Portland, Feb. 17, 2020 (GLOBE NEWSWIRE) -- Widespread implementation of 5G, rise in adoption of fiber to the home (FTTH) connectivity, and high adoption of internet of things (IoT) are the major drivers of the global optical fiber market. However, high installation cost and growth in the wireless communication systems hamper the market growth. On the contrary, technological advancements in the fiber optic cable technology and rise in investments in optical fiber cable (OFC) network infrastructure are expected to create lucrative opportunities in the near future.
According to the report, the global optical fiber market was pegged at $3.47 billion in 2017 and is estimated to garner $8.15 billion by 2025, registering a CAGR of 11.6% from 2018 to 2025.
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The global optical fiber market is segmented on the basis of mode, industry verticals, and geography. Based on mode, the market is bifurcated into single mode and multi-mode. The multi-mode segment is expected to manifest the fastest CAGR of 13.1% through 2025, owing to feasibility of using systems for short distance at a remarkably lower cost then single-mode. However, the single-mode segment held the largest share in 2017, contributing nearly three-fourths of the market, due to various benefits such as high attenuation & dispersion, huge data transmission capabilities, and usability within high-speed networks.
On the basis of industry verticals, the market is divided into telecom & it, public sector, healthcare, energy & utilities, aerospace & defense, manufacturing, and others. The healthcare sector is projected to register the fastest CAGR of 16.8% during the study period. However, the telecom & IT segment dominated the market in 2017, contributing more than one-third of the total market, owing to increase in need for higher bandwidth and faster connection.
The global optical fiber market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America is projected to portray the fastest CAGR of 14.3% during the forecast period, owing to rise in investments in the defense sector & data transmission service. However, the market across Asia-Pacific held the largest share in 2017 and is expected to maintain its dominance throughout the study period, due to technological advancements and rapid acceptance in the telecom & IT sector.
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The global optical fiber market report provides in-depth analysis of the major market players such as Sterlite Technologies Ltd., Fujikura Ltd., The Prysmian Group, Corning Incorporated, Sumitomo Electric Industries, Ltd., Furukawa Electric Co., Ltd., Reflex Photonics, Inc., Finisar Corporation, Tata Communications Ltd, and Nexans S.A.
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