The global fiber optics market size is projected to garner US$ 12.63 billion by 2032 from USD 7.72 billion in 2022with a noteworthy CAGR of 5.10% during the forecast period 2023 to 2032.
Key Takeaway
- Asia Pacific region has dominated the market with a revenue share of around 29.2% in 2022.
- By application, the telecom segment has held revenue share of around 41.9% in 2022.
- By type, the multi-mode fiber optic segment has generated a revenue share of 53.9% in 2022.
- By material type, glass segment has captured the highest revenue share of over 61% in 2022
- By cable type, the single mode fiber optics segment has held revenue share of 51% in 2022.
Optical fibers are transparent flexible cables made up of high-grade plastic, glass, and silica that follow total internal reflection theory for transmitting information from one place to another. Intensive research & development in the fiber optics has extended its application area in medical, oil & gas, military & defense, utilities, and other industry sectors. This technology has proved as a boon for above mentioned applications owing to its ease of data transfer without any losses.
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Growth Factors
Rising penetration of internet for supporting the growth of connected devices drives the demand for fiber optics prominently. Fiber optics is the backbone of internet, as they are used for transmitting information from one end to another. As per the International Telecommunication Union (ITU), 51.2% of the world’s population was using internet in the year 2018 and the projected rise in the number of internet users in 2018 was nearly 45%. In addition, IEA (International Energy Agency) has predicted that the number of internet users will surpass 5 Bn by 2025. Prominent growth in Internet of Things (IoT) and cloud-based services are the prime factors that proliferates the growth of internet users across the globe.
Besides this, increasing application of wireless devices and communication system may hinder the market growth. Low cost of installation along with non-interference of different frequencies propels the demand for wireless communication system across the world. Nonetheless, rising investment in the broadband network infrastructure FTTx anticipated to offer lucrative growth opportunities for the market in the coming years.
Report Scope of the Fiber Optics Market
| Report Highlights | Details |
| Market Size | USD 12.63 Billion by 2032 |
| Growth Rate | CAGR of 5.10% from 2023 to 2032 |
| Largest Market | Asia Pacific |
| Fastest Growing Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Product Type, Application Type, Region Type |
| Companies Mentioned | Optical Cable Corporation (OCC), Corning Incorporated, OFS Fitel, LLC, Sterlite Technologies Limited, AFL, Prysmian Group, Finolex Cables Limited, Birla Furukawa Fiber Optics Limited |
Regional Snapshots
In 2019, the Asia Pacific led the global fiber optics market with the largest revenue share and expected to forecast lucrative growth aspects by retaining its leading market position. Strong investment in network infrastructure development is prime factor behind the significant growth of the region. China was the largest contributor to the Asia Pacific fiber optics market in the year 2019.
However, India and other developing nations register high growth rate among the other Asian countries due to rapid penetration of IoT and smart devices. IoT market in India is poised to reach US$ 15 billion by the year 2020, accounting for nearly 5% of the global market. The country provides tremendous opportunity for the startups and investors to show their keen interest in the emerging market of IoT. The cumulative investment is predicted to be around US$ 60 million between years 2014 and 2016. In the similar fashion, Rest of Asia Pacific also offers significant opportunity for the fiber optics market over the forecast period. The prime reason behind the significant growth are increasing investment in embedded computing, lifestyle/wearables, connected homes, industrial internet, and many more segments.
Key Players & Strategies
The global fiber optics market offers lucrative growth prospects for the market players owing changing trend and introduction of new technologies create new requirements for advanced fiber optic cables and other communication modes. Fiber optic manufacturers increasingly focus on product development and their regional expansion. For instance, in March 2018, Corning Inc. launched Corning TXF Optical Fiber that enable high-speed transmission of data over longer span for improved network flexibility along with low cost of the network.
Some of the key players operating in the market are Optical Cable Corporation (OCC), Corning Incorporated, OFS Fitel, LLC, Sterlite Technologies Limited, AFL, Prysmian Group, Finolex Cables Limited, Birla Furukawa Fiber Optics Limited, and Yangtze Optical Fiber and Cable Co., Ltd. (YOFC)among others.
Some of the recent activities by market players are as follows:
- In January 2023, DirectLase Premium Yb-doped optical fiber for directed energy fiber-laser systems was announced by OFS as the company’s most recent invention.
- In September 2022, A multi-fiber optic connector inspection system – FOCIS Lightning 2, AFL- simplifies the connection and bulkhead assessment. Businesses, data center administrators, and service providers can rapidly examine and authenticate existing fiber connectivity owing to FOCIS Lightning2, designed to greatly simplify and speed up fiber connector analysis.
- In August 2022, Based on a long-standing partnership with AT&T, the largest fiber broadband provider, Corning Incorporated increased the optical cable production capabilities as the carrier extended its fiber services.
- In March 2020, CommScope installed over nearly 1.5 million feet of copper cabling along with 227 miles of fiber cables in Allegiant Stadium, Las Vegas, the U.S. The new installed fiber optics cabling expects to deliver high-bandwidth connectivity.
- In March 2019, Microsoft Corporation introduced Co-Packaged Optics (CPO) collaboration in partnership with Facebook Inc. The new collaboration was done with an aim to guide technology vendors in the design and manufacturing of CPO approaches.
Report Highlights
- The Asia Pacific is the most promising region in the global fiber optics market with maximum revenue share in 2019 along with inclined growth during the forecast period. The supreme growth of the region is mainly due to significant investment on the development of network infrastructure. China, India, and Japan are some of the countries that invest significantly on the infrastructure development.
- Multimode segment dominated the global fiber optics market in 2019 and expected to grow at a moderate rate during the forecast period. However, plastic optic fiber expected to offer the highest growth rate in the coming years owing to its cost-saving property and dynamic applications.
- By application, telecommunication sector led the global fiber optics market in 2019 and projected to offer attractive growth opportunity in the near future. Significant investment on the deployment of broadband network architecture such as FTTx that includes FTTP, FTTH, FTTB, FTTC, and FTTN has prominently driven the market.
- On the other hand, military & defense along with medical application sectors offer the fastest growth rate during the forecast period due to prominent deployment and investment for the fiber optical devices in the sector.
Read Also: Research Department Explosive Market Size Worth Around US$ 16.7 Bn by 2032
Some of the prominent players in the fiber optics market include:
- Optical Cable Corporation (OCC)
- Corning Incorporated
- OFS Fitel, LLC
- Sterlite Technologies Limited
- AFL
- Prysmian Group
- Finolex Cables Limited
- Birla Furukawa Fiber Optics Limited
- Yangtze Optical Fiber and Cable Co., Ltd. (YOFC)
Segments Covered in the Report
This report analyses and projects market revenue and growth trend at global, regional, and country levels and offers an analysis of the modern industry developments in each of the sub-segments from 2017 to 2030. This report classifies global fiber optics market on the basis of product type, application, and region:
By Product Type
- Multimode
- Single Mode
- Plastic Optical Fiber
By Material Type
- Glass
- Plastic
By Application
- Military & Aerospace
- Weapon System
- Secure Communication
- Surveillance System
- UAV
- Optical Computing
- Military Vehicle Sensing
- Oil & Gas
- High Bandwidth Communications
- Material Sensing
- Others
- BFSI
- Railway
- Speed Monitoring
- Railway Maintenance
- Dynamic Load Calculation
- Telecom
- Medical
- Minimal Invasive Surgery
- Biomedical Sensing
- Imaging
- Others
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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