Fiber Optics Market Outlook
According to the report by Expert Market Research (EMR), the global fiber optics market size reached a value of approximately USD 8.13 billion in 2022. Aided by the escalating demand for high-speed internet connectivity and the growing applications of fiber optics across various industries, the market is projected to further grow at a CAGR of 8.50% between 2023 and 2028 to reach a value of USD 13.03 billion by 2028.
fiber optics are thin, transparent strands of glass or plastic that transmit light signals over long distances. They offer multiple advantages over traditional copper wires, including higher bandwidth, lower signal degradation, and immunity to electromagnetic interference. fiber optics are widely employed in telecommunications, data centres, and various other sectors, such as medicine and defence, due to their superior data transmission capabilities.
The growing need for high-speed internet connectivity is driving the global fiber optics market growth. With the increasing digitisation and the proliferation of data-intensive services like video streaming, online gaming, and cloud computing, the demand for broadband internet services with higher speeds and capacities has surged. This, in turn, is bolstering the demand for fiber optics, which are integral to the development and expansion of high-speed communication networks.
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The rising applications of fiber optics across various industries also contribute significantly to the fiber optics market expansion. In the medical sector, fiber optics are used for illumination, imaging, and delivery of therapeutic laser beams in minimally invasive surgeries. In the defence industry, fiber optics are employed in communication, control, and guidance systems due to their capability to withstand harsh environments and their immunity to electromagnetic interference.
Furthermore, the increasing investments in data centres and 5G infrastructure development are set to fuel the fiber optics market development. fiber optics form the backbone of data centres and 5G networks, which require high-capacity and low-latency connections for efficient operation.
Lastly, the advent of fiber to The Home (FTTH) and fiber to The Building (FTTB) installations due to the rise of remote work and learning activities, compounded by the ongoing pandemic, has further escalated the fiber optics market demand. These installations involve the direct connection of homes and buildings to fiber optic cables, thereby providing users with high-speed internet connectivity.
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Fiber Optics Market Segmentation
The market can be divided based on mode, type, industry vertical, and region.
Market Breakup by Mode
- Single Mode
- Multimode
Market Breakup by Type
- Glass Optical fiber
- Plastic Optical fiber
Market Breakup by Industry Vertical
- Telecom and IT
- Public Sector
- Healthcare
- Energy and Utilities
- Aerospace and Defence
- Manufacturing
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global fiber optics companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Corning Incorporated
- Coherent Corp.
- Prysmian S.p.A
- Sumitomo Electric Industries, Ltd
- Weinert Industries AG
- Furukawa Electric Co., Ltd.
- Sterlite Technologies Limited
- Yangtze Optical fiber and Cable Joint Stock Limited Company
- Hengtong Group Co., Ltd.
- Nexans SA
- Others
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