As per Precedence Research, the fiber optics market size was US$ 6.81 billion in 2019. It is projected to grow US$ 9.91 billion by 2027 at a CAGR of 4.6% from 2020 to 2027. The report contains 150+ pages with detailed analysis.
The report provides the overall revenue of the global fiber optics market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year. The study includes drivers and restraints of this global market. It offers a thorough analysis of the market revenue status, growth, future trends, and forecast of the global fiber optics market for the period from 2016 to 2027.
Optical fibers are transparent flexible cables made up of high-grade plastic, glass, and silica that follow total internal reflection theory for transmitting information from one place to another. Intensive research & development in the fiber optics has extended its application area in medical, oil & gas, military & defense, utilities, and other industry sectors. This technology has proved as a boon for above mentioned applications owing to its ease of data transfer without any losses.
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Growth Factors
Rising penetration of internet for supporting the growth of connected devices drives the demand for fiber optics prominently. Fiber optics is the backbone of internet, as they are used for transmitting information from one end to another. As per the International Telecommunication Union (ITU), 51.2% of the world’s population was using internet in the year 2018 and the projected rise in the number of internet users in 2018 was nearly 45%. In addition, IEA (International Energy Agency) has predicted that the number of internet users will surpass 5 Bn by 2025. Prominent growth in Internet of Things (IoT) and cloud-based services are the prime factors that proliferates the growth of internet users across the globe.
Besides this, increasing application of wireless devices and communication system may hinder the market growth. Low cost of installation along with non-interference of different frequencies propels the demand for wireless communication system across the world. Nonetheless, rising investment in the broadband network infrastructure FTTx anticipated to offer lucrative growth opportunities for the market in the coming years.
COVID-19 Impact:
The industrial report mentions the influence of the ongoing COVID-19 pandemic. The outbreak has caused disturbances in several industries and has hammered the logistics, resulting in delayed deliveries and cancellation of product demand. The fiber optics report proficiently explains the resulting factors and concerns of manufacturers. Researchers have also well-explained how the producers and providers will tackle the ongoing epidemic and the key strategies to be adopted post-pandemic for turning their businesses back to normal.
Report Highlights
Regional Snapshots
In 2019, the Asia Pacific led the global fiber optics market with the largest revenue share and expected to forecast lucrative growth aspects by retaining its leading market position. Strong investment in network infrastructure development is prime factor behind the significant growth of the region. China was the largest contributor to the Asia Pacific fiber optics market in the year 2019.
However, India and other developing nations register high growth rate among the other Asian countries due to rapid penetration of IoT and smart devices. IoT market in India is poised to reach US$ 15 billion by the year 2020, accounting for nearly 5% of the global market. The country provides tremendous opportunity for the startups and investors to show their keen interest in the emerging market of IoT. The cumulative investment is predicted to be around US$ 60 million between years 2014 and 2016. In the similar fashion, Rest of Asia Pacific also offers significant opportunity for the fiber optics market over the forecast period. The prime reason behind the significant growth are increasing investment in embedded computing, lifestyle/wearables, connected homes, industrial internet, and many more segments.
Key Players & Strategies
The global fiber optics market offers lucrative growth prospects for the market players owing changing trend and introduction of new technologies create new requirements for advanced fiber optic cables and other communication modes. Fiber optic manufacturers increasingly focus on product development and their regional expansion. For instance, in March 2018, Corning Inc. launched Corning TXF Optical Fiber that enable high-speed transmission of data over longer span for improved network flexibility along with low cost of the network.
Some of the prominent players in the fiber optics market include:
Segments Covered in the Report
This report analyses and projects market revenue and growth trend at global, regional, and country levels and offers an analysis of the modern industry developments in each of the sub-segments from 2016 to 2027. This report classifies global fiber optics market on the basis of product type, application, and region:
By Product Type
By Application
By Regional Outlook
Why should you invest in this report?
If you are aiming to enter the global fiber optics market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for fiber optics are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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