Fiber Optics Market to be Worth $14.93 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Jan. 16, 2023 /PRNewswire/ -- The global fiber optics market size is expected to reach USD 14.93 billion by 2030, and exhibit a CAGR of 6.9% from 2023 to 2030, according to Grand View Research Inc. The growth is attributed to the rising government funding in developing secure infrastructures to avoid massacres. Rising terrorism is also appealing to government authorities and defense services of different countries to take initiatives and stringent steps and curb such occurrences. This has led to the evolution and adoption of several technological methods such as body cams, wearables, and other responders that keep the security personnel connected, irrespective of the user's location and user fiber optics for communications.

Key Industry Insights & Findings from the report:

• Governments of developed countries such as the U.S., U.K., Germany, China, Japan, and others are heavily investing in enhancing their security infrastructures on individual levels and country levels. This is eventually necessitating increasing funding for technologies, prominently across the fiber optics that would improve the telecommunication sector infrastructure with better security measures. Therefore, government funding for infrastructure is driving the market.
• The Plastic Optical Fiber segment is projected to attain a CAGR of 9.1% over the forecast period. POF differs from its single and multimode counterparts based on the core materials used in POF cable construction. While single and multimode fiber optics have a glass core, POF cables have a polymer core. This offers a dynamic application portfolio along with cost savings.
• Market participants are diversifying their product portfolio through their innovative offerings. For instance, in March 2022, W. L. Gore & Associates, Inc., a manufacturer of waterproof, breathable Gore-Tex fabrics, released GORE Fiber Optic Cables with high impact resistance to aggressive chemicals abrasion, scrapes, and undesirable fluids that aircraft typically experience during maintenance activities and complex installation.

Read 100-page market research report, "Fiber Optics Market Size, Share & Trends Analysis Report By Type(Single Mode, Multimode), By Application (Telecom, Military & Aerospace, Medical), Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Fiber Optics Market Growth & Trends

The concept of IoE (Internet of Everything) is attracting the security sector, worldwide, owing to the increasing awareness of the effectiveness and efficiency of the technology that aids in curbing national issues such as riots, massacres, killings, and other criminal offenses. The need for high-speed internet, capable of efficiently transmitting data is anticipated to grow with the increasing demand for IoE. The growing demand for high-bandwidth communication is fueling the fiber optic market growth. For instance, In March 2020, CommScope, an U.S-based Communication device company, installed 1.5 million feet of copper and 227 miles of fiber cabling in Allegiant Stadium, in Las Vegas. This fiber optic cabling provides high bandwidth connectivity to hundreds of thousands of smartphones and tablets and supports 4K video streaming.

The technological advancements in communication and data transmission services are projected to fuel the market for fiber optic technology in the coming years. It serves as a medium to cope with the increasing bandwidth requirements associated with network operators, broadband services, and broadband connection providers. The rising implementation of fiber optic components in trunk cable forms, distribution cables, standard patch cords, and high-density interconnect cables is expected to enhance the demand for fiber optics in the telecom sector. Moreover, the growing demand for 5G and data centers is projected to provide new opportunities to the fiber optic market over the forecast period.

Various companies are increasing fiber cable production to foster greater connectivity, stronger access, and superior speed, which leads to company growth. For instance, in December 2022, Deutsche Telekom, a German telecommunications company, announced a plan to significantly accelerate its fiber deployment by adding between 2.5 and 3 million connections by 2023. The company also intends to increase the number of fiber optic installers in the fiber production plant by 50%.

Furthermore, the high initial acquisition & installation costs are hindering the growth of this market. An optical fiber system is comprised of a variety of components such as optical cables, transmitters, receivers, and others. Installation of the entire system is a labor-intensive process, especially, the installation of the network, for underground and undersea connections, which is one of the costliest and most tedious procedures. Fiber optics, with its advancements, has overtaken copper-cable transmission. However, the installation process to deploy the optical networks, being an extremely high-cost part, is expected to hamper the market growth.

Fiber Optics Market Segmentation

Grand View Research has segmented the global fiber optics market based on type, application, and region

Fiber Optics Market - Type Outlook (Revenue, USD Million, 2017 - 2030)

• Single-mode
• Multi-mode
• Plastic Optical Fiber (POF)

Fiber Optics Market - Application Outlook (Revenue, USD Million, 2017 - 2030)

• Telecom
• Oil & Gas
• Military & Aerospace
• BFSI
• Medical
• Railway
• Others

Fiber Optics Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Asia Pacific
• China
• Japan
• India
• South America
• Brazil
• Middle East and Africa

List of Key Players in the Fiber Optics Market

• AFL
• Birla Furukawa Fiber Optics Limited
• Corning Incorporated
• Finolex Cables Limited
• Molex, LLC
• OFS Fitel, LLC
• Optical Cable Corporation (OCC)
• Prysmian Group
• Sterlite Technologies Limited
• Yangtze Optical Fibre and Cable Joint Stock Limited Company (YOFC)

Check out more related studies published by Grand View Research:

• Distributed Temperature Sensing Market - The global distributed temperature sensing market size is anticipated to reach USD 849.0 million by 2025, according to a new report by Grand View Research, Inc. It is expected to exhibit a CAGR of 10.7% from 2019 to 2025.
• Fiber Optic Preform Market - The global fiber optic preform market size is expected to reach USD 8.66 billion in 2025, registering a CAGR of 19.6% from 2019 to 2025, according to a new report by Grand View Research, Inc. Benefits associated with optical communication have encouraged intensive R&D into the fiber optics technology, which in turn has resulted in several innovations enabling the application of optical fibers in a myriad of industries other than telecommunications. These industries include healthcare, railway, defense and aerospace, and oil and gas. This factor is anticipated to bode well for the overall market growth in near future.
• Telecom EMS Market - The global telecom electronic manufacturing services (EMS) market size is likely to reach USD 230.1 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.0% during the forecast period. IoT is the next key trend and is estimated to support the telecom industry in terms of revenue generation and infrastructure expansion, which is subsequently estimated to drive the market over the forecast years. Furthermore, mobile connectivity has improved tremendously over the past few years and penetration of wireless devices has witnessed healthy growth over the years. This trend is poised to continue over the next few years and positively impact the telecom EMS market growth.

Browse through Grand View Research's Semiconductors Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg