PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299747
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299747
Fiber optics market size was valued at USD 5,380.7 Million in 2022, expanding at a CAGR of 11.1% from 2023 to 2030.
Fiber optics is the technology used for transmitting data from one point to another. Additionally, fiber optics is a data transmission technology that uses light pulses that travel with long fiber, which is typically made of glass or plastic. Moreover, fiber optic cables offer various advantages over traditional cables. This includes faster speeds, enhanced secure communication, longer distances coverage, and greater bandwidth.
The factors flourishing the market demand for fiber optics are the rising demand for communication having high bandwidth and the evolution of fiber-integrated infrastructure. Additionally, the growing deployment of broadband network architectures including Fiber to the Premise (FTTP), Fiber to the Building (FTTB), Fiber to the Home (FTTH), and ), Fiber to the Cabinet (FTTC) have significantly boosted the demand for fiber optics market. However, increasing demand for wireless communication may hamper the market growth over the forecast period.
Moreover, the rising demand for connected devices and the Internet of Things (IoT) also offers positive opportunities for the fiber optics market. Furthermore, the growing requirement for connected wearables, smartphones, and tablets is anticipated to propel the market demand. The COVID-19 pandemic increased the market demand for fiber optics. The rapid change in work culture across various companies and change in lifestyle are prime factors that increased the market growth during the pandemic.
The global fiber optics market is segmented on the basis of product type, material type, application, and region.
The market is divided into two categories based on product type: multimode and single mode. The single mode sector is likely to maintain its dominance. The factors attributing the growth for the single mode segments include increased application in data centers and high application for long-distance communication.
The market is divided into two categories based on material type: glass and plastic. The plastic sector is expected to hold the largest market share because of its dynamic applications along with cost-saving features. Additionally, the polymer is the core material to make a plastic optical fiber that is cost-effective as compared to glass.
The market is divided into six categories based on application: military & aerospace, oil & gas, BFSI, railway, telecom, medical, and others. The telecom sector attributed to grown significantly. The telecom segment is anticipated to grow due to the rising adoption of fiber optics in communication and data transmission services. Additionally, the technology provides high-speed transfer of information in short and long-range communications.
The presence of a large number of market players coupled with an increased focus of market players on innovation and development making the fiber optics industry highly competitive all over the world. The significant number of innovations in the fiber optics market for reducing the product deployment cost plays an important role in guiding the market growth at a rapid pace. The market players are adopting various strategies to gain a foothold and enlarge their business including partnership, collaboration, mergers & acquisitions, and R&D spending. For instance, in July 2022, the Government of India announced a merger of Bharat Broadband Network Ltd, (BBNL) and Bharat Sanchar Nigam Ltd (BSNL) for setting up the country's largest optic fiber cable (OFC) network.
This proposed research study on fiber optics market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for fiber optics market.
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the fiber optics market.
Impact of COVID-19 on fiber optics market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on fiber optics market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the fiber optics market, we have also included competitive landscape and key innovator analysis for the fiber optics market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the fiber optics market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global fiber optics market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
The scope of this report covers the market by its major segments, which include as follows: