Fiber Optics Market to be Worth $14.93 Billion by 2030: Grand View Research, Inc.
Key Industry Insights & Findings from the report:Governments of developed countries such as the U.S., U.K., Germany, China, Japan, and others are heavily investing in enhancing their security infrastructures on individual levels and country levels. This is eventually necessitating increasing funding for technologies, prominently across the fiber optics that would improve the telecommunication sector infrastructure with better security measures. Therefore, government funding for infrastructure is driving the market.The Plastic Optical Fiber segment is projected to attain a CAGR of 9.1% over the forecast period. POF differs from its single and multimode counterparts based on the core materials used in POF cable construction. While single and multimode fiber optics have a glass core, POF cables have a polymer core. This offers a dynamic application portfolio along with cost savings.Market participants are diversifying their product portfolio through their innovative offerings. For instance, in March 2022, W. L. Gore & Associates, Inc., a manufacturer of waterproof, breathable Gore-Tex fabrics, released GORE Fiber Optic Cables with high impact resistance to aggressive chemicals abrasion, scrapes, and undesirable fluids that aircraft typically experience during maintenance activities and complex installation.
Read 100-page market research report, "Fiber Optics Market Size, Share & Trends Analysis Report By Type(Single Mode, Multimode), By Application (Telecom, Military & Aerospace, Medical), Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Fiber Optics Market Growth & Trends
The concept of IoE (Internet of Everything) is attracting the security sector, worldwide, owing to the increasing awareness of the effectiveness and efficiency of the technology that aids in curbing national issues such as riots, massacres, killings, and other criminal offenses. The need for high-speed internet, capable of efficiently transmitting data is anticipated to grow with the increasing demand for IoE. The growing demand for high-bandwidth communication is fueling the fiber optic market growth. For instance, In March 2020, CommScope, an U.S-based Communication device company, installed 1.5 million feet of copper and 227 miles of fiber cabling in Allegiant Stadium, in Las Vegas. This fiber optic cabling provides high bandwidth connectivity to hundreds of thousands of smartphones and tablets and supports 4K video streaming.
The technological advancements in communication and data transmission services are projected to fuel the market for fiber optic technology in the coming years. It serves as a medium to cope with the increasing bandwidth requirements associated with network operators, broadband services, and broadband connection providers. The rising implementation of fiber optic components in trunk cable forms, distribution cables, standard patch cords, and high-density interconnect cables is expected to enhance the demand for fiber optics in the telecom sector. Moreover, the growing demand for 5G and data centers is projected to provide new opportunities to the fiber optic market over the forecast period.
Various companies are increasing fiber cable production to foster greater connectivity, stronger access, and superior speed, which leads to company growth. For instance, in December 2022, Deutsche Telekom, a German telecommunications company, announced a plan to significantly accelerate its fiber deployment by adding between 2.5 and 3 million connections by 2023. The company also intends to increase the number of fiber optic installers in the fiber production plant by 50%.
Furthermore, the high initial acquisition & installation costs are hindering the growth of this market. An optical fiber system is comprised of a variety of components such as optical cables, transmitters, receivers, and others. Installation of the entire system is a labor-intensive process, especially, the installation of the network, for underground and undersea connections, which is one of the costliest and most tedious procedures. Fiber optics, with its advancements, has overtaken copper-cable transmission. However, the installation process to deploy the optical networks, being an extremely high-cost part, is expected to hamper the market growth.
Fiber Optics Market Segmentation
Grand View Research has segmented the global fiber optics market based on type, application, and region
Fiber Optics Market - Type Outlook (Revenue, USD Million, 2017 - 2030)Single-modeMulti-modePlastic Optical Fiber (POF)
Fiber Optics Market - Application Outlook (Revenue, USD Million, 2017 - 2030)TelecomOil & GasMilitary & AerospaceBFSIMedicalRailwayOthers
Fiber Optics Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)North AmericaU.S.CanadaMexicoEuropeGermanyU.K.FranceAsia PacificChinaJapanIndiaSouth AmericaBrazilMiddle East and Africa
List of Key Players in the Fiber Optics MarketAFLBirla Furukawa Fiber Optics LimitedCorning IncorporatedFinolex Cables LimitedMolex, LLCOFS Fitel, LLCOptical Cable Corporation (OCC)Prysmian GroupSterlite Technologies LimitedYangtze Optical Fibre and Cable Joint Stock Limited Company (YOFC)
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