.
Top 3 Players to Generate More 40% Revenue of Global Ribbon Fiber Optic Cable Market
The top 3 players, including Corning, CommScope, and Prysmian are expected to hold more than 40% revenue share in 2022. According to Astute Analytica, Corning and Prysmian are expected to collectively hold more than 30% revenue share of the global market in 2022. Corning is a dominant player in the global market, holding a significant share of the global revenue.
Corning is one of the leading players in the global ribbon fiber optic cable market, with a strong market presence and significant revenue share. The company has established itself as a major player in the industry, with a focus on innovation, research and development, and strategic partnerships and collaborations.
One of the key strengths of Corning is its extensive product portfolio, which includes a wide range of ribbon fiber optic cables designed to meet the needs of various industries and applications. The company’s products are known for their high-quality, reliability, and performance, which has helped it build a strong consumer base across different markets.
Corning has also made significant investments in research and development to develop new and advanced products that meet the evolving needs of the industry. The company has a dedicated R&D team that works on developing new products, improving existing ones, and exploring new technologies and applications. This has helped the company stay ahead of the competition and maintain its leading position in the ribbon fiber optic cable market. In addition to its focus on innovation and product development, Corning has also pursued strategic partnerships and collaborations to expand its market presence and customer base. The company has collaborated with several leading players in the industry.
Some of the Top Market Players Are:
- CommScope, Inc.
- Corning Inc.
- Fujikura Ltd.
- OFS Fitel, LLC
- Prysmian SpA
- Sterlite Tech
- Nexans
- Sumitomo Electric Lightwave Corporation (Sumitomo Electric Industries Ltd.)
- The Siemon Company
- Yangtze Optic Fibre and Cable Joint Stock Limited Company (YOFC)
- Other Prominent Players
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About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
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