Westford USA, April 05, 2023 (GLOBE NEWSWIRE) -- During 2022-2030, the Fiber Optic market is projected to grow at a CAGR of 10.9%, reaching USD 12.43 billion by 2030. This growth is attributed to the increasing demand for high-speed Internet, the rise in 5G deployments, and the growing demand for data centers, which require high-speed connectivity for efficient data transfer, and fiber optic networks that provide the necessary speed and bandwidth. According to SkyQuest, the number of data centers worldwide is expected to grow from 430,000 in 2020 to 728,000 by 2025 due to the growth of cloud computing and big data analytics.
The latest global research by SkyQuest indicates that 5G networks are expected to cover one-third of the world's population by 2025, and fiber optic networks are required to support high-speed data transfer for 5G technology. Fiber optic technology is also being used in medical imaging, such as optical coherence tomography (OCT), to create detailed images of the eye with greater detail than traditional imaging technologies, which has become a standard tool in ophthalmology.
Browse in-depth TOC on "Fiber Optic Market"
- Pages - 157
- Tables - 67
- Figures - 65
In contemporary times, the significance of the fiber optic market lies in its potential to facilitate high-speed data transmission and bandwidth-intensive services, including cloud-based platforms, streaming services, and 5G technology. Additionally, fiber optic networks have become indispensable in various sectors, such as healthcare, oil and gas, and aerospace, supporting medical imaging, sensing, and monitoring functions. With a growing demand for high-speed internet and digital transformation, the market is projected to experience substantial growth in the foreseeable future.
Prominent Players in Fiber Optic Market
- Corning Inc.
- Prysmian Group
- Fujikura Ltd.
- Sterlite Technologies Ltd.
- Sumitomo Electric Industries, Ltd.
- Yangtze Optical Fiber and Cable Joint Stock Limited Company
- OFS Fitel LLC
- Infinera Corporation
- CommScope Holding Company, Inc.
- Furukawa Electric Co., Ltd.
- Ciena Corporation
- Finisar Corporation
- Birla Furukawa Fibre Optics Limited
- Fiber Optic Communications Inc.
- AFL Telecommunications LLC
- Nexans S.A.
- The Siemon Company LLC
- General Cable Corporation
- EMCORE Corporation
- LS Cable & System Ltd.
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Telecommunication Segment to Drive Higher Sales as There is Increasing Demand for High-Speed Internet Connectivity, the Adoption of 5G Technology
The Fiber Optic market witnessed significant growth in 2021, primarily due to the Main Landing Gear segment, and this trend is anticipated to continue from 2022 to 2030. The key driving factors are the increasing demand for high-speed Internet connectivity, the adoption of 5G technology, and the growing demand for cloud-based services. SkyQuest's research suggests that the global 5G market will reach $700 billion by 2030. Fiber optic cables will play a crucial role in supporting the high bandwidth and speed required by this latest generation of mobile networks.
Research analysis indicates North America is poised to become a dominant Fiber Optic market player from 2022 to 2030. SkyQuest has projected that the region will grow at a CAGR of 9.82% during the forecast period. The increasing demand for high-speed internet, cloud-based services, and the deployment of 5G networks are driving this expansion in the region. The region is also witnessing significant investments in the development of fiber optic infrastructure by major telecom operators and government organizations. For instance, The US government is also investing in developing fiber optic infrastructure through its Broadband Technology Opportunities Program (BTOP) and the Connect America Fund (CAF). These programs aim to support the deployment of high-speed broadband access in underserved areas of the country and provide funding for deploying fiber optic cables.
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Single-mode Fibre Optic Type Segment to Exhibit Strong Growth Due to Growing Demand for High-Speed Internet Connectivity
SkyQuest's recent analysis suggests that the Single-mode Fiber Optic type has emerged as the dominant method in the Fiber Optic market in 2021 and is likely to maintain its leading position from 2022 to 2030. This trend is being driven by the growing demand for high-speed Internet connectivity, the adoption of 5G technology, and the increasing demand for cloud-based services. As per SkyQuest's report, deploying 5G networks will require a massive infrastructure upgrade, including installing millions of small cells and single-mode fiber optic cables. The report also estimates that upgrading the infrastructure for 5G networks could range from $300 billion to $500 billion globally.
SkyQuest forecasts significant growth in the Fiber Optic market for the Asia Pacific region, projecting a CAGR of 11.97% during the forecast period. The region has emerged as a significant market force, poised to retain its leading position by 2030. This growth can be attributed to the increasing demand for high-speed internet, the deployment of 5G networks, and the rise of digitalization. The region is also witnessing significant government initiatives and investments in developing fiber optic infrastructure, such as Japan's Ministry of Internal Affairs and Communications' target to achieve 90% fiber-to-the-home (FTTH) coverage by 2025. The government is investing in deploying fiber optic cables to support the development of 5G networks and provide high-speed broadband access to all households and businesses.
A comprehensive analysis of the major players in the Fiber Optic market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Fiber Optic Market
- Telecom Business, Polycab India Limited, the merger of Bharat Broadband Network Limited (BBNL) with Bharat Sanchar Nigam Limited (BSNL) will enable the monetization of dark fiber and improve penetration in rural areas as part of the BharatNet initiative. The merger would leverage the extensive market presence of BSNL to provide last-mile connectivity to rural areas, leading to improved fiber monetization overall.
- Metronet, the US's largest independently owned 100% fiber optic network provider, has merged with Vexus Fiber, a fiber optic network provider operating in Texas, Louisiana, and New Mexico. The merger enables both companies to continue operating under their current brands and leadership teams. Vexus Fiber offers fiber-to-the-home networks in various regions, including Lubbock, Amarillo, Wichita Falls, and Abilene in Texas, as well as Hammond, Covington, and Mandeville in Louisiana, while expanding in other areas like Rio Grande Valley, Tyler, and San Angelo in Texas. The financial terms of the deal were not disclosed.
Key Questions Answered in Fiber Optic Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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