According to the latest report by IMARC Group, titled "Fiber Optics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global fiber optics market reached a value of US$
10.8 Billion in 2022. Fiber optics refers to thin cables that are generally used for transmitting data as pulses of light. They are usually manufactured from glass or plastic that enables transferring of data signals effectively. Some of the commonly available fiber optics variants in the market include fiber-to-the-home (FTTH), fiber-to-the-building (FTTB) and fiber-to-the-curb (FTTC). In comparison to the traditional non-metallic cables, they offer higher bandwidth and significantly faster internet connection. Additionally, these cables are not affected by electromagnetic interference and temperature fluctuations, due to which they are considered safer to use.
Global Fiber Optics Market Trends:
The global market is primarily driven by the rising preference for high-speed internet connectivity. Along with this, continual technological advancements are creating a positive outlook for the market across the globe. For instance, the introduction of advanced technologies, including cloud computing and the Internet of Things (IoT), are positively influencing the market growth. Moreover, increasing investments by private and public firms to improve the telecommunication infrastructure is providing an impetus to the market growth across the globe. Also, numerous government initiatives undertaken by numerous countries towards the development of smart cities are also acting as a major growth-inducing factor. Furthermore, the widespread adoption of fiber optics in order to perform major medical procedures, such as light therapy and surgical endoscopy, is projected to drive the market growth further. Some of the other factors contributing to the market growth include rapid digitization and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of
16.8% during the forecast period (2023-2028).
- On the basis of the cable type, the market has been bifurcated into single-mode and multi-mode.
- Based on the optical fiber type, the market has been segmented into glass and plastics.
- On the basis of the application, the market has been categorized into telecom, oil and gas, military and aerospace, BFSI, medical, railway and others.
- Based on the region, the market has been divided into Europe, North America, Asia Pacific, the Middle East and Africa and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Corning Inc., Prysmian Group, Finisar, AFL Global, Sumitomo Electronics Industries (SEI), Ls Cable & System, Leoni AG, Furukawa Electric, General Cable Corporation, and Finolex.
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