Optical Fibre Market to be Driven by Technological Advancements in the Forecast Period of 2023-2028
The new report by Expert Market Research titled, ‘Global Optical Fibre Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global optical fibre market, assessing the market based on its segments like fibre types, cable types, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 7.4 billion
- Forecast CAGR (2023-2028): 15%
- Forecast Market Size (2026): USD 17.7 billion
The market for optical fibre is being aided by the rising demand for secure, reliable, cost-effective, fast, and efficient data transmission. The growing applications of optical fibres such as telecommunication, broadbands, and data networking are further lubricating the market growth. In addition, increasing smartphones ownership, internet penetration, and the extensive use of network connectivity for gaming and streaming is surging the demand for infinite bandwidth optic fibre owing to data traffic, hence further augmenting the growth of the optical fibre industry. The escalating efforts of governments to promote digitisation and the introduction of favourable policies and incentives to provide an affordable internet connection to their citizens is providing further impetus to the market growth.
Industry Definition and Major Segments
Optical fibre is a fibre that carries information in the form of light pulses from one end to another. It is generally made of plastic or glass and is used for long-distance and high-performance networking. It has higher bandwidth and transmits information faster than copper cables and is generally used in telecommunication services like television, telephone, and internet.
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Based on the fibre type, the market is divided into:
- Glass
- Plastics
The major cable types of optical fibre are:
- Single Mode
- Multi-Mode
By applications, the market is divided into:
- Telecom
- Oil and Gas
- Military and Aerospace
- Medical
- BFSI
- Others
The regional markets of optical fibre are:
- North America
- Asia Pacific
- Europe
- Middle East and Africa
- Latin America
Market Trends
The optical fibre industry is driven by technological advancements and innovations to provide faster internet. The advent of 5G technology which promises to provide wireless and fast internet heavily relies on optical fibre cables for ultra-low latency. This is anticipated to propel the market growth. Also, the development of technologies such as all-optical network and orbital angular momentum (OBM) to provide efficient transmission is further anticipated to invigorate the growth of the optical fibre industry. The surging use of the Internet of things (IoT) in various industrial applications is also catalysing the market growth. In addition, the rising prevalence of smart cities which require efficient connectivity is expected to further bolster the market growth.
Key Market Players
The major players in the market are Corning Incorporated, Prysmian Group, Sumitomo Electric Industries, Ltd., General Cable Technologies Corporation, and Fujikura Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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