Fiber Optics Industry Overview
The global fiber optics market size was valued at USD 8.76 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.9% from 2023 to 2030. Fiber optics technology is modern-day innovation that has evolved owing to rigorous studies conducted by researchers and scientists worldwide through extensive R&D. Several connector manufacturers are expanding their product lines to connect fiber optic channels that are highly protected and precisely aligned. For instance, in for instance, in December 2022, Microsoft acquired Lumenisity Limited, a fiber optic products supplier in England. This acquisition aims to strengthen Microsoft’s ability to enhance its global cloud infrastructure and meet the strict latency and security requirements of Microsoft’s Cloud Platform and Services customers.
Gather more insights about the market drivers, restrains and growth of the Fiber Optics Market
The combined efforts of businesses to innovate fiber networks to reduce operations and maintenance (O&M) and optical distribution network (ODN) construction and costs will have a significant impact on market during projected period. Moreover, increased government initiatives for fiber optic cable deployment are contributed to market growth.
For instance, in July 2022, Government of India announced a merger of Bharat Sanchar Nigam Ltd, a telecommunications company, and Bharat Broadband Network Ltd, a broadband company to construct country’s largest optic fiber cable (OFC) network. Through this merger, BSNL will gain complete control of BBNL’s 5.67 lakh km of optical fiber spread across the country.
Significant adoption of fiber optic cables under the sea contributed towards growth of market due to increased utilization of deployed fiber, improved network capacity, and enhancement in spectral efficiency. Moreover, major benefit of fiber optic cables under sea is that large amounts of data are transmitted rapidly and evolve to enable development of new technologies.
For instance, in August 2020, the Indian government launched a submarine optical fiber cable connecting Andaman and Nicobar Islands to mainland, to provide cheaper and better telecom connectivity to Union Territory. This initiative will facilitate Andaman and Nicobar Islands in improving online education, telemedicine, banking, online trading, and tourism.
A few major applications of fiber optic technology across healthcare & medical industry include ophthalmic lasers, X-ray imaging, laboratory & clinical diagnostics, surgical endoscopy & microscopy, surgical instrumentation, and light therapy. The demand for fiber optic technology in medical industry can be attributed to `growing demand for minimally invasive surgeries, preferred by patients.
Patients are also demanding advanced medical treatments, which is paving the way for advanced and skilled medical practices. Increasing application of fiber optics technology in healthcare sector propels the market’s growth.
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Fiber Optics Market Segmentation
Grand View Research has segmented the global fiber optics market report based on type, application, and region:
Fiber Optics Type Outlook (Revenue, USD Million, 2017 – 2030)
• Single mode
• Multi-mode
• Plastic Optical Fiber (POF)
Fiber Optics Application Outlook (Revenue, USD Million, 2017 – 2030)
• Telecom
• Oil & Gas
• Military & Aerospace
• BFSI
• Medical
• Railway
• Others
Fiber Optics Regional Outlook (Revenue, USD Million, 2017 – 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o France
• Asia Pacific
o China
o Japan
o India
• South America
o Brazil
• Middle East and Africa
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Key Companies profiled:
• AFL
• Birla Furukawa Fiber Optics Limited
• Corning Incorporated
• Finolex Cables Limited
• Molex, LLC
• OFS Fitel, LLC
• Optical Cable Corporation (OCC)
• Prysmian Group
• Sterlite Technologies Limited
• Yangtze Optical Fiber and Cable Joint Stock Limited Company (YOFC)