The Internet of Things (IoT), the growing need for faster Internet access in the residential and commercial sectors, and the expanding deployment of fiber optics in these projects are all contributing to the growth of the fiber optics market. The Global Fiber Optics Market size is expected to reach USD 11.18 Billion in 2030 and register a revenue CAGR of 9.3% during the forecast period.
Three levels make up IoT devices: the perception layer, the application layer, and the network layer. Technologies in the perception layer are primarily focused on quick communication and data transmission, which has increased the use of fiber optics because it allows for faster data transfer. Because optical fiber has the potential to identify any issue in pipelines, helping to reduce the likelihood of spills, optical fiber-induced IoT devices are beneficial in a variety of applications in the oil & gas industry. Fiber optics’ feature that makes it easier to monitor activities in the oil and gas sector also contributes to significant cost savings by preventing needless oil discharge.
Endoscopy, microscopy, and biomedical research are just a few of the domains in which fiber optics are used in medicine and research. By illuminating surgical sites inside the body, fiber optic cables can minimize the size of incisions made during endoscopy treatments. Because optical fiber is so flexible, it makes it easier to approach the topic during microscopic imaging. Additionally, fiber optic sensors are being used more frequently in biological research and health monitoring due to their advantages over other types of sensors, such as their high sensitivity, small size, and less contact with electromagnetic radiation.
Key players in the fiber optics market are Corning Incorporated (US), Prysmian Group (Italy), Sumitomo Electric Industries, Ltd. (Japan), Yangtze Optical Fibre and Cable Joint Stock Limited Company (China), Fujikura Ltd. (Japan), LEONI (Germany), LS Cable & System Ltd. (South Korea), Hengtong Group Co., Ltd. (China), Furukawa Electric Co. Ltd. (Japan), Optical Cable Corporation (US), Hitachi Cable America Inc. (US), Finolex Cables Ltd. (India),
Optical Fiber Type Insights:
The worldwide fiber optics market is divided into glass and plastic segments based on the kind of optical fiber used. Due to its increased toughness, compact profile, lightweight, and capacity to support high bandwidth signal transmissions, the glass category accounted for a bigger market share in 2020. Because glass optical fiber can operate in both high and low-temperature environments, it is frequently used in a variety of electronic devices and equipment, including ovens, furnaces, and cold storage facilities. It also works well when the sensing distance is long due to its high transmit speed and better light transferring efficiency.
Driver: Growing data traffic and internet usage
The number of internet users has been increasing exponentially over the world. Social media services, online entertainment, Voice over IP (VoIP), and mobile payments have all grown widespread thanks to the rise in internet usage. As a result of the widespread use of tablets, laptops, smartphones, and other wireless devices, traffic related to data services, video streaming, online gaming, and the internet has significantly increased. To get to its destination, wireless traffic uses a fiber optic wireline network. As a result, landline networks like front haul and back haul are largely responsible for the rise of mobile communications. An enormous amount of data is created and replicated globally as a result of rising multimedia consumption.
Restraint: Increasing usage of wireless communication technologies relative to conventional systems
One of the main inhibitors for fiber optics manufacturers is the rising usage of wireless communication solutions in place of cable ones. In wireless communications systems, a microwave radio spectrum is used to send data from one place to another. The receiving devices, antenna systems, and dishes receive the data from one central point. Radiofrequency (RF) and fiber space optics (FSO) are the two main technologies for wireless communication. Both RF and FSO technologies offer non-interference with one another and cost less to install. In comparison to fiber optics technology, these solutions boost communication application efficiency.
Opportunity: Rapidly expanding 5G network deployment
The widespread adoption of 5G in developed and developing economies would present advantageous market possibilities for vendors of fiber optics. The deployment of optical fibers is crucial to the development of 5G infrastructure. These optical fibers are capable of transmitting a significant amount of data quickly between two locations. Telecom service providers are placing a strong emphasis on installing more recent 5G base stations to acquire a competitive edge in the market as 5G services continue to be commercialized. As of March 2022, China’s telecom service providers had installed over 1.425 million 5G base stations, according to the Ministry of Industry and Information Technology (MIIT) of China.
For this report, Reports and Data have segmented the global fiber optics market based on component, optical fiber type, application, cable type, and region:
Component Outlook (Revenue, USD Billion; 2018–2030)
Optical Fiber Type Outlook (Revenue, USD Billion; 2018–2030)
Application Outlook (Revenue, USD Billion; 2018–2030)
- Oil & Gas
- Banking, Financial Services & Insurance (BFSI)
- Aerospace & Defense
Cable Type Outlook (Revenue, USD Billion; 2018–2030)
Regional Outlook (Revenue, USD Billion; 2018–2030)
- North America
- the Asia Pacific
- Latin America
- Middle East & Africa
To get leading market solutions, Visit the Link