Chicago, April 16, 2023 (GLOBE NEWSWIRE) -- The global fiber optics market size was valued at USD 4.9 billion in 2022 and is projected to reach USD 8.2 billion by 2027, growing at a CAGR 10.9% from 2022 to 2027. The growth of this market is driven by factors such as growing internet penetration and data traffic, rising number of data center facilities worldwide, and mounting demand for high bandwidth.
The study categorizes the fiber optics market based on fiber type, cable type, application at the regional and global level.
By Fiber Type
- Glass
- Plastic
By Cable Type
- Single-mode
- Multi-mode
By Application
- Communication
- Telecom
- Premises
- Utility
- CATV
- Military
- Industrial
- Non-communication
- Sensors
- Fiber Optic Lighting
Surging deployment of 5G communication networks
The extensive penetration of 5G across developed and developing economies will bring positive opportunities for fiber optics vendors in the market. 5G infrastructure is widely dependent on the adoption of optical fibers.
These optical fibers can transfer an enormous amount of data at high transmission rates from one location to another. With the ongoing commercialization of 5G services, telecom service providers are emphasizing adding newer 5G base stations to gain a competitive advantage in the market. According to the Ministry of Industry and Information Technology (MIIT), China, the telecom service providers in China has deployed approximately 1.425 million 5G base station in the country as of March 2022. These base stations will support network traffic of over 500 million users nationwide.
Challenges in installing fiber optics networks in difficult terrains and high cost of installation
While fiber optic cables are typically installed within conduits alongside the pipeline, there are significant challenges to installing the conduits along trenchless installations.
Challenges in fiber use can be attributed to technical and administrative difficulties. Many telecommunications companies worldwide have telecommunications infrastructure under the oceans with subsea fiber optic cable networks. Verizon, a cable operator in the US, deployed a fiber optic network under the umbrella of Fiber Optic Service (FiOS), reaching 481,000 sales locations at the end of 2021. The company is also planning to add another 550,000 FiOS locations by 2022 and aims to reach 18 million homes and 8 million internet subscribers by the end of 2025. This will boost its services in the face of a direct business downturn. Underground fiber optic cables are located mainly on highways and city streets. However, planning a fiber route and adhering to it becomes difficult in an area where any building or commercial site comes without authorization. Such factors pose a major challenge to the growth of fiber optics market.
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Fiber Optics Market Report Scope:
| Report Metric | Detail |
| Market Size Value in 2022 | USD 4.9 billion |
| Revenue Forecast in 2027 | USD 8.2 billion |
| CAGR | 10.9% |
| Market size available for years | 2018-2027 |
| Base year | 2021 |
| Forecast period | 2022-2027 |
| Segments covered |
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| Geographic regions covered |
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| Companies covered |
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Market Leadership - Fiber Optics Market
Top 2 Market Players:
Corning Incorporated (US) specializes in manufacturing specialty glass, ceramics, and optical products. It caters its products to customers from diversified market spaces such as aerospace & defense, architecture & design, automotive, consumer electronics, communications, life sciences, and optics industries. The company through its Optical Communications business segment is engaged in providing cables, optical fibers, and connectivity solutions. It extensively focuses on research and development activities. In 2021, the company invested ~7.1% of the total revenue in R&D activities. It has a strong patent portfolio with over 12,150 patents worldwide, out of which, 4,350 are US patents. Adding to this, the company has 9,050 patent applications in the process as of December 2021. Strong manufacturing capabilities with over 119 manufacturing plants and processing facilities are also providing the company a competitive advantage in the fiber optics market.
Prysmian Group (Italy) is one of the leading providers of optical cables, optical fibers, optical ground wires, and other connectivity components. It offers a wide range of fiber optics-based products to sectors such as underground, submarine, and power transmission & distribution. The company operates through three business segments: Energy, Projects, and Telecom. The Telecom segment represents about 12% of the total revenue in FY2021. The company has a strong patent portfolio of over 5500 active patents as of December 2021. Its 26 R&D centers, 108 manufacturing plants, and four submarine cable-laying ships provide a competitive edge over other leading players across the fiber optics industry.
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