Fiber Optics Market Worth $6.9 Billion by 2024 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 16, 2019 /PRNewswire/ -- According to the new market research report "Fiber Optics Market by Cable Type (Single-mode, Multi-mode), Optical Fiber Type (Glass, Plastics), Application (Telecom, Premises, Utility, CATV, Military, Industrial, Sensors, Fiber Optic Lighting, Security, Metropolitan), Region - Global Forecast to 2024", published by MarketsandMarkets™, the growth of the global Fiber Optics Market is primarily triggered by the increasing demand for internet. The internet is a global system of connected devices.

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Fiber optics act as the backbone of the internet; optical fiber cable is used as the medium for transmitting information from one point to another. According to the International Telecommunication Union (ITU) 51.2% of global population was using the internet in 2018. The growth rate of number of internet users was around 45% in 2018. The growing importance of cloud computing, data transfer and storage, and Internet of Things (IoT) is driving the use of the internet. According to IEA (International Energy Agency) the number of internet users is expected to increase from 3.6 billion in 2018 to 5.0 billion, by 2025. Moreover, the number of IoT connections is expected to increase from 7.5 billion in 2018 to over 25.0 billion by 2025.

Single-mode is the largest cable type of the fiber optics market.

The single-mode segment accounted for the largest share of the global fiber optics market in 2018. The single-mode type optical cables are designed to transmit a single propagation mode per polarization direction for a given wavelength. A single mode fiber is designed for the transmission of a single ray of light as a carrier and is used for long distance transmission. It is a single strand of glass fiber with a diameter between 8.3 microns and 10 microns, which has one mode of transmission. Growth in the telecom and CATV (Cable Antenna Television) industries is expected to contribute to the growth of the single-mode cable fiber optics market.

Glass is projected to be the largest fiber type of the fiber optics market during the forecast period.

Glass optical fiber is made of silicon dioxide. In this type of optical fiber, the core and cladding are both made up of silica; germanium or phosphorous are also added to increase the refractive index. It is mainly used due to their low intrinsic absorption. Glass optical fiber is basically used in applications, such as telecom, CATV, high-speed LANs, and sensors. Low cost and easy availability are major drivers of the growth of the glass fiber optics market.

Communication is projected to be the largest application of the fiber optics market during the forecast period.

Communication includes various subsegments, such as telecom, premises, utility, CATV, military, and industrial. Telephone and internet networks are subsegments of the telecom sub-application of the fiber optics market. Fiber optic links are used by telephone and internet service providers to transmit information from one point to other: they offer advantages, such as cost efficiency, higher bandwidth, and higher speed than copper. The mass utilization of digital technologies and applications by consumers, enterprises, and governments continue to drive the global telecom market, which in turn, is driving the fiber optics market.

APAC is projected to be the largest market of fiber optics during the forecast period.

APAC is the largest market of fiber optics, followed by North America, and Europe. The massive industrial growth in APAC has been fueling the growth of the fiber optics market over the past few years, which is expected to continue during the next five years. The increasing economic growth, followed by heavy investments in applications, such as telecom, premises, utility, CATV, industrial, military, sensors, and fiber optics lighting drive the demand for fiber optics in the region.

The key Fiber Optics Market players profiled in the report include Corning Incorporated (US), Prysmian Group (Italy), Finisar (US), AFL Global (US), Sumitomo Electric Industries, Ltd (Japan), LS Cable & System (South Korea), Leoni AG (Germany), Furukawa Electric Co. Ltd. (Japan), General Cable Corporation (US), Sterlite Technologies Limited (India), and Optical Cable Corporation (US).

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