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.
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.
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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.
Growing demand for high speed internetcan be seen as a prevalent trend across regions
A key trend observed among various regions across the globe is the growing demand for high speed internet. High speed internet has been identified as an important tool for the economic progress of any country. A large number of consumers especially in growing economies such as India are switching to smartphones and driving the demand for high speed internet. For instance, in April 2018, the Department of Telecommunications (DoT) in India announced plans to increase the minimum speed requirement for internet services to be classified as broadband to 2 Mbps from the previous 512 Kbps, in the wake of the growing high speed internet demand.
220-500 KV segment to be the fastest growing throughout the forecast period
Basedon application, the globalOPGW cable markethas been segmented into below 220 KV, 220-500 KV, and above 500 KV. In 2017,the 220-500 KV segment was seen to be a major revenue generating segment. 220-500 KV segment includes the OPGW cables used along with the transmission lines carrying voltages in the range of 220 KV, 345 KV, and 400KV. The200-500KV segmentis expected to expand at a significant CAGR of 5.24% over the forecast period.
The market in Europe is projected to expand at a significant CAGR during the forecast period. Additionally, many key players in the cable industry are entering into strategic partnerships to improve their market presence and increase their client base.
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The OPGW cable market is gaining traction in the South America region due to the improvement in economic health of the region and increasing demand for internet and increased electricity generation. Additionally, various key players in the OPGW cable market are investing in the region for the installation of OPGW cable in transmission networks.
Prysmian Group, Fujikura Group, Furukawa Electric Co., Ltd., Sumitomo Electric Industries, Ltd., Sterlite Technologies Limited, ZTT International, and Tratos among others are some of the major players operating in the OPGW cable market profiled in this study. Details such as financials, SWOT analysis, business strategies, recent developments, and other such strategic information pertaining to these players have been duly provided as part of company profiling. Key market players are establishing partnerships, entering into strategic M&A, and expanding to enhance their OPGW cable offerings worldwide.