Fiber Optics Market Anticipated to Garner USD 13.7 Billion at a 7.1% CAGR by 2030 – Report by Market Research Future (MRFR)
Advent of IoT to Boost Fiber Optics industry Growth
New York, US, Feb. 16, 2023 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Fiber Optics Market” information by Optical Fiber Type, by cable type, by industry vertical, and Region – Forecast to 2030” market size to reach USD 13.7 billion, growing at a compound annual growth rate of 7.1% by 2030.
The growing preference for fiber optics especially in smart city projects will offer robust opportunities for the fiber optics market over the forecast period. In the smart city environment, the interrelated and interconnected technologies play a crucial part to transfer, capture, and translate data into meaningful information for developing and strengthening urban infrastructure. The high-speed connectivity aids to deliver a huge amount of data from one part to the other through communications infrastructure.
Dominant Key Players on Fiber Optic Market Covered are:
- Optical Cable Corporation (U.S.)
- Sterlite Technologies (India)
- Fujikura Limited (Japan)
- Finolex Cable Limited (India)
- Ofs Fitel Llc (U.S.)
- Prysmian Spa (Italy)
- Infinera Corporation (U.S.)
- Corning INC. (U.S.)
- Birla Furukawa Fibre Optics (India)
- AFC Group (Australia)
- Molex Incorporated (U.S)
- Anixter International (U.S)
- Luna (U.S)
- Avantes (U.S)
- Pepperl+Fuchs (Germany)
- Incorporated (U.S)
- L-com.com (U.S)
- TE Connectivity (Switzerland)
- Extron Electronics (U.S)
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Market USP Exclusively Encompassed:
Advent of IoT to Boost Market Growth
The advent of the IoT has boosted the need for better connectivity and higher bandwidth in commercial office buildings and workplaces that will boost fiber optics market growth over the forecast period. Fiber optics is regarded the right solution as this offers a secure and reliable connection amid IoT device.
Large Capital Expenditure to act as Market Restraint
The large capital expenditure and high cost related to the implementation of fiber may act as market restraints over the forecast period.
Stringent Regulations to act as Market Challenge
Stringent regulations and growing trend for wireless communication may act as market challenges over the forecast period.
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Segmentation of Market Covered in the Research:
The fiber optic market is bifurcated based on components, optical fiber type, application, and end users.
By components, the fiber optics market is segmented into amplifiers, transmitters and receivers, couplers, and connectors.
By optical fiber type, multiple mode will lead the fiber optic market over the forecast period.
By application, the fiber optics market is segmented into sensors, security, and fiber optic lighting.
By end users, telecom and broadband will dominate the fiber optic market over the forecast period.
APAC to Spearhead Fiber Optic Market
During the said period, the fiber optics market in this region is expected to be the highest. APAC’s rapid industrialization & infrastructure development have opened up a plethora of prospects for the use of fiber optics in a variety of applications. China, India, Japan, Australia, & South Korea are the largest fiber optics markets in APAC. China is the world’s largest manufacturing hub and one of the most populous countries in terms of internet usage. Furthermore, China is the world’s most populous country, resulting in an increase in applications such as communication, premises, CATV, utility, and industrial. Furthermore, as a result of the expanding industrial operations in the region, nations such as India & South Korea are seeing considerable growth rates. China has had the biggest demand for optical fiber cables in recent years. Fiber has been placed in practically every telecom application in China, from intercity-intra-city to mobile cellular systems. Fiber optical systems are being adopted by Chinese government authorities & businesses in a variety of applications, including the pipelines, electric power grid, trains, motorways, airports, & data centres. In addition, the introduction of 5G is likely to boost fiber demand in China & other Asian countries in the future years. Due to increased usage of fiber optics in the IT and telecom sectors, Asia Pacific led the global fiber optics market with regards to revenue in 2019. Furthermore, by maintaining its leading market position during the coming years, the region presents a significant growth prospect. The region has strong growth prospects for new technology, which promotes demand for fiber optics.
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Increased infrastructure development & industrialization have created huge potential opportunities for fiber optic cable deployment across a variety of applications in the region. According to the World Bank, Asia Pacific would need to invest USD 1.7 trillion every year in infrastructure development from 2016 to 2030 to maintain its economic growth. In the aftermath of this, private capital has come in in considerable amounts during the last few years. For example, the United States stated in July 2018 that it would invest USD 113 million in infrastructure projects throughout Asia Pacific. The region’s rapid industrialization & infrastructure development have opened up a plethora of prospects for the usage of fiber optics in assorted applications.
North America to Have Admirable Growth in Fiber Optics Market
North America will have admirable growth in the fiber optic market over the forecast period. The requirement for a larger capacity network has prompted firms in North America to opt for optical fiber networks both for fixed & mobile services. According to a 2018 survey done by Fiber Broadband Association and RVA, fiber has been installed in approximately 41 million houses in the United States and connects 18.6 million residences. Furthermore, during 2017, the United States has seen a 17.0 percent rise in fiber deployment at households. Market growth is also being propelled by an expansion in the use of optical fiber technologies in the region. Because of technological advancements and rising use of technologies in the government and telecommunications sectors, North America is predicted to grow at a much faster rate than the rest of the world throughout the projection period. In nations like the US, Mexico, & Canada, use of technology in the industrial sector is expanding, which is likely to enhance regional market growth. Fiber optics’ growing application in the healthcare sector is also predicted to support fiber optics market revenue growth.
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COVID-19 Impact on the Global Fiber Optic Market
The spread of COVID-19 in various countries around the world has had a negative impact on several industries. The global pandemic crisis has had a significant impact on the Fiber Optic Market. Since the onset of the COVID-19 pandemic, this market has benefited. Because of global lockdowns, there has been a considerable surge in demand for computational creativity in recent months. Rising sales of information and technology and telecommunications products are predicted to have an impact on the Fiber Optics Market throughout the forecast period. Globally, increasing Internet penetration and smartphone sales are expected to boost the market growth. The new coronavirus outbreak is likely to have a long-term impact on consumer lifestyle and behavior, which has resulted in increased use of information and communications products and services.
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