New York, US, May 30, 2022 (GLOBE NEWSWIRE) -- Fiber Optic Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Fiber Optic Market, By Components, Optical Fiber Type, Application, End Users- Forecast Till 2030” will touch USD 12.6 billion at a 10.7% CAGR by 2030.
Fiber Optic Market Report Scope:
The growing preference for fiber optics especially in smart city projects will offer robust opportunities for the market over the forecast period. In the smart city environment, the interrelated and interconnected technologies play a crucial part to transfer, capture, and translate data into meaningful information for developing and strengthening urban infrastructure. The high-speed connectivity aids to deliver a huge amount of data from one part to the other through communications infrastructure.
| Report Metric | Details |
| Market Size | USD 12.6 Billion |
| CAGR | 10.7% |
| Base Year | 2020 |
| Forecast Period | 2021-2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Components, Optical Fiber Type, Application, End Users |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Optical Cable Corporation (U.S.), Sterlite Technologies (India), Fujikura Limited (Japan), Finolex Cable Limited (India), Ofs Fitel, Llc (U.S.), Prysmian Spa (Italy), Infinera Corporation (U.S.), Corning INC. (U.S.), Birla Furukawa Fibre Optics (India), AFC Group (Australia), Molex Incorporated (U.S), Anixter International (U.S), Luna (U.S), Avantes (U.S), Pepperl+Fuchs (Germany), Geokon, Incorporated (U.S), L-com.com (U.S), TE Connectivity (Switzerland), Extron Electronics (U.S) |
| Key Market Opportunities | Prime companies are financing research and development activities to augment usability and develop new innovative products. |
| Key Market Drivers | Rising demand for internet. Expanding need for Fiber To The x (FTTx). |
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Fiber Optic Market Growth Drivers
Advent of IoT to Boost Market Growth
The advent of the IoT has boosted the need for better connectivity and higher bandwidth in commercial office buildings and workplaces that will boost Fiber Optic market growth over the forecast period. Fiber optics is regarded the right solution as this offers a secure and reliable connection amid IoT device.
Restraints
Large Capital Expenditure to act as Market Restraint
The large capital expenditure and high cost related to the implementation of fiber may act as Fiber Optic market restraints over the forecast period.
Challenges
Stringent Regulations to act as Market Challenge
Stringent regulations and growing trend for wireless communication may act as market challenges over the forecast period.
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Fiber Optic Market Segmentation
The fiber optic market is bifurcated based on components, optical fiber type, application, and end users.
By components, the fiber optic market is segmented into amplifiers, transmitters and receivers, couplers, and connectors.
By optical fiber type, multiple mode will lead the market over the forecast period.
By application, the fiber optic market is segmented into sensors, security, and fiber optic lighting.
By end users, telecom and broadband will dominate the market over the forecast period.
COVID-19 Analysis
The fiber optic industry has been severely disrupted by the COVID-19 epidemic. Manufacturing industries are compelled to shut down their operations because of the global lockdown imposed by most countries. These strict requirements have had a negative impact on fiber optic component production and demand, causing supply chain & market disruption. The market has numerous complicated supply-chain channels, with assemblies passing through installation contractors, primary contractors, subsystem makers, and system integrators among others, on their journey from producers to consumers.
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Fiber Optic Market Regional Analysis
APAC to Spearhead Fiber Optic Market
During the said period, the Fiber Optic market in this region is expected to be the highest. APAC's rapid industrialization & infrastructure development have opened up a plethora of prospects for the use of fiber optics in a variety of applications. China, India, Japan, Australia, & South Korea are the largest fiber optics markets in APAC. China is the world's largest manufacturing hub and one of the most populous countries in terms of internet usage. Furthermore, China is the world's most populous country, resulting in an increase in applications such as communication, premises, CATV, utility, and industrial. Furthermore, as a result of the expanding industrial operations in the region, nations such as India & South Korea are seeing considerable growth rates. China has had the biggest demand for optical fiber cables in recent years.
Fiber has been placed in practically every telecom application in China, from intercity-intra-city to mobile cellular systems. Fiber optical systems are being adopted by Chinese government authorities & businesses in a variety of applications, including the pipelines, electric power grid, trains, motorways, airports, & data centres. In addition, the introduction of 5G is likely to boost fiber demand in China & other Asian countries in the future years. Due to increased usage of fiber optics in the IT and telecom sectors, Asia Pacific led the global fiber optics market with regards to revenue in 2019. Furthermore, by maintaining its leading market position during the coming years, the region presents a significant growth prospect. The region has strong growth prospects for new technology, which promotes demand for fiber optics.
Increased infrastructure development & industrialization have created huge potential opportunities for fiber optic cable deployment across a variety of applications in the region. According to the World Bank, Asia Pacific would need to invest USD 1.7 trillion every year in infrastructure development from 2016 to 2030 to maintain its economic growth. In the aftermath of this, private capital has come in in considerable amounts during the last few years. For example, the United States stated in July 2018 that it would invest USD 113 million in infrastructure projects throughout Asia Pacific. The region's rapid industrialization & infrastructure development have opened up a plethora of prospects for the usage of fiber optics in assorted applications.
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North America to Have Admirable Growth in Fiber Optic Market
North America will have admirable growth in the fiber optic market over the forecast period. The requirement for a larger capacity network has prompted firms in North America to opt for optical fiber networks both for fixed & mobile services. According to a 2018 survey done by Fiber Broadband Association and RVA, fiber has been installed in approximately 41 million houses in the United States and connects 18.6 million residences.
Furthermore, during 2017, the United States has seen a 17.0 percent rise in fiber deployment at households. Market growth is also being propelled by an expansion in the use of optical fiber technologies in the region. Because of technological advancements and rising use of technologies in the government and telecommunications sectors, North America is predicted to grow at a much faster rate than the rest of the world throughout the projection period. In nations like the US, Mexico, & Canada, use of technology in the industrial sector is expanding, which is likely to enhance regional market growth. Fiber optics' growing application in the healthcare sector is also predicted to support market revenue growth.
Dominant Key Players on Fiber Optic Market Covered are:
- Optical Cable Corporation (U.S.)
- Sterlite Technologies (India)
- Fujikura Limited (Japan)
- Finolex Cable Limited (India)
- Ofs Fitel Llc (U.S.)
- Prysmian Spa (Italy)
- Infinera Corporation (U.S.)
- Corning INC. (U.S.)
- Birla Furukawa Fibre Optics (India)
- AFC Group (Australia)
- Molex Incorporated (U.S)
- Anixter International (U.S)
- Luna (U.S)
- Avantes (U.S)
- Pepperl+Fuchs (Germany)
- Geokon Incorporated (U.S)
- L-com.com (U.S)
- TE Connectivity (Switzerland)
- Extron Electronics (U.S)
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