Fiber Optics Market by Cable Type, Optical Fiber Type, Application, Region - Global Forecast to 2024
NEW YORK, Jan. 7, 2020 /PRNewswire/ -- Increasing demand for the internet is expected to drive the fiber optics market.
The global fiber optics market size is projected to grow from USD 4.3 billion in 2019 to USD 6.9 billion by 2024, at a CAGR of 10.0%. The fiber optics market is mainly driven by the increasing demand for internet and growing need for Fiber To The x (FTTx). The internet is a global system of connected devices. Fiber optics acts as the backbone of the internet; optical fiber cable is used as the medium for transmitting information from one point to another. According to the International Telecommunication Union (ITU) 51.2% of global population was using the internet in 2018. The growth rate of number of the internet users was around 45% in the same year. The growing importance of cloud computing, data transfer and storage, and Internet of Things (IoT) is driving the use of the internet.
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Glass is projected to account for the largest share of the overall fiber optics market, in terms of value, between 2019 and 2024.
Glass is the largest fiber type of fiber optics due to its increasing demand from various applications.The high performance and easy availability of glass fiber optics is driving the glass fiber optics market.
North America and Europe are mature markets. On the other hand, the markets in APAC and the Middle East & Africa are growing because of the rapid industrial growth in these regions.
Single-mode is the largest cable type in the overall fiber optics market in terms of value.
The consumption of single-mode fiber optic is very high in the fiber optics market.The single mode type optical cables are designed to transmit a single propagation mode per polarization direction for a given wavelength.
Factors including changing demographic trends, increasing number of connected devices, and growth in penetration are expected to contribute to the growth of the single-mode cable type segment of the fiber optics market.
Rapid industrialization in APAC to drive the demand for fiber optics.
The APAC fiber optics market is projected to be the largest during the forecast period.The growing industrialization and infrastructural development in the region have offered enormous opportunities for the use of fiber optics across various applications in APAC.
The major fiber optics markets in APAC are China, Japan, India, Australia, and South Korea. China is the major hub for manufacturing activities, globally, and is also one of the largest in terms of number of internet users.
In addition, China is the most populous country in the world, which has resulted in the growth of applications, such as telecom, premises, utility, CATV, and industrial. Moreover, countries including India and South Korea are also witnessing significant growth rates on account of the growing industrial activities in the region.
• By Company Type: Tier 1 - 46%, Tier 2 - 31%, and Tier 3 - 23%
• By Designation: C-Level - 46%, Director Level - 27%, and Others - 27%
• By Region: North America - 33%, Europe - 27%, APAC - 27%, South America - 7%, Middle East & Africa - 6%
The key players profiled in the report include Corning Incorporated (US), Prysmian Group (Italy), Finisar (US), AFL Global (US), Sumitomo Electric Industries, Ltd (Japan), LS Cable & System (South Korea), Leoni AG (Germany), Furukawa Electric Co. Ltd. (Japan), General Cable Corporation (US), Sterlite Technologies Limited (India), and Optical Cable Corporation (US).
Research Coverage
This report segments the market for fiber optics based on fiber type, cable type, application, and region, and provides estimations for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, and key strategies associated with the market for fiber optics.
Reasons to Buy this Report
This research report is focused on various levels of analysis — industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view of the competitive landscape; emerging and high-growth segments of the fiber optics market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights into the following pointers:
• Market Penetration: Comprehensive information on fiber optics offered by top players in the global market
• Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for fiber optics across regions
• Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global fiber optics market
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the fiber optics market
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