Fiber Optics Market worth $8.2 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 8, 2022 /PRNewswire/ -- According to a research report "Fiber Optics Market by Fiber Type (Glass, Plastic), Cable Type (Single-mode, Multi-mode), Deployment (Underground, Underwater, Aerial), Application, and Region (North America, Europe, APAC, Rest of the World) - Global Forecast to 2027", published by MarketsandMarkets™, the Fiber Optics Market is projected to grow from USD 4.9 billion in 2022 and is projected to reach USD 8.2 billion by 2027; it is expected to grow at a CAGR of 10.9% from 2022 to 2027.
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The growth of this market is driven by factors such as growing internet penetration and data traffic, rising deployment of datacenter facilities worldwide, and increasing demand for high bandwidth.
"Glass segment is expected to grow at the high CAGR from 2022 to 2027"
Glass segment is expected to grow at high rates over the forecast period. Glass optical fibers work efficiently in both low and high temperatures, ranging from −40°F up to 900°F. As glass cores transmit light more efficiently and allow significantly higher transfer speeds, glass optical fibers can be used over long sensing distances. These optical fibers can achieve narrow core-diameter, i.e., around 8–10 µm for single-mode fiber and about 50–100 µm for multi-mode fiber. These high-end physical properties by glass optical fibers will increase their adoption across various end-use application market including telecom, Local Area Networks (LANs) and data centers.
"Single-mode segment in fiber optics market is expected to be the fastest growing segment during the forecast period "
Single-mode is expected to be the fastest growing segment in fiber optics market during the forecast period. Single-mode fiber optic cables have small diameter cores, about 9 µm, which allows only one mode of light to propagate. This decreases the number of light reflections created as the light passes through the core, thus lowering attenuation and enabling the signal to travel further. Single-mode fibers usually carry light in the wavelength range between 1,310 nm and 1,550 nm. In a single-mode fiber, the core to cladding diameter ratio is 9:125 µm. Single-mode fibers have high demand from telecom and data center operators. Market players are proactively focusing on providing advanced communication solutions using single-mode optical fibers. For instance, in April 2020, Prysmian Group (Italy) launched the industry's first commercially available 180 µm single-mode bend-insensitive fiber cable. The new cable is suitable for applications in Fiber to the x (FTTx) and 5G networks.
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"Industrial application segment is expected to grow at fastest CAGR during the forecast period"
The market for industrial application segment is expected to grow at a fastest CAGR from 2022 to 2027. Industrial networks use fiber optics for their robustness against noise and electromagnetic interference. Mechanical operations in industrial plants create a lot of electrical noises, which cause major problems in communication systems. Installation or implementation of fiber optics helps minimize hindrances caused by mechanical operations in an industry. The proliferation of smart factories across developed economies such as South Korea, China, and the US is fueling the fiber optics market growth in industrial applications over the forecast period.
"Asia Pacific likely to emerge as the largest fiber optics market over the forecast period"
Asia Pacific is expected to account for the high market share of the fiber optics market during the forecast period. The emergence of advanced technologies such as AI, IoT, and Big Data has paved the way for the implementation of large-scale data centers across the region. Global giants such as Alibaba (China), Facebook (US), Amazon (US), Microsoft (US), Google (US), and Baidu (China) have already established their data centers in the region and are planning to expand their dominance in other regions. In Asia Pacific, the market is currently driven by Chinese and Indian consumers because of their increasing adoption rate of high-speed broadband services and mobile devices. The increasing deployment of newer data centers in the region will fuel the fiber optics market growth over the forecast period.
Key players in the fiber optics market include Corning Incorporated (US), Prysmian Group (Italy), Sumitomo Electric Industries, Ltd. (Japan), Yangtze Optical Fibre and Cable Joint Stock Limited Company (China) and Fujikura Ltd. (Japan).
Apart from these, LEONI (Germany), LS Cable & System Ltd. (South Korea), Hengtong Group Co., Ltd. (China), Furukawa Electric Co. Ltd. (Japan), Optical Cable Corporation (US), are among a few emerging companies in the fiber optics market.
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