Optical Ground Wire Market Forecast and CAGR
According to a research study, the Optical Ground Wire market is set to witness a steady and a healthy growth during 2021 – 2031 with a CAGR of 5% to 6%. An increase in demand from heavy duty lifting applications from the construction, automation and other industrial purposes is expected to contribute towards the growth of the market.
What is Driving Demand for Optical Ground Wire Market?
Optical Ground Wires are designed to replace traditional earth/static/shield wires on overhead transmission with another benefit of containing optical fibers which are used for telecommunication purposes. Expansion of power distribution networks for domestic, commercial, industrial and railways based purpose is a major factor which contributes towards the growth of the market.
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Moreover, with people staying at home during the covid pandemic, the media and entertainment industry has risen which is ultimately expected to create various opportunities for the market.
Additionally, the augmentation telecommunications network for high data bandwidth transmission quota is being fulfilled by optical ground wire by service providers following planned investments and distribution programs across a wide demographical area is also said to amplify the growth rate of the product.
Growing Demand from Electric Utility Industry to Boost the Sales of Optical Ground Wire
Optical Ground Wires are primarily used in the electric utility industry, which is placed in the secure topmost position of the transmission line, which shields essential conductors from lightening. This provides a proper telecommunications path for internal as well as third party communications. High demands for efficient electricity and higher internet speeds is expected to boost the growth of the market.
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How is Asia Pacific poised to be an attractive Region for The Growth of the Optical Ground Wire Market in upcoming years?
Growth in industrialization, higher rate of lines installation in urban as well as semi-urban and rural areas in developing nations of South East Asia are the factors driving the demand for the market.
Plans for upcoming smart cities in India, is expected to create various opportunities for the Asia Pacific market. India is the world’s third largest producer and consumer of electricity. Higher number of transmission lines and their safety are other factors which make India a lucrative country for the market.
Will South Korea continue to be a lucrative Country for Higher Sales?
South Korea is acknowledged with the robust internet network clocking maximum data transmission rate per second. The nation which ranked 1 with an average net connection of 121 Mbps, will continue to create healthy growth opportunities for the optical ground wire market. Moreover, it is also the first country to commercialize 5G which provides quality internet service, which can be enhanced by the product.
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Who are the Key Manufacturers and Suppliers in the Market?
Some of the leading manufacturers and suppliers of Optical Ground Wire include
- Fujikura Cable Corporation
- Prysmian Group
- ZTT International
- Furukawa Electric Co. Ltd
- LS Cable & System
- Sterlite Technologies Ltd.
- Sumitomo Electric Industries Ltd.
- Elsewady Electric
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