According to a comprehensive research report by marketing research Future (MRFR), “Global Fiber Optics Market information by Mode Type, Application, End-User and Region – Forecast till 2026”, market size is predicted to grow from USD 8,130.0 million in 2019 to USD 14,194.0 million by 2026, at a compound annual rate of growth of 8.4%.
With developments in end-use applications across numerous business sectors and therefore the migration from traditional server-based operations to cloud-based platforms, the demand for top bandwidth connectivity is increasing. This has reduced the necessity for physical computing resources since cloud platforms provide benefits like lower operating costs, improved data security, no got to invest in and maintain expensive IT infrastructure, easy application deployment, and accessibility to anyone in remote locations.
Furthermore, the necessity for 5G connectivity among firms to implement industrial IoT is growing. Fiber optic cables are critical within the development of 5G infrastructure. As a result, increased demand for high-speed internet services is probably going to spice up the worldwide fiber optics market throughout the study period. Advances in technology, like AI (AI), 5G networks, the web of things (IoT), big data, and virtual/augmented/extended reality, are boosting demand for high-speed, low-latency, and dependable network connections. As a result, the growing adoption of FTTX networks is probably going to propel the worldwide fiber optics market throughout the forecast period.
Market USP exclusively encompassed:
Factors driving the fiber optics market include rising demand for high-speed internet services and increased adoption of FTTX networks. Furthermore, increased demand for fibre optic cables within the aerospace and automotive industries is creating new opportunities for industry participants to innovate and develop their businesses to subsequent level. it’s widely employed by a spread of end-users, including telecommunications and broadband, industrial, military, utilities, and aerospace.
Segmentation of Market covered within the research:
The global fiber optics industry has been segmented into mode type, application, and end-user.
Based on mode type, the worldwide fiber optics market has been divided into single-mode and multi-mode. Among these, the single-mode segment led the market in 2019 and is probably going to take care of its dominance during the projected period at a better CAGR of 8.9%.
Based on application, the worldwide fiber optics market has been segmented into long-distance communication, submarine cable, FTTx, local mobile metro network, CATV and other LAN. Long-distance communications led the worldwide fiber optics market in 2019 and are expected to still do so throughout the forecast period.
Based on end users, the worldwide fiber optics market has been segmented into telecom & broadband, industrial, military, utilities, aerospace, and other uses.
By region, the worldwide fiber optics market has been segmented into North America, Europe, Asia Pacific, and South America, and therefore the Middle East & Africa.
Asia Pacific led the fiber optics market in 2019 with a worth of USD 2,878.4 million, and therefore the market is predicted to succeed in USD 5,034.2 million by 2026 at an 8.5% CAGR.
North America is that the market’s second-largest contributor to fiber optics. The regional market consists of the us , Canada, and Mexico. consistent with MRFR analysis, the us is predicted to possess the most important market share, followed by Canada and Mexico.
Europe’s fiber optics market is predicted to rise steadily throughout the projected period, due to expanding adoption of FTTX networks and increased demand for high-speed Internet services. almost like North America, Europe’s fiber optics market has grown with a uniform CAGR throughout the years.
COVID-19 Impact on the worldwide Fibre Optics Market
Since the COVID-19 outbreak in December 2020, global effects of the coronavirus disease (COVID-19) have already begun to be felt, and therefore the 5G Fibre optic cable industry in 2020 was considerably impacted. COVID-19 has the potential to impact the worldwide economy in three ways: directly impacting production and demand, causing supply chain and market disruption, and having a financial impact on enterprises and financial markets. Wuhan has the very best concentration of the fiber optics supply chain, home to Fiberhome, YOFC, and Accelink, among other enterprises, accounting for 25% of the world’s glass fiber production capacity. During the first stages of the COVID-19 pandemic, demand was typically low, although manufacturing continued at a reduced level.