Rising penetration of internet followed by increase in adoption of fiber to the home (FTTH) connectivity are few among many reasons driving the growth of Global Fiber Optics Market. The global fiber optic cable market was valued at USD 9,236.7 million in 2020, and it is expected to reach USD 20,832.9 million by 2027, registering a CAGR of 14.6% during the period, 2021-2027
The growing penetration of Internet of Things (IoT’s) has resulted in increasing a fierce competition among various telecommunication and cable companies. This competition has revealed that access to the internet via copper wires can support bandwidths in the range of a few Gbps, but the only hope for unlimited bandwidth in the future is the installation of optical fibre. The optical fiber offers numerous advantages such as increased bandwidth, decreased size and weight, electromagnetic interference immunity, data security, electrical isolation, and others which are responsible for driving the fiber optic market growth.
Increased adoption of Fiber to the home (FTTH) has greatly impacted the global fiber optics market. Fiber to the home (FTTH), also called fiber to the premises (FTTP), is the installation and use of optical fiber from a central point directly to individual buildings such as residences, apartment buildings and businesses to provide high-speed internet access. It is the one the most progressive technology which is used in building advanced communication networks. For example, fiber cable connections are used in more than 130 million homes. Moreover, increasing internet requirement in schools, colleges, offices, and restaurants is further expected to drive the fiber optic cables market over the coming years.
Furthermore, increasing investments in fiber optics cable network infrastructure is anticipated to have a positive impact on global fiber optics market. The popularity of 5G technology is believed to grow because of increasing dependence on internet of things (IoT) devices and hike in the consumer data. However, the on-going Covid-19 pandemic has greatly impacted the 5G rollout and service offerings of the Communications Service Providers (CSP). Many countries have delayed their rollout which was to be done by spectrum auctions, and a few others have brought in regulations relating to prioritization of spend. However, several other countries have invested in fiber optic cables because of the growing work-from-home culture which is generating ample opportunities for the growth of the market. For example, U.S. requires greater fiber-optic infrastructure in the coming years to support its 5G wireless as well as broadband technology. For this, US will install fiber cable of around $130 billion to $150 billion in the coming years.
Moreover, the Asia-Pacific region has dominated the fiber optic cable market primarily due to increase in penetration of optical fiber technologies in developing economies such as China, India, Indonesia and many more. In the Asia Pacific region, China has remained the largest fiber optic cables consumer driven by significant investments in the fiber networks to increase internet penetration and 5G adoption.
Global Fiber Optic Cable Market Segmentation
The Global Fiber Optic Cable Market has been segmented on the basis of product type, application and region:
Global Fiber Optic Cable Market Cable Type Outlook (Revenue, USD Million, 2021-2027)
Global Fiber Optic Cable Market Fiber Application Outlook (Revenue, USD Million, 2021-2027)
Global Fiber Optic Cable Market Fiber End-Use Industry Outlook (Revenue, USD Million, 2021-2027)
Global Fiber Optic Cable Market Region Outlook (Revenue, USD Million, 2021-2027)
List of Key Players of Global Fiber Optic Cable Market: Corning Inc., Sumitomo Electric Industries Ltd, Finisar Corporation, Leoni AG, Prysmian Group, Coherent Inc., Furukawa Electric Co. Ltd, Cable & System (LS Group), Sterlite Technologies Ltd, Yangtze Optical Fiber and Cable Joint Stock Ltd Co.