The “Fiber Optics Market 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) – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The 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.
Market for single-mode segment to grow at the high CAGR during the forecast period.
The single-mode segment is expected to witness high growth during the forecast period. The market growth is attributed increasing demand for single-mode fiber optic cables from telecom service providers across the globe. The single-mode fiber optic cables are majorly used by telecom companies for long-distance and high-bandwidth requirements. The rising demand has led market players to focus on new product development and launches.
For instance, in February 2021, Yangtze Optical Fibre and Cable Joint Stock Limited Company (China) launched ‘X-band’, a new optical fiber brand that will focus on manufacturing ultra-reduced diameter bending insensitive, single-mode fibers. Such active brand and product launches will propel the market growth over the forecast period.
Aerial deployment segment will grow at a high CAGR during the forecast period.
The aerial deployment segment will witness a high growth during the forecast period. Aerial deployment offers several advantages such as cost efficiency, easy repairs and maintenance, and faster deployment compared to other mediums. Aerial deployment is well suited for areas with flat terrain and small undulations. The rising penetration of over-the-top (OTT) media services is expected to increase the aerial deployment of fiber optics.
According to the India Brand Equity Foundation (IBEF), the number of paid subscribers for OTT services in India stood at 22.2 million in March 2020, which increased by 30% to 29.0 million in July 2020. The growing multimedia consumption increases the demand for fixed broadband connections, further fueling the aerial fiber optics deployment.
Asia Pacific will be the fastest growing region in the fiber optics market during the forecast period.
Asia Pacific is expected to be the fastest growing region in the fiber optics market during the forecast period. Market growth is driven by extensive penetration of Fiber to the Home (FTTH) networks across Asia Pacific economies such as China, India, and Japan.
According to the China Internet Network Information Center (CNNIC) August 2021 report, as of June 2021, the number of FTTH connections reached 918 million, a net increase of 37.9 million over December 2020. The total length of fiber optic cable lines has steadily increased. As of June 2021, the length of fiber optic cable lines in China totaled 53.52 million kilometers, a net increase of 1.83 million kilometers from December 2020. The growing FTTH installation will fuel the adoption of fiber optics in the Asia Pacific region over the forecast timeline. PR Newswire