New York, Feb. 22, 2024 (GLOBE NEWSWIRE) -- The global lit fiber market size is predicted to grow at a CAGR of over ~17% from 2024 to 2036. The market is projected to garner a revenue of USD 39 billion by the end of 2036, up from a revenue of ~USD 5 billion in the year 2023.The market growth of the lit fiber was estimated to rise owing to the rising requirement for internet and mobile data across the world. The increased use of smartphones and advanced network connections with high-speed services such as 5G is proliferating the market size. The need for fast mobile data to operate and run any application on smartphones is driving the market trends. On average every person with a smartphone spends at least[MK1] 5 hours on their mobiles daily as per the 2023 reports.
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Additionally, the expanding businesses in the optic fiber sector with the evolution of new network centers and broadband services are fueling the demand for the market in the coming years. The emergence of portable internet devices and the escalating need for high bandwidth and conversion requirements for cable providers to provide HD video quality is envisaged to boost the market growth. The optic fibers can provide a download speed of 6000 Mbps compared to traditional[MK2] cables made from copper or aluminum.
Enhancing Usage of FFTx is Expected to Hike the Growth of the Lit Fiber Market
The growing usage of FFTx is flourishing the market size as every broadband includes lit fiber for the optical channel to provide last-mile telecommunications. The lit fiber helps in transmitting the data in a local loop. As per the recent reports, there were more than 1 million[MK3] FFTx users across the world. The FFTH, FFTB, FTTP, FTTN, and FFTC all come under FFTx technology used for internet service. The need for a rise in the lit fiber capacity is rising day by day as a result of applications in the communication sector. The advanced usage purposes are IoT, OTT, and video technology which improve the FTTH and FTTB requirements with high bandwidths.
Lit Fiber Market: Regional Overview
Presence of Advanced Infrastructure Facilities in Industries and Households is Fostering Market Growth in the North American region
The North American region lit fiber market is prophesied to secure a revenue share of 30% during the forecast period. The increasing network management companies and improved infrastructure facilities in households that run through internet connections are driving market growth. The advancements in the industries using internet connectivity technology to operate in remote areas are amplifying the market trends. Extending consumption of broadband connections in the coming years is proposed to augment the market growth. The penetration of the[MK4] internet across the total population of Canada at the beginning of 2023 was 94%.
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Investment of Government in Spreading Advancements of Digital technology is Fueling the Market Expansion in the Asia Pacific Region
The Asia Pacific region lit fiber market is analyzed to register a sustainable market share of 27% in the coming years. The growth of digital technology applications across the region and the expansion of technological progressions are likely to shoot up the market size. The lit fiber cables transfer internet with less loss which is implemented in India. Investment of the government in the development of the telecommunication sector is soaring the market trends. As per the Invest India data, the government initiated the Production Linked[MK5] Incentive (PLI) Scheme worth USD 1.7 Billion for the manufacturing of products from the telecom and networking sectors.
Lit Fiber, Segmentation by Application
- Networking
- IT& Telecommunication
- Industrial
- Aerospace & Defense
The IT & telecommunication segment belonging to the lit fiber market is outlined to garner a 35% market share in the coming years on the account of the sprouting of internet sources such as e-commerce, internet, multimedia, and computer networks is creating the need for transmission medium to manage the huge amounts of these data. Around 60% of[MK6] internet users across the world make one purchase each week on e-commerce platforms as of 2023. The growth of the segment is attributed to the presence of infinite bandwidths in the lit fiber making it ideal for the telecommunication infrastructure. The reduction of latency, fast fiber installation, dependency, and high-speed data of the lit fiber replaced the transmission landscape, especially in the telecommunication industry.
Lit Fiber, Segmentation by Type
- Multi-Mode
- Single-Mode
The multi-mode segment is predicted to hold a market share of 67% during the forecast period owing to the adaptability and suitability of the multi-mode transmission for short distances. The multi-mode is applied usually in video surveillance and LAN networks as the transfer of many light beams carrying greater attenuation and various light modes can be done with multimode wires. The growth of the market segment is credited to the rising demand for high-bandwidth internet by businesses and customers on account of the enormous utilization of social networking, video chats, online shopping, gaming, and live streaming. Businesses require a bandwidth of 100 Mbps (megabits per second) per 1000[MK7] users and it is reported that 1 Gbps (billions of bits per second) bandwidth is the new requirement for 1000 users.
A few of the well-known industry leaders in the lit fiber market that are profiled by Research Nester are Comcast Corporation, AT &T, INC., Verizon Communications, Inc., Zayo Group, LLC, FiberLight, LLC, Charter Communications, Inc., Altice USA, Inc., Crown Castle International Corp., Frontier Communications Corporation, and GigabitNow (IsoFusion).
Recent Development in the Market
- FiberLight, LLC and Atlanta-based Colobox Data Centers is one of the first co-location companies in Atlanta with more than 250 clients across the 32,000 square feet of data center space.
- Frontier Communications revealed the availability of a 2-gig package across its complete fiber footprint. On the August 2021 Investor Day, Frontier declared the plan to introduce multi-gig speeds across the whole network beginning from USD 150 a month. The Frontier FiberOptic service provides a download and upload speed of 2 gigabits per second. The Frontier is providing a low latency service through their 2 Gig router for a better experience with the latest 6e technology Wi-Fi.
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