Wilmington, Delaware, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Plastic Optic Fiber Market by Cable Type (Single Mode, and Multi Mode) and End-use Industry (IT & Telecommunication, Energy & Power, Healthcare, Aerospace & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global plastic optic fiber market was valued at $5.0 billion in 2022, and is projected to reach $11.4 billion by 2032, registering a CAGR of 8.6% from 2023 to 2032.
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Prime determinants of growth
The global plastic optic fiber market is experiencing growth due to several factors such as surge in demand for high bandwidth and data growth, and 5G expansion. However, high installation costs and infrastructure investment in plastic optic fiber hinder the market growth to some extent. Moreover, the advancement in healthcare technology enhances the efficiency of optic fiber applications and enables their integration with emerging energy management systems. These systems readily accommodate additional sensors, analytical tools, and functionalities, thereby ensuring compatibility with future smart grid developments and innovative energy-saving solutions. This adaptability offers remunerative opportunities for the expansion of the plastic optic fiber market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $5.0 billion |
| Market Size in 2032 | $11.4 billion |
| CAGR | 8.6% |
| No. of Pages in Report | 250 |
| Segments Covered | Cable type, End-use Industry, and Region. |
| Drivers |
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| Opportunity |
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| Restraint |
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Single mode segment maintains its dominance by 2032
By cable type, the single mode segment held the highest market share in 2022, accounting for more than half of the global plastic optic fiber market revenue. Single mode cables offer higher bandwidth and allow for longer-distance data transmission without significant signal loss. This capability is crucial for various applications requiring high-speed and long-range data transfer such as telecommunications, data centers, and high-performance computing. In addition, expansion and upgrade of telecommunications networks such as internet backbones and long-distance communication links, heavily rely on single-mode plastic optic fiber. The demand for faster and more reliable data transmission fuels the adoption of single-mode cables in these infrastructures.
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IT & telecommunication segment is expected to lead the trail by 2032
By end-use industry, the IT & telecommunication segment held the highest market share in 2022, accounting for less than half of the global plastic optic fiber market revenue. Increase in growth in data consumption, particularly with high-definition content, cloud computing, and emerging technologies such as IoT and AI, there is a constant need for higher bandwidth and faster data transmission speeds. Optical fiber, with its ability to carry substantial amounts of data at incredible speeds, meets this demand effectively. In addition, the rollout of 5G technology demands an infrastructure capable of handling the increased speed and volume of data. Optical fibers form the backbone of these networks, enabling the rapid and reliable transmission of large data volumes required for 5G services. All these factors increase the demand for plastic optic fiber in the IT & telecommunication sector.
Asia-Pacific is expected to grow faster throughout the forecast period
By region, Asia-Pacific is the fastest growing region in terms of revenue in 2022 representing 8.9% of the CAGR. Countries in Asia-Pacific such as China, India, South Korea, and Vietnam are witnessing rapid urbanization and industrialization, leading to an increased demand for high-speed, reliable connectivity across various sectors. This demand is further amplified by the proliferation of digital technologies, the Internet of Things (IoT), cloud services, and rise in number of mobile users. Plastic optic fiber with its superior capacity and speed, is a critical enabler for meeting these escalating connectivity needs, driving its extensive deployment in the region.
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Leading Market Players: -
- Corning Incorporated
- Finisar Corporation
- Finolex Cables Ltd.
- Fujikura Ltd.
- Hengtong Group Co., Ltd.
- Leoni
- PCT International, Inc
- Prysmian Group
- Sumitomo Electric Industries Ltd.
- Yangtze Optical Fiber and Cable Joint Stock Limited Company
The report provides a detailed analysis of these key players in the global plastic optic fiber market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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