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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