Fiber Optics Market Size to be Worth US$ 8.2 billion by 2027 – Exclusive Report by MarketsandMarkets™

Fiber Optics Market Size to be Worth US$ 8.2 billion by 2027 - Exclusive Report by MarketsandMarkets™
Browse 210 market data Tables and 79 Figures spread through 255 Pages and in-depth TOC on “Fiber Optics Industry”
Fiber Optics Industry by Fiber Type (Glass, Plastic), Cable Type (Single-mode, Multi-mode), Deployment (Underground, Underwater, Aerial), Application, and Region (North America, Europe, APAC, Rest of the World)

The global fiber optics market is projected to grow from USD 4.9 billion in 2022 and is projected to reach USD 8.2 billion by 2027; it is expected to grow at a CAGR of 10.9% from 2022 to 2027. The growth of this market is driven by factors such as growing internet penetration and data traffic, rising number of data center facilities worldwide, and mounting demand for high bandwidth.

The glass segment is expected to grow rapidly during the forecast period. Glass optical fibres perform well in both low and high temperatures, ranging from 40°F to 900°F. Glass optical fibres can be used over long sensing distances because their glass cores transmit light more efficiently and allow significantly faster transfer speeds. These optical fibres can achieve narrow core diameters, such as 8-10 m for single-mode fibre and 50-100 m for multi-mode fibre. These high-end physical properties of glass optical fibres will increase their adoption across a variety of end-use application markets, including telecom, Local Area Networks (LANs), and data centres.

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From 2022 to 2027, the industrial application segment is expected to grow at the fastest CAGR. Fiber optics are used in industrial networks because they are resistant to noise and electromagnetic interference. Mechanical operations in industrial plants generate a significant amount of electrical noise, which causes significant problems in communication systems. The installation or implementation of fibre optics aids in the reduction of impediments caused by mechanical operations in an industry. The proliferation of smart factories in developed economies such as South Korea, China, and the United States will drive the growth of the fibre optics market in industrial applications over the forecast period.

Corning Incorporated (US), Prysmian Group (Italy), Sumitomo Electric Industries, Ltd. (Japan), Yangtze Optical Fibre and Cable Joint Stock Limited Company (China), and Fujikura Ltd. are key players in the fibre optics market (Japan). Other emerging companies in the fibre optics market include LEONI (Germany), LS Cable & System Ltd. (South Korea), Hengtong Group Co., Ltd. (China), Furukawa Electric Co. Ltd. (Japan), and Optical Cable Corporation (US).

Key strategies adopted by the players in the fiber optics market to uphold their position and ensure long-term growth and market success are product launches, collaborations, and partnerships. For instance:

In May 2022, Prysmian Group (Italy) partnered with Telstra (Australia) to deliver a fiber optic cable for the national fiber network project in Australia. The cable design is combined with Prysmian’s BendBright G.657.A2 low-loss fiber technology. Under this project, the companies will deploy about 20,000 km of new fiber-optic terrestrial cables, boosting inter-capital capacity, as well as capacity for regional areas.

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In June 2021, Corning Incorporated (US) launched a new SMF-28 Contour optical fiber in a standard and smaller version i.e., a 242-micron configuration and a 190-micron configuration, respectively. The new fiber is launched to target telecommunication players to help them build 5G networks and address the expanding number of cloud computing and connected devices.

Corning Incorporated (US) specializes in manufacturing specialty glass, ceramics, and optical products. It caters its products to customers from diversified market spaces such as aerospace & defense, architecture & design, automotive, consumer electronics, communications, life sciences, and optics industries. The company through its Optical Communications business segment is engaged in providing cables, optical fibers, and connectivity solutions. It extensively focuses on research and development activities. In 2021, the company invested ~7.1% of the total revenue in R&D activities. It has a strong patent portfolio with over 12,150 patents worldwide, out of which, 4,350 are US patents. Adding to this, the company has 9,050 patent applications in the process as of December 2021. Strong manufacturing capabilities with over 119 manufacturing plants and processing facilities are also providing the company a competitive advantage in the fiber optics market.

Prysmian Group (Italy) is one of the leading providers of optical cables, optical fibers, optical ground wires, and other connectivity components. It offers a wide range of fiber optics-based products to sectors such as underground, submarine, and power transmission & distribution. The company operates through three business segments: Energy, Projects, and Telecom. The Telecom segment represents about 12% of the total revenue in FY2021. The company has a strong patent portfolio of over 5500 active patents as of December 2021. Its 26 R&D centers, 108 manufacturing plants, and four submarine cable-laying ships provide a competitive edge over other leading players across the fiber optics industry.

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