DELRAY
BEACH, Fla., Sept. 2,
2024 /PRNewswire/ -- The fiber optics
market is expected to grow from USD 3.2 billion in 2024 to USD 6.8 billion by 2029 at a Compound Annual
Growth Rate (CAGR) of 16.4% from 2024 to 2029 according to a new
report by MarketsandMarkets™. This market's growth is driven by
growing internet penetration and data traffic, rising deployment of
data center facilities worldwide, and increasing demand for high
bandwidth. The increasing promotion of advanced technologies such
as big data, machine learning, and Al analytics among internet
users worldwide is expected to play a major role in driving the
growth of the fiber optics market. The increasing multimedia
consumption leads to massive data creation and replication
worldwide. The rising amount of data generated is expected to
increase the deployment of new fiber optic cables and subsystems.
According to the Digital Economy Report 2021 by the United Nations
Conference on Trade and Development (UNCTAD), about 64.2 zettabytes
of data were created or replicated. Also, the global data creation
and replication is expected to experience a 23% growth from
2020-2025. The rise in data creation is expected to increase the
deployment and expansion of servers, storage racks, and data center
facilities worldwide, fueling the fiber optics market growth from
2024 to 2029.
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Browse in-depth TOC on "Fiber Optics
Market"
191 – Tables
60 – Figures
233 – Pages
Desiccant Dehumidifier Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 3.2
billion
|
Estimated Value by
2029
|
$ 6.8
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 16.4%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Fiber Type, Cable
Type, Deployment, Application and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Installing fiber optics
networks in difficult terrains and high cost of
installation
|
Key Market
Opportunities
|
Rising demand for fiber
optics as replacement of copper cables
|
Key Market
Drivers
|
Rising number of data
center facilities worldwide
|
Glass segment is expected to grow at a high CAGR during the
forecast period.
The glass segment is projected to have high growth rates over
the forecast period. Glass optical fibers work efficiently in
extreme temperatures, ranging from -40°F up to 900°F.Glass cores
efficiently transfer light and allow higher speed transfers and are
very useful in, long sensing distances. These optical fibers can
achieve a narrow core diameter, i.e., for single mode (8-10) µm and
50-100 µm for multi-mode fiber. However, glass optical fibers are
fragile and more likely to break if improperly handled. Installing
these optical fibers requires highly trained technicians, and the
tools for fiber termination are usually expensive.
Single-mode segment in fiber optics market is projected to be
largest market size during the forecast period.
Single-mode optical fibers are extensively used for
long-distance communications applications. To address this demand,
key players in the fiber optics industry are entering into
strategic partnerships and collaborating with other players to
increase the production of single-mode fibers. YOFC (China), Corning Incorporated (US), Prysmian
Group (Italy), Sumitomo Electric
Industries, Ltd. (Japan), Furukawa
Electric Co. Ltd. (Japan) and
Hengtong Group Co., Ltd. (China)
are some of the leading manufacturers of single-mode fiber optic
cables.
Industrial application segment is projected to grow at
fastest CAGR during the forecast period.
The market for the industrial application segment is projected
to grow at the fastest CAGR from 2024 to 2029. An enormous amount
of data is collected, transported, and analyzed between several
nodes, such as machines, sensors, facilities, computers, data
centers, and personnel at the manufacturing facilities, which
requires high-bandwidth interconnections. Fiber optics is becoming
the communication standard for networking all these devices.
Favorable government investments to increase the development of
intelligent factory infrastructure are expected to present growth
opportunities to fiber optic vendors.
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Asia Pacific likely to
emerge as the largest fiber optics market over the forecast
period.
Asia Pacific is projected to
have the largest industry share of the fiber optics
industry from 2024 to 2029. The rise in the number of smart
cities will further increase the demand for smart transportation,
smart utilities, smart buildings, and communication
infrastructure—that invariably require fiber optic solutions. Also,
rapid commercialization of 5G services across China, South
Korea, and Japan is
expected to create significant opportunities for the fiber optics
market in the region.
Key players in the fiber optics companies include Corning
Incorporated (US), Sumitomo Electric Industries, Ltd. (Japan), YOFC (China), LS Cable & System Ltd.
(South Korea), Prysmian Group
(Italy), Fujikura Ltd.
(Japan, Furukawa Electric Co. Ltd.
(Japan), Optical Cable Corporation
(US), LS Cable & System Ltd. (South
Korea), Proterial Cable America Inc., (US), ), LEONI
(Germany), Coherent
Corporation (US), Hengtong Group Co., Ltd. (China), Finolex Cables Ltd. (India), CommScope Holding Company, Inc. (US),
Sterlite Technologies Limited (India), ZTT (China), FiberHome Telecommunication
Technologies Co., Ltd. (China),
Aksh Optifibre (India), Art
Photonics GmbH (Germany), RPG
Cables (India), Nestor Cables (Finland), Orbis
Oy (Finland), Birla Cable
Ltd. (India), Belden Inc. (US),
and Fiber Mountain(US) are among a few emerging companies in the
fiber optics market.
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