The crippling effect of the global COVID-19 pandemic has detained the growth potential of the Fiber Optic Market. This MRFR report on the Fiber Optic Market indicates critical pointers that may emerge as growth hubs in the future. Moreover, in-depth data analysis is estimated to offer a clearer growth perspective to market participants.
Accrediting the accruals and the traction the Fiber Optic Market is gaining currently, the Market Research Future, has recently published a meticulous study report accentuating the market insights up till the year 2023 and letting out the potential strategies of industry players after a careful consideration of their past strategic moves. According to the MRFR’s analysis; the global fiber optic market is expected to grow at USD $6 billion and grow at CAGR of 10% during the forecast period 2017-2023.
Long-distance high bandwidth communication by optical fiber which is gaining demand in the fiber optic market. Fiber Optic offers high bandwidth which allows more data to be delivered as soon as possible. Other factor is due to the development of network infrastructure, the growth of the fiber optic market has increased rapidly.
Now a days the healthcare sector is using the fiber optic product such as endoscopic imaging applications and biomedical sensing applications. This are various factors boosting the growth of fiber optics market.
Market Boosters and Key Barriers
With the amplified demand for the internet of things (IoT) and surge in the number of connected devices, the importance of data transmission has risen among users. As a result, the fiber optic market is presented with a number of growth opportunities, given the rising popularity of IoT and connected devices. Moreover, technological advancements taking place in the telecom sector had led to a surge in the deployment of broadband network architectures.
Fiber to the Building (FTTB) and Fiber to the Home (FTTH) are some of the most significant broadband networking architectures, which calls for large-scale deployment of fiber optic networks. This factor can boost the demand for fiber optic in the years to come. A fiber optic cable offers a host of benefits, including high-security option that is not possible with basic copper cables. This factor is set to have a positive impact on the growth of the fiber optic cables market during the estimated period.
An exciting trend in the Internet market in today’s time is online video. YouTube and similar services have taken the Internet by storm, with fiber optics expected to be an integral component in online video. Fiber optics will find widespread use in online video as they offer better and clearer pictures, in addition to expanding bandwidth capabilities of the internet. Over the years, there has been a remarkable surge in the data volume, and companies, as well as individuals, are increasing their use of the Internet. Therefore, the demand for high bandwidth to accommodate this data and activity is rising significantly and this can most possibly help the fiber optic market grow in the near future.
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All the facets of the global fiber optic market have been unraveled in the report, taking into consideration the segments like components, optical fiber type, applications, and end-users.
The components covered by the report include couplers, connectors, amplifiers, transmitters & receivers, and others.
The optical fiber types are single mode, multiple mode, and plastic mode.
In the context of the application, the segments are CATV, fiber optic lighting, sensors, security, and others.
The end users identified in the report are military, telecom & broadband, utilities, aerospace, and others.
Asia Pacific (APAC), North America, Europe, and Rest of the World (RoW) are the main markets for fiber optic that have been extensively studied by MRFR, with the focus on the latest trends and opportunities in these regions.
APAC can grow at the fastest rate in the global fiber optic market, on account of technological advancements coupled with the rising use of the technology in the administrative and IT and Telecommunication sector. Moreover, the increasing use of fiber optics in the medical sector has stimulated the market growth in India, China and Japan. Steady increasing use of smartphones and internet facilities also boosts the demand for optical fiber cables for telecommunication applications across the region.
North America is a high-revenue generating market for fiber optic, with governments of developed nations like the United States (U.S.) and Canada making sizeable investments in security infrastructure. Mounting awareness among these countries also helps with market growth. Most of the renowned companies in the region are striving to solidify their position in the regional and global markets. This factor subsequently calls for significant funding for technologies across the fiber optics, which improves the telecommunication sector infrastructure with enhanced security measures in the region.
Top companies influencing the worldwide fiber optic market include Fujikura Limited (Japan), TE Connectivity (Switzerland), Finolex Cable Limited (India), L-com.com (U.S.), Optical Cable Corporation (U.S.), Geokon Incorporated (U.S.), Infinera Corporation (U.S.), Corning INC. (U.S.), Birla Furukawa Fibre Optics (India), Ofs Fitel, Llc (U.S.), Prysmian Spa (Italy), Anixter International (U.S), Luna (U.S.), Avantes (U.S), Pepperl+Fuchs (Germany), Molex Incorporated (U.S.), Extron Electronics (U.S.), Sterlite Technologies (India), AFC Group (Australia), and among others.
Leoni and Hengtong have entered a partnership to facilitate the manufacture of single-mode fibers across Europe. With the expanding broadband in Germany and other countries coupled with the soaring demand for data centers calls for advanced single-mode fibers in optical cables. Both the companies have joined hands in an attempt to cater to this surging demand across the region.
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