(MENAFN- GlobeNewsWire - Nasdaq) The optical ground wire (OPGW) market is expanding globally, driven by the rapid expansion of telecommunication networks and the increasing implementation of renewable energy initiatives across the globe. These factors contribute to an increased demand for OPGW, positioning it as a pivotal component in modernizing infrastructure and advancing sustainable energy solutions.Wilmington, Delaware, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Optical Ground Wire (OPGW) Market by Type (Loose Tube Structure and Tight Tube Structure), Material Type (Metallic and Non-metallic), and Application (Renewable Energy, Telecommunications, Energy and Utilities, Oil and Gas, Mining, Infrastructure and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033" . According to the report, the optical ground wire (OPGW) market was valued at $0.9 billion in 2023, and is estimated to reach $1.3 billion by 2033, growing at a CAGR of 4.7% from 2024 to 2033.
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Prime determinants of growth
The global optical ground wire (OPGW) market is experiencing growth due to several factors such as government initiatives to improve power infrastructure and growing urban infrastructure development. However, competition from alternative technologies hinder market growth to some extent. Moreover, advancements in optical fiber technology and increase in investments in smart grid technologies offer remunerative opportunities for the expansion of the global optical ground wire (OPGW) market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $0.9 billion |
| Market Size in 2033 | $1.3 billion |
| CAGR | 4.7% |
| No. of Pages in Report | 270 |
| Segments Covered | Type, Material Type, Application, and Region. |
| Drivers | Rapid growth of telecommunication infrastructure Expansion of renewable energy projects globally |
| Opportunities | Advancements in Optical Fiber Technology Increasing Investments in Smart Grid Technologies |
| Restraint | Competition from alternative technologies |
The Loose Tube Structure segment is expected to dominate the market throughout the forecast period
The loose tube design offers excellent protection against physical stresses and environmental factors such as temperature fluctuations and moisture. In addition, its ease of installation and maintenance compared to tight tube structures makes it cost-effective and efficient for utility and telecommunication companies, further driving its widespread adoption in the OPGW market.
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The Non-metallic segment is expected to dominate the market throughout the forecast period
Non-metallic sodium hyaluronate, derived primarily from bio fermentation or animal sources, is favored for its biocompatibility, non-immunogenic nature, and effectiveness in medical and cosmetic applications. Its ability to retain moisture and promote tissue hydration makes it indispensable in skincare, ophthalmology, and orthopedics. The increase in demand for natural and bio-compatible ingredients in these industries further solidifies the dominance of the non-metallic segment in the market.
The Energy & Utilities segment is expected to dominate the market throughout the forecast period
OPGW is extensively used in electrical transmission lines to ensure grounding and communication, making it crucial for utility companies managing high-voltage power networks. The growing emphasis on grid modernization and integration of renewable energy sources further boost demand in this segment, driving its prominence in the OPGW market.
The Asia-Pacific region is expected to dominate the market during the forecast period
Asia-Pacific is a dominating region in the global optical ground wire (OPGW) market, driven by countries such as China, Japan, and India. Surge in investments in smart grids, renewable energy integration, and telecommunications infrastructure are driving the demand for OPGW in the region, making it a key growth hub for the market. The region benefits from a large population, rise in disposable income, and rapid urbanization, leading to greater demand for optical ground wire (OPGW) products and services.
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Players: -
Prysmian Group ZTT International Fujikura Cable Corporation Furukawa Electric Co., Ltd. Elsewedy Electric Sumitomo Electric Industries Ltd. LS Cable & System Sterlite Technologies Ltd. Bancor AFL
The report provides a detailed analysis of these key players in the global optical ground wire (OPGW) market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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