Fiber Optics Market
The global fiber optics was valued at over USD 3.27 billion in 2019 and is expected to cross a valuation of USD 9.18 billion by the end of 2027. The growth of the industry is owed to the increasing number of fiber optics applications along with the continuous technological advancements made over the years.
Fiber optics cables are widely used for digital transmission of data and communication purposes. Fiber optic cables have certain advantages over metal wires, which include broader bandwidth completely independent of cable size, electrical insulation, resistance to electromagnetic interference, low noise and cross-talk, and low loss of attenuation over long distances. Fiber optic cables are also used in fiber optic sensors, medical devices, and defense sectors. The growing market for internet and high bandwidth communication, as well as cloud computing, data storage, and IoT, are factors driving the fiber optics market. Technology advancements and increasing IoT integration are expected to create opportunities in the market.
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Drivers and Restraints
Fiber optics is widely applied in the healthcare industry for ophthalmic lasers, X-ray imaging, and light therapy, among others. The increasing number of technological advancements and medical treatments method is proving to add to the growth of the market.
Rising terrorism and security apprehensions have prompted the governments to take initiatives, which have led to the adoption of technologies which use fiber optics such as wearables, body cams, and others, that can connect security personnel for communication. The rising applications of fiber optics in defense and security are also expected to drive the market over the forecast period.
IT and Telecom sectors deploy a wide range of fiber optics applications. Advancements in the telecom sector have raised the deployment of broadband network architectures such as Fiber to Home (FTTH), Fiber to Cabinet (FTTC), Fiber to Building (FTTB), and Fiber to Premise (FTTP), all of which need a large-scale fiber optic networks. The demand for fiber-rich infrastructure is fueling the demand for fiber optic cables.
The high cost of acquisition, installation and complex installation process are the major restraining factors of the market.
Key Players
Key participants include AFL Global (U.S.), Corning Inc. (U.S.), Furukawa Electric (Japan), LS Cable & System (South Korea), General Cable Corporation (U.S.), Finisar (U.S.), Leoni AG (Germany), Prysmian Group (Italy), and Finolex (India), among others.
Industry News
In November 2020, Partner Communications Company Ltd., a leading Israeli communications operator, announced its intention of selling up to 20% stakes in its existing and future fiber optic network that offers its services to private households. This decision has been made on the basis of various queries the company received about its fiber optic network sector.
In 2020, EPFL engineers announced that they have developed an advanced encoding and decoding system that enable fiber optic sensors to transfer data 100 times faster and over a wider area.
In November 2020, researchers from Cornell University announced that they have designed a new pair of fiber optic gloves that will allow people using VR to actually pick things and feel them. VR is becoming more popular, and new technologies are being developed every day that adds to the VR experience. The gloves are designed to track the hands with extreme precision, which makes it possible to add physical feedback to VR experiences.
Fiber Optics Market Segmentation
On the basis of Cable Type, the fiber optics market is segmented Single-Mode and Multi-Mode
On the basis of Fiber Optic Cable Type, the fiber optics market is segmented Glass and Plastics
On the basis of Application, the fiber optics market is segmented as Communication and Non-Communication
Fiber Optics Market Regional Outlook
Asia Pacific fiber optics market is witnessing considerable revenue growth owing to technological advancements and widespread adoption of the technology in IT, telecommunication, and administrative sector. High penetration of the technology in the manufacturing industry and expanding the IT and telecom sectors across the Asia Pacific are strengthening the regional market hold. Increasing product application in the healthcare sector is propelling market growth across countries, such as China, Japan, and India.
Governments of developed countries are heavily investing in security infrastructure at country levels. Awareness about fiber optics applications is growing among rapidly developing economies that hope to strengthen their hold at the global level. This is, in turn, made it necessary to invest in fiber optics technologies that would enhance the telecommunication sector infrastructure.
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