ALBANY, New York, July 18, 2018 (GLOBE NEWSWIRE) -- 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. 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.
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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.
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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.
Layer Stranding Structure segment to be the major revenue generating segment in 2026
Based ontype, the market has been divided intolayer stranding structure and central tube structure.In 2017, the layer stranding structure was the topmost revenue generating segment. With the layer stranding structure, it is possible to accommodate more number of fiber optic cables into the OPGW cable which facilitates greater bandwidth for data transmission. Furthermore, the OPGW cable having layer stranding structure also has rugged construction which can sustain harsh environmental conditions and can beused with long distance transmission lines. The layer stranding structure segment is expected to expand at the fastest CAGR of 5.18% from 2018-2026.
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Asia Pacific to be the fastest growing region due to growing demand for electricity and high speed internet
In terms of geography, the market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. In 2017, Asia Pacific was the topmost revenue generating region followed by North America. The market in Asia Pacific is expected to expand at the highest CAGR from 2018 to 2026 due to the growing demand for electricity from countries such as India and China. Furthermore, the growing appetite for high speed internet is also expected to fuel the OPGW market growth. OPGW cables used along the transmission line can be used by electric utility companies to enable the transmission of high speed data over long distances by leasing out the OPGW cables to telecom companies.
Key players in the market are forming strategic alliances to acquire greater market share and improve brand positioning
Key players in the market are forming strategic alliances with peers in order to increase their market share and better position themselves in the OPGW cable market. For instance, in June 2018, Prysmian Group, a prominent electric and telecom cable system manufacturer acquired General Cable Corporation, an electric cable manufacturer. Key players profiled in the global OPGW cable market include Prysmian Group, Fujikura Group, Furukawa Electric Co., Ltd., Sumitomo Electric Industries, Ltd., Sterlite Technologies Limited, ZTT International, and Tratos.
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