Fiber Optics Market to Reach US$ 29.05 bn by 2025 – According to BlueWeave Consulting
Published | March 2019
According to BlueWeave Consulting, The Global Fiber Optics Market worth USD 4.8 billion is anticipated to witness significant CAGR of 7.6% in the forecast period 2019-2025. The increasing demand for optical communication and sensing applications for diverse purposes provides avenues for industry growth. The growing importance of cloud computing, data transfer & storage, and IoT is driving the use of the Internet. Fiber optics acts as the spine of the Internet, an optical fiber cable is used as the medium for transmitting information from one point to another.
Moreover, the increasing demand for cost-effective, power-efficient, and high-level integration of IT infrastructure is expected to drive demand for optic fiber in the coming years. Fiber optics aids high-speed data transfer services in both slight and long-range communications. Furthermore, the increasing cloud-based applications, audio-video services, and Video-on-Demand (VoD) service further stimulate the demand for fiber optic installations. The demand has increased as both commercial and personal use of technology has grown highly used to the instant nature of connectivity. The growing adoption of technology in communication and data transmission services will fuel the market.
Telecom segment is projected to be the leading application of the fiber optics market during the forecast period.
Among application, Telecom Segment dominates the entire optic fiber market and anticipated to lead the market over the forecast period 2019-2025. Owing to the rising technology adoption in communication and data transmission services. The latest trend gaining momentum in the market is the development of next-generation telecommunication standard. The high demand for optical communication and sensing applications for various purposes provides avenues for market growth. Due to the persistent analysis & development activities and the escalating demand for high bandwidth fiber optic cable for communication and data services. Medical and military & aerospace applications are the fastest growing applications. Stringent regulations and standards being levied by the regulating authorities and medical associations are further helping the fiber optics market to flourish in the medical sector, eventually driving the global fiber optics market to grow at a notable pace over the forecast period.
Asia Pacific constituted the maximum share in the in the global fiber optics market during the forecast period.
Geographically, Asia-Pacific constituted the lion’s share of the entire fiber optics market during the forecast period 2019-2025. Due to increased technological advancements, large-scale adoption in IT & telecommunication sector. India ranks second in terms of the number of telecommunication subscribers. The global fiber optics market is majorly driven by the pursuit of high bandwidth communication. Growing opportunities in the healthcare, military, and telecommunication sector along with increasing government funding in the development of network infrastructure, fueling the market globally.
Global Fiber Optics Market Competitive Landscape
Companies such as Corning Incorporated, Optical Cable Corporation (OCC), Sterlite Technologies Limited, OFS Fitel, LLC, Prysmian S.p.A. AFL, Birla Furukawa Fibre Optics Limited, Finolex Cables Ltd., Yangtze Optical Fibre and Cable Joint Stock Limited Company (YOFC), General Cable Corporation, Sumitomo Electronics Industries (SEI), Ls Cable & System, Leoni AG, Furukawa Electric are the key players in manufacturing fiber optics globally.
Explore full report with detailed TOC, “Fiber Optics Market by Cable Type (Single Mode, and Multi-Mode), Optical Fiber Type (Glass and Plastics), by Application (Telecom, Oil & Gas, Military & Aerospace, BFSI, Medical, Railway, and Others), by Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Size and Forecast, 2015-2025” at https://www.blueweaveconsulting.com/fiber-optics-market-bwc19110
The in-depth analysis of the report provides the growth potential, upcoming trends, and statistics of Global fiber optics Market size & forecast. The report promises to provide state-of-the-art technology of fiber optics and industry insights which help decision makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.