PUBLISHER: Grand View Research | PRODUCT CODE: 1475000
PUBLISHER: Grand View Research | PRODUCT CODE: 1475000
The global innerduct market size is expected to reach USD 1.74 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 9.2% from 2024 to 2030. The increasing deployment of fiber optic cables for broadband internet, 5G networks, and other high-speed communication services is a major contributor to the market growth. The significant growth of smart cities across the globe is also anticipated to propel market growth in the coming years.
The continued expansion of Fiber-To-The-Home (FTTH) networks is particularly driving the emphasis on rolling out underground cable infrastructure to provide ultra-fast broadband directly to residences. This cable infrastructure heavily relies on innerducts for the safety and security of the cables. Apart from individual projects, the strong focus on rolling out smart cities and Internet of Things (IoT) networks connecting traffic lights, wearables, and other IoT-enabled components, is also driving the rollout of cable infrastructure, which bodes well for the growth of the innerduct industry. For instance, the U.S. Infrastructure Investment and Jobs Act, passed in November 2021, allocates USD 65 billion for broadband expansion. Such initiatives are expected to boost the demand for innerducts.
The myriad of construction projects undertaken to cater to the continued urbanization in several parts of the world are anticipated to contribute to this market's growth. As urban areas become more densely populated, the demand for underground infrastructure to support essential services, such as power transmission and telecommunications connectivity, is also gaining traction. Innerducts play a crucial role in providing secure, efficient means to protect and route cables and wires underground. The construction of new buildings and infrastructure is particularly driving the demand for innerducts. These projects often involve extensive cable installations, and innerducts can safeguard these cables from potential damage during construction and throughout their operational lifespan.
Other factors contributing to the market growth include the escalating adoption of fiber optic cables, which require enhanced cable management solutions and specialized protection. Innerducts can serve both purposes. For instance, in January 2024, Verizon announced investments worth USD 3 billion in its fiber optic network. Innerducts are poised to play a crucial role in ensuring the protection of the cables laid underground as part of such projects.