Fiber Optics Market
Fiber Optics Market to surpass USD 15.07 billion by 2031 from USD 8.28 billion in 2021 at a CAGR of 6.16% within the coming years, i.e., 2021-31.
Fiber optics is the technology used to spread information as pulses of light through strands of fiber ended of glass or plastic over long distances. Fiber Optic is a flexible, transparent fiber prepared from extruded glass (silica) or plastic which can applied as a waveguide, or “light pipe,” to spread light between the two ends of the fiber. It is a cylindrical dielectric waveguide that spreads light along its axis, by the method of total inner reflection. Fiber optics comprise of a see-through core surrounded by a transparent cladding material with a lower index of refraction, by which the light travels by total internal reflection. This phenomenon causes the fiber to turn as a waveguide.
Fiber Optics Market is predicted to project a notable CAGR of 6.16% in 2031
The adoption of fiber optic cables to send signals with less amount of loss has increased over the period, which drives the growth of the market. Growing demand in FTTX and telecommunications business and technological advancements are chiefly responsible for the increased growth of the market.
Fiber Optics Market: Segments
Glass segment to grow with the highest CAGR during 2021-2031
Based on Material, the market is segmented into Plastic Optical Fiber, Glass Optical Fiber, and Others. The Glass segment holds the highest market share of Fiber Optics Market. The high performance and easy availability of glass fiber optics is driving the glass fiber optics market. North America and Europe are mature markets. Furthermore, the markets in APAC and the Middle East & Africa are mounting because of the swift industrial growth in these regions.
Telecommunication Segment to grow with the highest CAGR during 2021-2031
Fiber Optics Market by Application is segmented into Telecom, Premises, Utility, and Others. The market size of the Telecommunication segment is anticipated to grow at the highest CAGR during the forecast period. The increasing number of internet users is a major component driving the growth of the fiber optics market in the communication segment. Additionally, the growth in telecom, premises, utility, and industrial sectors is driving the growth of fiber optic market.
Fiber Optics Market: Market Dynamics
Increasing demand for internet
The internet is a worldwide system of connected devices. Fiber optics perform as the backbone of the internet. Optical fiber cables are used as the mediator for conveying data from one point to another. According to the reports, 55.6% of the world population uses internet. The growth rate of the number of internet users was around 45%. The rising importance of cloud computing, data transfer and storage, and IoT is driving the use of internet.
Growing need for FTTx
FTTx is any wideband network construction that uses fiber optics as the optical medium to spread data in a local loop used for last mile telecommunications. FTTx includes FTTH, FTTP, FTTB, FTTN, and FTTC. Fiber has changed as a vital component for network growth due to its capability to accommodate advanced bandwidth with greater speeds. Communication applications are growing rapidly, and each of them has features that require higher bandwidth and speed. Some of these progressive applications are video technology, OTT (over-the-top content), and IoT. The increase in use of these applications leads to the need for more network architectures such as FTTH and FTTB.
High investment cost
The early investments in Fiber Optics are quite high. Additionally, installation, connection, and maintenance also acquire higher costs. One of the main factors accountable for this high cost is the complication of the design of Fiber Optics. Furthermore, the cost of plastic and glass optical fiber used is very high. Thus, all these factors lead to the increased overall cost of Fiber Optics.
Impact of the COVID-19 on the Fiber Optics Market
Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost every country around the world with the WHO declaring it a public health emergency. The global impacts of the coronavirus disease 2019 are already starting to be felt, and will significantly affect the Fiber Optics Market in 2021. The outbreak of COVID-19 has brought effects on many features, like aircraft terminations; travel bans and quarantines; restaurants, cafes closed; all outdoor events restricted; over forty countries state of emergency declared; massive slowing of the supply chain; stock market instability; dropping business confidence, building panic among the population, and doubt about future.
Fiber Optics Market: Key Players
Sumitomo Electric Industries, Ltd (Japan)
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Corning Incorporated (US)
Prysmian Group (Italy)
AFL Global (US)
Sumitomo Electric Industries, Ltd (Japan)
LS Cable & System (South Korea)
Leoni AG (Germany)
Furukawa Electric Co. Ltd. (Japan)
General Cable Corporation (US)
Sterlite Technologies Limited (India)
Optical Cable Corporation (US)
Other prominent players
Fiber Optics Market: Regions
Fiber Optics Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. North America is estimated to contribute the largest share of the Fiber Optics Market during the forecast period owing to the overall preference and enthusiasm shown by the general population in the region towards adopting Fiber Optics. Moreover, large number of players functioning in this region also influence to drive growth of the market in North America. Asia Pacific also holds a major share of the global market. The market in the region is also projected to register the highest CAGR during the forecast period.
Fiber Optics Market is further segmented by region into:
North America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-United States and Canada
Latin America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR- United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Fiber Optics Market report also contains analysis on:
Fiber Optics Market Segments:
By Cable Type
By Material Type
Plastic Optical Fiber
Glass Optical Fiber
By End-user Industry
IT and Telecom
Fiber Optics Market Dynamics
Fiber Optics Market Size
Supply & Demand
Competition & Companies Involved in the Market
Value chain of the Market
Market Drivers and Restraints
Fiber Optics Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 8.28 billion
Revenue forecast in 2031 USD 15.07 billion
Growth Rate CAGR of 6.16% from 2021 to 2031
Base year for estimation 2021
Quantitative units Revenue in USD million and CAGR from 2021 to 2031
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Cable, Material, Application, End-user, and region
Region scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled
Corning Incorporated (US), Prysmian Group (Italy), Finisar (US), AFL Global (US), Sumitomo Electric Industries, Ltd (Japan), LS Cable & System (South Korea), Leoni AG (Germany), Furukawa Electric Co. Ltd. (Japan), General Cable Corporation (US), Sterlite Technologies Limited (India), and Optical Cable Corporation (US)., and Others