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OPGW Cable Market Expected to Reach USD 876.8 million by 2031, Growing at a CAGR of 4.8%: Transparency Market Research, Inc.

Wednesday, February 28, 2024 11:41 AM | GlobeNewswire via QuoteMedia

OPGW Cable Market Expected to Reach USD 876.8 million by 2031, Growing at a CAGR of 4.8%: Transparency Market Research, Inc.

The OPGW cable market is witnessing lucrative opportunities due to advancements in data transmission technologies and innovations in electricity distribution networks.

Wilmington, Delaware, United States, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global OPGW cable market is projected to grow at a CAGR of 4.8% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 876.8 million is anticipated for the market in 2031. As of 2023, the demand for OPGW cable is expected to close at US$ 606.1 million.

The growing need for high-speed and reliable communication networks, driven by the proliferation of data-intensive applications and the expansion of digital infrastructure, is fueling the demand for OPGW cables. These cables enable the transmission of large volumes of data alongside power lines, supporting the development of smart grids, broadband networks, and telecommunications infrastructure.

The global shift towards renewable energy sources, such as wind and solar power, is driving significant investments in power generation and transmission infrastructure. OPGW cables are essential components in renewable energy projects, as they facilitate the integration of remote power generation facilities into the grid while providing reliable communication for monitoring and control purposes.

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Continuous advancements in telecommunications technology, including 5G wireless networks, Internet of Things (IoT) applications, and smart city initiatives, are driving the deployment of fiber-optic infrastructure.

The growing presence of multiple service providers and advancements in data transmission technologies are driving the demand for internet services. Consequently, the surge in demand for high-speed internet services is contributing to the development of the OPGW cable market. OPGW cables offer a cost-effective and efficient solution for extending fiber-optic connectivity to remote or challenging environments, supporting the growing demand for high-speed data transmission.

Key Takeaways from the Market Study

  • As of 2022, the OPGW cable market was valued at US$ 578.4 million
  • In terms of type, the layer stranding structure segment is expected to account for high revenue in the market

OPGW Cable Market : Key Trends and Opportunistic Frontiers

  • OPGW cables are being increasingly deployed in high-voltage transmission lines due to their superior performance in terms of electrical insulation, lightning protection, and resistance to environmental factors.
  • Growing advances in cable design, materials, and manufacturing processes are leading to the development of OPGW cables with improved performance, durability, and lifespan.
  • OPGW cables are increasingly being utilized for fiber optic sensing applications such as distributed temperature sensing (DTS) and distributed acoustic sensing (DAS).

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OPGW Cable Market – Regional Analysis

  • North America is a mature market for OPGW cables, characterized by extensive power transmission and telecommunications infrastructure. The region is witnessing increased investments in grid modernization, renewable energy integration, and high-speed communication networks, driving the demand for OPGW cables. Regulatory initiatives promoting the deployment of smart grid technologies and expanding broadband access further contribute to market growth.
  • Asia-Pacific is one of the fastest-growing markets for OPGW cables, fueled by rapid urbanization, industrialization, and infrastructure development. Countries such as China, India, Japan, and South Korea are making substantial investments in power transmission, renewable energy, and telecommunications infrastructure, driving significant demand for OPGW cables. Government initiatives to improve energy access, expand broadband connectivity, and modernize grid infrastructure are key growth drivers in the region.

Competitive Landscape

Innovations in the OPGW cable industry have empowered manufacturers to introduce novel products tailored to customer needs, thereby enriching their product offerings. These manufacturers actively present their solutions in international markets, aiming to bolster brand visibility and foster deeper connections with customers.

  • Prysmian Group
  • Fujikura Ltd.
  • Furukawa Electric Co., Ltd.
  • Sumitomo Electric Industries, Ltd.
  • STL Tech
  • PT Voksel Electric Tbk.
  • ZTT
  • Tratos
  • L S Cable & System Ltd.

Key Market Developments

  • In January 2024- TÜV SÜD and ZTT Group established a strategic partnership to advance sustainable energy solutions and zero-carbon initiatives.
  • In October 2023 - STL a prominent optical and digital solutions provider, has unveiled the expansion of its Enterprise Networking solutions portfolio through the introduction of Estelan. Estelan, an end-to-end solution offering fiber and copper cable connectivity, empowers enterprises to upgrade and digitize their extensive network infrastructure.
  • In February 2024, Prysmian, a frontrunner in the energy and telecom cable systems sector, unveiled its groundbreaking Sirocco Extreme 864f microduct cable, boasting the title of the world's most densely packed optical cable. Anticipated to be in high demand for next-generation uses, including long-haul Datacentre interconnections, metro networks, and FTTx deployments, this optical cable represents a significant advancement in the industry.

OPGW Cable Market – Key Segments

Application

  • Below 220 KV
  • 220-250 KV
  • Above 500 KV

Type

  • Layer Stranding Structure
  • Central Tube Design

Region

  • North America
  • Latin America
  • Asia Pacific
  • Europe
  • Middle East & Africa

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About Transparency Market Research

Transparency Market Research , a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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