Fiber Optics Market Overview
Fiber Optics Market Size was valued at USD 7.3 billion in 2021. The Fiber Optics market industry is projected to grow from USD 7.9 billion in 2022 to USD 3.3 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.10% during the forecast period (2022 - 2030). Increasing demand in the FTTX and telecommunications industries, as well as technological improvements, are primarily responsible for the market's increased growth.
FIGURE 1: FIBER OPTICS MARKET 2018-2030
Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst ReviewCovid-19 Analysis
The Fiber Optic Market Size has been hit badly during the COVID-19 pandemic, and this has made a huge windfall for the latest fiber optic network market. The market has been dominated by many primary key companies. These enterprises have their manufacturing plants and corporate head offices spreading at all the major locations of various countries across Asia Pacific, European region, North America, and the rest of the world. The majority of the modern, fiber optics market that is made by these enterprises is bought by different stakeholders for multiple applications. The COVID-19 has influenced the operations of the many prime manufacturer's companies heavily but also badly influenced the profit of their stakeholders like suppliers and distributors.
Fiber Optics Market TrendsEmergence of IoT and Cloud Computing to Drive Market
Optical fiber is regarded as an attractive method for establishing dependable and secure connections between IoT devices. The rise of IoT and cloud computing has resulted in more bandwidth and better connectivity in workplaces and commercial office buildings, creating potential for the industry. The increasing use of fiber optics for monitoring asset locations, temperature, and oil reserve levels in industries will drive market expansion in the future years.
During the projection period, the increased proclivity to improve data traction, security parameters, and product automation will drive market expansion. Furthermore, the integration of cloud computing and fiber networking for continuous workflow streamlining will drive market expansion. Similarly, many organizations’ adoption of cloud computing for customer relationship management (CRM) technologies will provide market impetus. The growing awareness of fiber optic technology, which includes better bandwidth speed capabilities, superior performance, and enhanced security, will bode well for the market in the coming years.
Fiber Optics Market Segment Insights
Fiber Optics Fiber Type Insights
Based on Fiber Type, the Fiber Optics market is segmented into Glass and Plastic. The glass segment is expected to dominate the fiber optics market throughout the forecast period. The segment is also predicted to increase at a faster rate throughout the projection period. Glass optical fibers have a greater numerical aperture than plastic optical fibers, allowing more light rays into the system.
Fiber Optics Cable Type Insights
Based on Cable Type, the Fiber Optics market is segmented into Single-Mode and Multi-Mode. Due to its low cost and broad application in illumination and surgical lighting in the healthcare sector, the multi-mode fiber optic segment dominates the market, with a revenue share of 59.1% in 2022. Furthermore, multi-mode fiber optics is employed to produce improved quality, efficiency, and resolution in medical devices and diagnostics, operating rooms, telemedicine, and medical imaging. The multi-mode category also addresses communication, lighting, and sensing needs in vehicle applications. Furthermore, because of its high bandwidth and low cost, the multi-mode segment is rapidly being employed as the communication medium of choice for mission-critical applications.
FIGURE 2: FIBER OPTICS MARKET SHARE BY CABLE TYPE 2021 (%)
Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review
Fiber Optics Industry Vertical Insights
The market is divided into Telecom, Oil & Gas, BFSI, Medical, Railway, and Others based on Industry Vertical. The market is dominated by the telecom sector. Fiber optics technology's growth prospects in the telecom market are optimistic, owing to the technology's rising acceptance in communication and data transfer services. Fiber optics allows for high-speed data transport in both short- and long-distance communications.
Fiber Optics Regional Insights
Asia Pacific dominated the market with a highest revenue share. The expansion of the market in the North American area may be due to increased technological developments, broad acceptance in the IT & telecommunications, administrative sectors, and the development of fiber-integrated infrastructure. Rising demand for Internet of Things (IoT) and connected devices, as well as increased deployment of broadband network platforms such as Fiber to the Premise, Fiber to the Building, Fiber to the Home, and Fiber to the Cabinet, all contribute to the positive growth of fiber optics in this region. Furthermore, the growing need in North America for linked wearables, smartphones, and tablets has considerably raised demand for fiber optic networks, which drives demand for fiber optic cables in Asia-Pacific region.
FIGURE 3: FIBER OPTICS MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review
Fiber Optics Key Market Players & Competitive Insights
The market is characterized by fierce competition, with a few major rivals controlling a sizable market share. The primary focus is on innovative product development and collaboration among important parties. For example, in December 2021, Amphenol Corporation, a U.S.-based Electronic connection manufacturing business, announced the $715 million acquisition of Halo Technology Limited, a manufacturer of fiber optic interconnects devices. Using Halos' high-technology solutions, the program intends to improve Amphenol Corporation's fiber optic offering to IT and data communications, mobile networks, and broadband customers.
Key Companies in the Fiber Optics market include
Fiber Optics Industry Developments
May 2022 - Prysmian Group, an energy and telecom cable systems company, has announced a partnership with Telstra to build a new sophisticated inter-capital fibre network in Australia. The national fibre network project is a multi-year programme in which Telstra will build a new "state-of-the-art inter-city dual fibre line" with up to 20,000 route kilometres of new fibre optic terrestrial cable, improving inter-capital capacity as well as regional capacity.
June 2022 - Prysmian Group is investing USD 30 million in its Jackson, Tennessee, factory to increase optical fibre capacity and expand its telecom network in order to better meet client demand.
March 2022 - Sumitomo Electric Industries, Ltd. has introduced its new Z2C optical fibre fusion splicer, which incorporates its unique "NanoTuneTM" AI (artificial intelligence) programmed fusion technology as well as a revamped design with a better environmental resistant spring.
Fiber Optics Market Segmentation
Fiber Optics Fiber Type Outlook
Fiber Optics Cable Type Outlook
Fiber Optics Industry Vertical Outlook
Fiber Optics Regional Outlook
