Fiber Optics Market Size to Reach USD 9.53 Billion in 2028 | Emergen Research

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Sep 21, 2021, 09:10 ET

VANCOUVER, B.C., Sept. 21, 2021 /PRNewswire/ -- The global fiber optics market size reached USD 4.54 Billion in 2020 and is expected to register a significantly steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research.

Drivers:

Market revenue growth is expected to be driven by increasing demand for Internet of Things (IoT) and cloud services and rising utilization of fiber-based Internet connections. Higher bandwidth and quicker Internet connectivity are becoming increasingly important in the currently fast-paced corporate world. To meet such requirements, businesses are transitioning from traditional cable Internet lines to fiber-optic connections. Businesses are incorporating optical fiber components with voice over IP telephony for better corporate communications. In addition, integration of fiber connections in business facilitates a better workplace environment with high-speed Internet. High speed Internet connection provides better connectivity and enables companies to use customer relationship management solutions and cloud-based services ,more effectively, which is expected to boost revenue growth of the market in the near future.

Restraints:

Fiber optic cables are easily damaged if bent past a certain point, and could also break. The installation of fiber optic cable is costly as installation necessitates the use of expensive splicing machines and skilled technicians. These factors are expected to hamper market growth to some extent over the forecast period.

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Growth Projections:

The global fiber optics market is expected to expand at a CAGR of 9.9% from USD 4.54 Billion in 2020 to USD 9.53 Billion in 2028. Global fiber optics market revenue is increasing significantly as a result of increased Internet usage worldwide. Additionally, digital data transmission through optic fibers is becoming faster than copper lines due to fiber optics' better dependability, speed, reliability, and transmission capability, thus leading to increased usage in the telecommunications sector.

COVID-19 Impact Analysis:

The COVID-19 pandemic had a significant impact on the fiber optic market. Manufacturing facilities were forced to shut down operations due to the global lockdown enforced by majority of governments. This had a negative impact on fiber optics component manufacturing and usage, thereby causing supply chain disruption.

Current Trends and Innovations:

Increasing investments in network infrastructure using Optical Fiber Cable (OFC) is expected to propel market growth over the forecast period. Increase in use of data by consumers and the emergence of Internet of Things (IoT) are expected to boost adoption of 5G services. Investments in optical fiber installation has been continuing in various countries around the world, which are expected to augment revenue growth of the market going ahead.

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Geographical Outlook:

Telecommunications sector in Middle East & Africa is rapidly growing as a result of significant infrastructural expenditure in countries in the region. Growth of the telecommunications sector in countries in the region is being driven by favorable demographic and trends, need for better data transfer and connectivity, increasing penetration of smart devices, and increase in number of Internet users, which is expected to augment revenue growth of the Middle East & Africa market.

Strategic Initiatives:

Some major companies operating in the market include Finisar Corporation, Corning Incorporated, Prysmian S.p.A., General Cable Corporation, Optical Cable Corporation, Sterlite Technologies Limited, Leoni AG, Sumitomo Electric Industries, Ltd., Furukawa Electric Co., Ltd., and America Fujikura Ltd.

In August 2021, EHC Global, which is a major provider of vertical transportation sector strategic components and integrated systems, was acquired by Prysmian S.p.A. This acquisition will expand and strengthen the value-added businesses of Prysmian.

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Emergen Research has segmented the global fiber optics on the basis of components, fiber type, cable type, application, and region:

Components Outlook (Revenue, USD Billion; 2018–2028)

Hardware

a. Couplers
b. Connectors
c. Transmitters
d. Amplifiers
e. Receivers
f. Others

Software
Services

Fiber Type Outlook (Revenue, USD Billion; 2018–2028)

Plastic Optical Fiber (POF)
Glass Optical Fiber

Cable Type Outlook (Revenue, USD Billion; 2018–2028)

Single-mode
Multi-mode

Application Outlook (Revenue, USD Billion; 2018–2028)

Oil & Gas
Healthcare
Telecommunication
BFSI
Aerospace & Defense
Industrial
Government
Others

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Regional Outlook (Revenue, USD Billion; 2018–2028)

North America

a. U.S.
b. Canada
c. Mexico

Europe

a. Germany
b. France
c. U.K.
d. Italy
e. Spain
f. BENELUX
g. Rest of Europe

Asia Pacific

a. China
b. India
c. Japan
d. South Korea
e. Rest of APAC

Latin America

a. Brazil
b. Rest of LATAM

Middle East & Africa

a. Saudi Arabia
b. UAE
c. South Africa
d. Turkey
e. Rest of MEA

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