As per the latest report by IMARC Group, titled “Fiber Optics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global fiber optics market size is expanding at a strong rate. Fiber optics, also known as optical fiber, is a technology through which the transmission of data takes place in the form of light particles or photons. It is associated with attributes such as data security, electrical isolation, low attenuation rate; reduced cost, size, and weight; and increased bandwidth and electromagnetic interference immunity. As a result, fiber optics technology finds vast application in the healthcare and telecommunication industries across the globe. Besides this, it is also utilized in the military and defense industry for vehicle navigation, transmitting radio signals, and environmental sensing and monitoring.
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Global Fiber Optics Market Trends:
With the rapidly growing population, there has been a rise in the demand for high bandwidth communication and data transmission services, which in turn is resulting in the steady growth of the telecommunications and information technology (IT) industry. This, coupled with the attributes of fiber optics in effectively transmitting data, images and voice messages over vast distances, is catalyzing its demand, especially in the information technology sector. Apart from this, the arrival of 5G network, Fiber to the Home (FTTH) and Fiber to the Building (FTTB) are the sales of broadband network systems that provide high-speed data and related services to consumers. Further, fiber optics internet is considered relatively more reliable during power outages as they do not need electricity for functioning. Additionally, this technology also finds applications in the healthcare industry, wherein X-ray, microscopy, surgical endoscopy, ophthalmic lasers and light therapy represent some of the major medical procedures that employ fiber optics. Looking forward, the market is projected to grow at a CAGR of around 8% during 2019-2024.
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Key Market Segmentation:
Market Breakup by Cable Type:
- Single Mode
Based on the cable type, the market has been bifurcated into single and multi-mode fiber optics.
Market Breakup by Optical Fiber Type:
On the basis of the optical fiber type, the market has been classified into glass and plastics.
Market Breakup by Application:
- Oil and Gas
- Military and Aerospace
The market has been classified on the basis of the application into telecom; oil and gas; military and aerospace; banking, financial services and insurance (BFSI); medical; railway; and others.
Market Breakup by Region:
- North America
- Asia Pacific
- The Middle East and Africa
- Latin America
Region-wise, the market has been segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa.
The competitive landscape of the market has been examined with some of the key players being Corning Inc., Prysmian Group, Finisar, AFL Global, Sumitomo Electronics Industries (SEI), Ls Cable & System, Leoni AG, Furukawa Electric, General Cable Corporation and Finolex.
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