The fiber optics market has experienced robust growth in recent years, increasing from $7.26 billion in 2023 to $7.93 billion in 2024, with a compound annual growth rate (CAGR) of 9.2%. This growth can be attributed to factors such as energy efficiency, population concentration, fiber-to-the-home initiatives, the expansion of the internet, and a rise in online transactions. Looking ahead, the market is projected to reach $11.3 billion by 2028, growing at a CAGR of 9.3%. This future growth is driven by reduced costs of fiber optic components, the use of fiber optics in biomedical applications, increased interest in space exploration and satellite communication, and the continued expansion of online education and remote learning. Major trends expected during this period include a focus on eco-friendly technologies, the expansion of electric vehicles, advancements in telemedicine, industrial automation, and the role of fiber optics in supporting digital twins.
Global Fiber Optics Market Key Driver
The growing demand for high-bandwidth communication is expected to propel the growth of the fiber optics market. High-bandwidth communication enables rapid data transfer over networks, supporting efficient information exchange. Fiber optics, which transmit data as light pulses through glass or plastic fibers, provide high bandwidth communication with minimal signal loss. According to the UK Parliament's House of Commons Library in July 2023, 72% of UK premises had access to gigabit-capable broadband as of January 2023, up from 64% in January 2022 and 36% in January 2021. This increasing demand for high-bandwidth communication is driving the growth of the fiber optics market.
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Global Fiber Optics Market Segments
The fiber optics market covered in this report is segmented –
1) By Type: Single Mode, Multi-Mode, Plastic Optical Fiber (POF)
2) By Deployment: Underground, Underwater, Aerial
3) By Application: Communication, Non-Communication
4) By Industry Vertical: Telecom, Oil And Gas, Tunnel, Medical, Railway, Other Industry Verticals
By Geography:The regions covered in the fiber optics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the fiber optics market in 2023.
Major Fiber Optics Industry Players
3M Company, Sumitomo Electric Industries Ltd., Prysmian S.p.A., TE Connectivity Ltd., Corning Incorporated, Molex LLC, Amphenol Corporation, Yangtze Optical Fibre and Cable Joint Stock Limited Company (YOFC), Nexans S.A., Furukawa Electric Co. Ltd., CommScope Holding Company Inc., Fujikura Ltd., FiberHome Technologies Group, RS Components Pte Ltd, Lumentum Holdings Inc., Infinera Corporation, Viavi Solutions Inc., Hirose Electric Co. Ltd., Sterlite Technologies Limited, Glenair Inc., Applied Optoelectronics Inc., EMCORE Corporation, Optical Cable Corporation, Fibertronics Inc., Ratioplast Electronics H.Wiedemann GmbH
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Fiber Optics Market Overview
Fiber optics refer to thin strands of glass or plastic fibers that transmit data in the form of light pulses. It is used in telecommunications, networking, and medical applications due to its high bandwidth and long-distance capabilities. Fiber optic cables offer superior performance compared to traditional metal wire cables, providing faster data transmission and greater resistance to electromagnetic interference.
Fiber Optics Global Market Report 2023 provides data on the global fiber optics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The fiber optics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
