The optical fiber market is experiencing significant growth
driven by several key factors. These include urbanization and smart
city initiatives, growing demand for wireless connectivity,
advancements in technology, and emerging 5G infrastructure.
WILMINGTON, Del., May 16, 2024
/PRNewswire/ -- Allied Market Research published a report,
titled, "Optical Fiber Market by Mode (Single
mode, Multi mode), Type (Glass optical fiber, Plastic optical
fiber), and Industry Verticals (Telecom and IT, Public Sector,
Healthcare, Energy and Utilities, Aerospace and Defense,
Manufacturing, Others): Global Opportunity Analysis and Industry
Forecast, 2024-2032". According to the report, the "optical
fiber market" was valued at $7.4
billion in 2023, and is estimated to reach $11.9 billion by 2032, growing at a CAGR of 5.5%
from 2024 to 2032.
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Prime determinants of growth
The optical fiber market is anticipated to experience
substantial growth during the forecast period, primarily driven by
several key factors. These include urbanization and smart city
initiatives, increasing demand for wireless connectivity, and
advancements in technology. Additionally, the emerging 5G
infrastructure is expected to further boost the market. However,
high initial investment costs pose a significant restraint to the
market's growth during this period.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2032
|
Base Year
|
2023
|
Market Size in
2023
|
$7.4 billion
|
Market Size in
2032
|
$11.9
billion
|
CAGR
|
5.5 %
|
Segments
Covered
|
Mode, Type, Industry
Verticals, and Region.
|
Drivers
|
Urbanization and Smart
City Initiatives
Growing Demand for
Wireless Connectivity
Advancements in
Technology
|
Opportunities
|
Emerging 5G
Infrastructure
|
Restraints
|
High Initial
Investment
|
The single mode segment is anticipated to dominate in revenue
during the forecast period.
Based on mode, the single mode segment contributed over
two-thirds of the total revenue in the global optical fiber market
in 2023. It is anticipated to maintain its dominant position
throughout the forecast period. This dominance is attributed to the
single mode fiber's superior performance in long-distance and
high-bandwidth applications, making it essential for
telecommunications and data center connectivity. However, the
multi-mode segment is projected to witness the fastest CAGR of
6.85% due to its cost-effectiveness and high data transmission
capacity over short distances, making it ideal for applications in
data centers and local area networks.
The plastic optical fiber segment is projected to retain the
lion's share by 2032.
Based on type, the plastic optical fiber segment emerged as the
market leader in the global optical fiber market in 2023, holding
over three-fifths of the market share. This dominance is due to the
plastic optical fiber's cost-effectiveness, flexibility, ease of
installation, and robust performance in short-distance applications
such as in-home networks, automotive, and industrial environments.
However, the glass optical fiber segment is projected to witness
the fastest CAGR of 6.29% due to its superior bandwidth
capabilities, longer transmission distances, and lower attenuation
rates, which are essential for expanding telecommunications
infrastructure and high-speed internet services.
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The Telecom and IT segment is projected to retain a major
share in 2023.
Based on industry verticals, the Telecom and IT segment emerged
as the market leader in the global optical fiber market in 2023,
holding more than one-third of the market share due to the
increasing demand for high-speed data transmission and the
widespread deployment of 5G networks, which require extensive fiber
optic infrastructure. The healthcare segment is expected to hold
the highest CAGR of 9.93% through the forecast period due to the
growing adoption of telemedicine, the need for faster and more
reliable data transmission in medical facilities, and the
integration of advanced technologies requiring high bandwidth in
healthcare applications.
Asia-Pacific garnered the
major share in 2023.
Based on region, Asia-Pacific
dominated the optical fiber market revenue in 2023, representing
more than two-fifths of the global market share. This is primarily
due to extensive infrastructure development, rapid urbanization,
and significant investments in telecommunications and technology
sectors across the region. However, the Latin America region is expected to achieve
the highest CAGR of 7.28% due to increasing investments in
telecommunications infrastructure, government initiatives to expand
internet connectivity, and a rising demand for high-speed data
services across the region.
Leading Market Players:
- TATA Communications
- Corning Inc
- Nexans S.A.
- Furukawa Electric Co. Ltd
- Sumitomo Electric Industries Ltd
- Reflex Photonics
- The Prysmian Group
- Finisar Corporation
- Sterlite Technologies Ltd
- Fujikura Ltd
The report provides a detailed analysis of these key players in
the global optical fiber market. These players have adopted product
launch, partnership, acquisition, and geographical expansion
strategies to increase their market penetration and strengthen
their position in the industry. The report helps determine the
business performance, operating segments, developments, and product
portfolios of every market player.
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Key Industry Developments:
In September 2023, Corning
Incorporated opened a new optical fiber manufacturing facility in
Mszczonów, Poland, to meet the
growing demand for high-speed connectivity in the European Union
and surrounding regions. The facility, one of the largest optical
fiber plants in the European Union, represents Corning's latest in
a series of global investments in fiber and cable manufacturing,
totaling more than US$ 500 million
since 2020. This expansion has been supported by increasing demand
and strong customer commitments.
In April 2023, Prysmian
Group introduced the first optical cables that are certified as
environmentally friendly. The ECO CABLE products aim to meet the
increasing demand for sustainability from the telecom market and
all its stakeholders.
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Optical Fiber Market Key Segments:
By Type
- Glass optical fiber
- Plastic optical fiber
By Industry Vertical
- Telecom & IT
- Public Sector
- Healthcare
- Energy & Utilities
- Aerospace & Defense
- Manufacturing
- Others
By Region
- North America (U.S.,
Canada, Mexico)
- Europe (UK,
Sweden, Germany, Spain, Russia, France, Rest of Europe)
- Asia-Pacific
(China, India, Japan,
South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America,
Middle East, Africa)
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