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Tokyo, Japan, April 29, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Fiber Optics Market Research Report Information By Fiber Type, Cable Type, Industry Vertical, and By Region – Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 13.7 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 7.1% during the assessment timeframe.
Fiber Optic Market Key Players
Eminent industry players profiled in the fiber optic market report include-
- Alcatel-Lucent SA (France)
- Arris Group Inc. (U.S.)
- TE Connectivity Ltd. (Switzerland)
- Hitachi Ltd. (Japan)
- Corning Cable Systems LLC (U.S.)
- The 3M Company (U.S.)
- Optical Cable Corporation (U.S.)
- Amphenol Aerospace (U.S.)
- Sumitomo Electric Industries, Ltd. (Japan)
- Hirose Electric Co., Ltd. (Japan).
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Fiber Optic Market Report Scope:
|Revenue Forecast in 2030||USD 13.7 billion|
|Growth Rate||CAGR of 7.1% from 2022 to 2030|
|Key Market Opportunities||Surging deployment of 5G|
|Key Market Drivers||Emergence of IoT and Cloud Computing to Drive Market Growing internet penetration and data traffic Mounting demand for high bandwidth|
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Fiber Optic Market Drivers
Increasing Use of FTTH to Boost Market Growth
The need for FTTH significantly increases the connection speeds available to computer users compared to technologies now used in most regions. Up to 100 megabits/second connection rates are advertised by FTTH (Mbps). These speeds are 20–100 times quicker than those of conventional cable modems or DSL connections. FTTH implementation on a large scale would be costly because it requires the installation of novel cable sets across” last links” from the existing optical fiber connections to individual consumers. Fiber to the X network is currently replacing outdated copper-based networks because they offer numerous benefits in terms of capacity and speed.
Fiber Optic Market Opportunities
Increasing Data Volume & Internet Usage to offer Robust Opportunities
Over the world, the percentage of people using the internet has been rising tremendously. Due to the increase in internet usage, social media services, VoIP, online entertainment, & mobile payments all have become more popular. The amount of traffic associated with online gaming, data services, & the internet has considerably expanded as a result of the increasing usage of tablets, smartphones, laptops, and other wireless devices. Wireless traffic utilizes a fiber optic wireline network to reach its destination. So, the development of mobile communications can be largely attributed to landline networks such as front haul & backhaul.
Restraints and Challenges
High Investment Cost to act as Market Restraint
The high investment cost, new infrastructure needs, and increasing adoption of the wireless broadband may act as market restraints over the forecast period.
Fiber Optic Market Segmentation
The global fiber optic market is bifurcated based on type, application, and industries.
By type, lucent connector will lead the market over the forecast period.
By application, telecommunication will domineer the market over the forecast period.
By industries, IT and telecommunication will spearhead the market over the forecast period.
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Fiber Optic Market COVID-19
The COVID-19 pandemic spread quickly throughout the entire world and has made everyone’s life miserable. Despite the government’s strict controls, which included lockdowns, maintaining social distances, transit bans, work from home, and others, the epidemic affects approximately one-third of people physically and the majority of the world’s population financially. Business sectors are severely impacted, primarily because of supply chain interruptions, a lack of personnel, and a shortage of raw materials. The pandemic has an impact on the fibre optic connector business as well. When fibre optics are utilized in the medical field and that technology is used to treat Covid-19 patients, the market for fibre optic connectors is experiencing a rapid surge in demand. In addition, there is a surge in the use of high-speed internet services because of lockdowns & work from home offices. As a result, the pandemic condition increases market demand.
North America to Head Fiber Optic Market
North America will have the biggest market share globally during the projected period due to the region’s abundance of data centres, businesses that need high-speed data solutions, and the use of connectors in the defence sector. As of 2020, the North America region held a 35.5% share of the worldwide Fiber Optic Connector market. That is because important players including Corning, AFL Telecom,Prysmian Group, Fitel, & LS Cable and System are present. Due to the quick adoption of fibre optic technology encouraged by a push from businesses like Google and Verizon, the U.S. accounted for a sizable market base for fibre optic cables.
The development of LTE and 5G networks will be a key factor in the adoption of fibre optic cables, not just in the United States but also internationally. This growing number of businesses is supported by consumers’ escalating need for high-speed internet at home & on mobile devices. As a result, fiber-optic cable is increasingly in demand from cable operators and wireless carriers. The growth of fiber-optic cable networks, which use a variety of connection types like LC, SC, ST, and FC, has increased the speed and size of the data networks used by wireless carriers and cable providers, enabling higher-speed data transmission & bigger volume data transfers. This breakthrough is expected to lead to further industry revenue growth.
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APAC to Have Admirable Growth in Fiber Optic Market
Due to the increasing use of fibre optics in smart city initiatives, Asia-Pacific is predicted to experience the highest CAGR increase. This region needs smart initiatives and includes emerging nations like China, Japan, and India. The Asia-Pacific region, which dominated the fibre optic connectors market in 2020, is anticipated to experience considerable expansion over the course of the forecast period due to the presence of several prominent businesses, academic institutions, governmental agencies, and banks. Also, there is a greater need for fibre optic connectors for the growing need for connectivity among businesses, governmental agencies, and educational institutions. The APAC regional market is being strengthened by the manufacturing sector’s high rate of penetration and the sector’s expansion in IT and telecommunications.
During the course of the forecast period, the Asia Pacific area is anticipated to emerge as a major region (with regards to market size and growth). The expanding use of fibre optic technology across a wide range of business sectors, particularly the telecommunications industry, is responsible for the regional market expansion. Governments of technologically advanced nations, like the UK, Germany, Japan, the United States, China, and others, are working to upgrade the network security infrastructure (both on individual & country levels). The growing bandwidth needs of network operators, broadband services, & broadband connection providers are met by fibre optics as a medium.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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