Fiber Optics Market to be Worth $7.9 Billion by 2030-Exclusive Report by Meticulous Research®

According to a new market research report titled, 'Fiber Optics Market by Type (Single, Multi-mode), Material (Glass, Plastic), Deployment, Application (Internet & Computer Networking, Cable Television), End User (IT & Telecommunications, Healthcare & Pharmaceuticals), and Geography-Forecast to 2030,' the fiber optics market is projected to reach $7.9 billion by 2030, at a CAGR of 8.1% from 2023 to 2030.

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Fiber optics is a technology that uses thin components of glass or plastic to transmit data in the form of light signals. These are designed to carry data over long distances at extremely high speeds. It is used in telecommunications, networking, and various data transmission applications due to its many advantages over traditional copper wires. The growth of this market is driven by the increasing demand for high-speed internet & data-intensive applications and the need to interconnect servers & data storage systems within data center facilities. Additionally, technological advancements in telecommunications & networking, including FTTX, growing initiatives towards smart cities, and increasing need for high transmission rates & low-latency connectivity are expected to create market growth opportunities.

However, the extrinsic and intrinsic attenuation may restrain the growth of this market. The high cost of installation and associated complexities is a major challenge for the players operating in this market. Deployment of fiber optic cables in rural areas, growth of 5G communication networks & data centers, and advancements in wavelength division multiplexing (WDM) technology are prominent trends in the fiber optics market.

The fiber optics market is segmented by type (single-mode and multi-mode), material type (glass fiber optics and plastic fiber optics), deployment mode (underground, underwater, and aerial), application (internet & computer networking, cable television, telephone, lighting & decorations, and other application), and end-user industry (IT & telecommunications, energy & power, aerospace & defense, healthcare & pharmaceuticals, manufacturing & industrial automation, building & construction, oil & gas industry, public sector, and others), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

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Based on type, the global fiber optics market is broadly segmented into single-mode and multi-mode. The multi-mode segment is further divided into step-index multimode cables and graded index multimode cables. In 2023, the single-mode segment is expected to account for the largest share of the global fiber optics market. The large market share of this segment is attributed to the increasing demand for low attenuation & dispersion, great data-transmitting capabilities, rising implementation of long-haul & metro city networks, and growing adoption of 5G networks. This segment is also projected to register the highest CAGR during the forecast period.

Based on material type, the global fiber optics market is broadly segmented into glass fiber optics and plastic fiber optics. In 2023, the glass fiber optics segment is expected to account for the largest share of the global fiber optics market. The large market share of this segment is attributed to the increasing demand for high-performance fiber optics in extreme temperatures & corrosive environments and the increasing need for interconnected servers & data storage systems within data center facilities. This segment is also projected to register the highest CAGR during the forecast period.

Based on deployment mode, the global fiber optics market is broadly segmented into underground, underwater, and aerial. In 2023, the aerial segment is expected to account for the largest share of the global fiber optics market. This segment's large market share is attributed to the rising need for faster & cheaper installation methods, growing technological advancements in telecommunications & networking, including Fiber to the X, and increasing demand for high-speed internet services. This segment is also projected to register the highest CAGR during the forecast period.

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Based on application, the global fiber optics market is broadly segmented into internet & computer networking, cable television, telephone, lighting & decorations, and other applications. In 2023, the internet & computer networking segment is expected to account for the largest share of the global fiber optics market. This segment's large market share is attributed to the increasing demand for streamlined communication, the growing need for a more agile & efficient network, and the rising demand for network-connected devices across organizations to improve business communication. This segment is also projected to register the highest CAGR during the forecast period.

Based on end-user industry, the global fiber optics market is broadly segmented into IT & telecommunications, energy & power, aerospace & defense, healthcare & pharmaceuticals, manufacturing & industrial automation, building & construction, oil & gas industry, public sector, and other end-users. In 2023, the IT & telecommunications segment is expected to account for the largest share of the global fiber optics market. The large market share of this segment is attributed to its capability to transfer 20 times faster than regular cable internet and 80 times faster than DSL, increasing use of mobile phones and internet services, and the growing demand for high-speed data transmission, data security, and reliability. However, the healthcare & pharmaceuticals segment is projected to register the highest CAGR during the forecast period.

Based on geography, the global fiber optics market is segmented into Asia-Pacific, Europe, North America, the Middle East & Africa, and Latin America. In 2023, Asia-Pacific is expected to account for the largest share of the global fiber optics market, followed by Europe, North America, Latin America, and the Middle East & Africa. The large market share of Asia-Pacific is mainly attributed to the increasing government investment in rural infrastructure and affordable high-speed internet, increasing deployment of broadband network platforms in IT & telecommunications, increasing need for modern communication systems to minimize signal degradation and electromagnetic interferences, and growing implementation of fiber-integrated infrastructure across the countries. Asia-Pacific is also projected to register the highest CAGR during the forecast period.

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The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants in the last three to four years. The key players operating in the global fiber optics market are Prysmian S.p.A. (Italy), Corning Incorporated (U.S.), Sumitomo Electric Industries, Ltd. (Japan), Fujikura Ltd. (Japan), LEONI Kabel GmbH (Germany), LS Cable & System Ltd. (South Korea), Hengtong Group (China), Furukawa Electric Co., Ltd. (Japan), CommScope Holding Company, Inc. (U.S.), Finolex Cables Ltd. (India), Proterial Cable America, Inc. (U.S.), Sterlite Technologies (India), Yangtze Optical Fibre and Cable Joint Stock Limited Company (China), Optical Cable Corporation (U.S.), OFS Fitel, LLC (U.S.), Aksh Optifibre Limited (India), FiberHome Telecommunication Technologies Co., Ltd. (China), Belden Inc. (U.S.), TE Connectivity Ltd. (Switzerland), Fibertronics, Inc. (U.S.), Infinera Corporation (U.S.), Nexans S.A. (France), Molex, LLC (U.S.), Extron (U.S.), Pepperl+Fuchs (India) Pvt. Ltd. (India), America Fujikura Ltd. (U.S.), Geokon, Inc. (U.S.), and Avantes B.V.(Netherlands).

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