New York, US, June 21, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Fiber Optics Market information by Mode Type, Application, End-User and Region - Forecast till 2026”, market size is expected to grow from USD 8,130.0 million in 2019 to USD 14,194.0 million by 2026, at a compound annual growth rate of 8.4%.
Market Scope:
With developments in end-use applications across numerous business sectors and the migration from traditional server-based operations to cloud-based platforms, the demand for high bandwidth connectivity is increasing. This has reduced the need for physical computing resources since cloud platforms provide benefits such as lower operating costs, improved data security, no need to invest in and maintain expensive IT infrastructure, easy application deployment, and accessibility to anyone in remote locations. Furthermore, the need for 5G connectivity among firms to implement industrial IoT is growing. Fiber optic cables are critical in the development of 5G infrastructure. As a result, increased demand for high-speed internet services is likely to boost the worldwide fiber optics market throughout the study period. Advances in technology, such as artificial intelligence (AI), 5G networks, the Internet of things (IoT), big data, and virtual/augmented/extended reality, are boosting demand for high-speed, low-latency, and dependable network connections. As a result, the growing adoption of FTTX networks is likely to propel the worldwide fiber optics market throughout the forecast period.
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Dominant Key Players on Fiber Optics market covered are:
- Alcatel Lucent (France)
- Corning Optical Communications (US)
- Amphenol Corporation (US)
- Finisar (US)
- Light Guide (Latvia)
- Ceram Optec (Germany)
- Diamond SA (US)
- Fibercore (UK)
- Optical Cable Corporation (US)
- Laser Components (Germany)
- LEONI AG (Germany)
- Molex LLC (US)
- Sumitomo Electric (Japan)
- Nufern Inc. (US)
- OFS Optics (US)
- Yangtze Optical Fiber and Cable Co. Ltd (China)
Market USP exclusively encompassed:
Market Drivers
Factors driving the fiber optics market include rising demand for high-speed internet services and increased adoption of FTTX networks. Furthermore, increased demand for fibre optic cables in the aerospace and automotive industries is creating new opportunities for industry participants to innovate and develop their businesses to the next level. It is widely used by a variety of end-users, including telecommunications and broadband, industrial, military, utilities, and aerospace.
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Segmentation of Market covered in the research:
The global fiber optics industry has been segmented into mode type, application, and end-user.
Based on mode type, the global fiber optics market has been divided into single-mode and multi-mode. Among these, the single-mode segment led the market in 2019 and is likely to maintain its dominance during the projected period at a higher CAGR of 8.9%.
Based on application, the global fiber optics market has been segmented into long-distance communication, submarine cable, FFTX, local mobile metro network, CATV and other LAN. Long-distance communications led the worldwide fiber optics market in 2019 and are expected to continue to do so throughout the forecast period.
Based on end users, the global fiber optics market has been segmented into telecom & broadband, industrial, military, utilities, aerospace, and other uses.
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Regional Analysis
By region, the global fiber optics market has been segmented into North America, Europe, Asia Pacific, and South America, and the Middle East & Africa.
Asia Pacific led the fiber optics market in 2019 with a value of USD 2,878.4 million, and the market is predicted to reach USD 5,034.2 million by 2026 at an 8.5% CAGR.
North America is the market's second-largest contributor to fiber optics. The regional market consists of the United States, Canada, and Mexico. According to MRFR analysis, the United States is predicted to have the largest market share, followed by Canada and Mexico.
Europe's fiber optics market is predicted to rise steadily throughout the projected period, owing to expanding adoption of FTTX networks and increased demand for high-speed Internet services. Similar to North America, Europe's fiber optics market has grown with a consistent CAGR throughout the years.
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COVID-19 Impact on the Global Fibre Optics Market
Since the COVID-19 outbreak in December 2020, global effects of the coronavirus disease (COVID-19) have already begun to be felt, and the 5G Fibre optic cable industry in 2020 was considerably impacted. COVID-19 has the potential to impact the global economy in three ways: directly impacting production and demand, causing supply chain and market disruption, and having a financial impact on enterprises and financial markets. Wuhan has the highest concentration of the fiber optics supply chain, home to Fiberhome, YOFC, and Accelink, among other enterprises, accounting for 25% of the world's optical fiber production capacity. During the early stages of the COVID-19 pandemic, demand was typically low, although manufacturing continued at a reduced level.
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