Global Fiber Optics Market Forecasts (2019–2025) By Application (Telecom, Military & Aerospace, Medical), Segment Type (Single Mode, Multimode, Plastic Optical Fiber), and Region

Fiber Optics Industry Overview 2019-2025

The global fiber optics market size was valued at USD 6.5 Billion in 2018 and is expected to register a CAGR of 4.6% from 2019 to 2025. The market is predicted to offer rewarding opportunities with substantial growth during the forecast period. By considering all the factors, such as growing research and investments by leading manufacturers the market is sure to grow and expand the arena of its application.

Driver: Growing awareness about the benefits of fiber optics technology to boost the market growth

Fiber optics cables are used to transmit voice, data, and images ranging from few meters to a several kilometers effortlessly. Hence, IT and Telecommunication sectors are the major application areas for this technology. The evolution in fiber optics technology has proved to be a boon in several application areas and has increased the number of developments since past few years. Additionally, rising requirement for high bandwidth communication is propelling the market growth.

Furthermore, technological developments in telecom sector have augmented the implementation of broadband network architectures. Fiber to the Building (FTTB), Fiber to the Home (FTTH), Fiber to the Premise (FTTP), and Fiber to the Cabinet (FTTC) are a few leading broadband networking architectures that demand extensive deployment of fiber optic systems boosting the demand for fiber optic cables.

Driver: Growing application areas to drive the market growth

Growing R&D activities in fiber optics technology have led to numerous inventions, enabling its application across wide range of areas such as oil and gas, utilities, medical, and defense sectors. In the medical field, fiber optics cables are mainly used for transmission of light and illumination, laser delivery systems, and flexible bundling.

Some of the major applications in the healthcare and medical industry include ophthalmic lasers, X-ray imaging, surgical endoscopy and microscopy, laboratory, surgical instrumentation, clinical diagnostics, and light therapy. Increasing demand from medical industry can be attributed to rising preference for minimally invasive surgical procedures. Besides this, patients demand for latest and advanced medical treatments is paving way for innovative and skilled medical practices. Hence, fiber optics technology is proving to be a boon for the healthcare sector.

Segment Analysis

The global fiber optics market is segmented based on type, application, and region. By type, the global market is divided into single mode, multi-mode, and Plastic Optical Fiber (POF). Based on application the market is classified into telecom, oil & gas, military & aerospace, BFSI, medical, railway, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, South America, and MEA.

In 2018, the multimode segment was valued at USD 3.4 billion and dominated the fiber optics market in terms of revenue. The multimode and single product type segments are anticipated to observe continuous growth and lead the market during the forecast period. Moreover, Plastic Optic Fiber (POF) is predicted to undergo high growth throughout the forecast period.

In 2018, telecom sector held the major market share in terms of revenue and is projected to continue to uphold its position over the estimated period. On the other hand, telecommunication sector is expected to offer promising growth owing to rise in implementation of the technology in communication and data transmission services. Additionally, growth in audio-video services, cloud-based applications, and Video-on-Demand (VoD) services is pushing the demand for the fiber optics systems and hence, boosting the market growth.

Medical, military, and aerospace application segments are poised to undergo substantial development, due to growing adoption of optic technology devices. Besides, strict protocols and standards imposed by the government and medical associations are also propelling the market to flourish in the medical sector, and hence, driving the overall market growth.

At the beginning, railway segment might be hesitant about making huge investments in fiber optics implementations but it is projected to experience enormous growth during the forecast period. The railway track maintenance accomplished by fiber optics offers an opportunity to experience improved track repair without any complex procedures and also at an affordable price. Military and aerospace segment have moderate penetration, but it is likely to observe high growth in coming years in terms of market share.

Regional Insights

In 2018, North America dominated the market in terms of revenue by holding around 29.7% share of the market. Asia Pacific is leading the revenue growth due to technological developments and large-scale implementation of the technology in IT, telecommunication, and administrative areas. Moreover, increased penetration of the technology in manufacturing sector and expanding IT and telecom sector across Asia Pacific are strengthening the regional market hold. Besides, increase in application of fiber optics in medical field is propelling the market growth across countries, including Japan, China, and India and hence, driving the overall demand at a substantial rate.

On the other hand, developed countries such as the U.S., the U.K., Germany, China, and Japan are extensively investing in security systems at country level. Additionally, rising awareness among the rapidly developing nations is strengthening their hold at the international level.

Key Players

Key market players include Optical Cable Corporation (OCC), Corning Incorporated, Sterlite Technologies Limited, Prysmian Group, OFS Fitel, LLC, AFL, Birla Furukawa Fiber Optics Limited, Yangtze Optical Fiber, Finolex Cables Limited, and Cable Co., Ltd. (YOFC).

In January 2018, Corning, Inc. started a new manufacturing facility for fiber optic cable in Newton, North Carolina. This manufacturing plant was developed with an aim to meet the on-going demand for optical fiber cable all over the world. In March that year, the company introduced a new product called Corning TXF Optical Fiber that would allow high data-rate transmission over longer spans and extended reach for enhanced network flexibility and at lower cost.

Key Benefits for Stakeholders:

• This study presents the analytical depiction of the global fiber optics market along with the current trends and future estimations to depict the imminent investment pockets.
• The overall market potential is determined to understand the profitable trends to enable stakeholders gain a stronger foothold in the market.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The current market is quantitatively analyzed from 2019 to 2025 to highlight the financial competency of the industry.
• Porter’s five forces analysis to illustrate the potency of the buyers and suppliers of the market is also provided in the report.

Key Segments:

Based on type:

• Single Mode
• Multi-mode
• Plastic Optical Fiber (POF)

By application:

• Telecom
• Oil & Gas

  • High Bandwidth Communications
  • Material Sensing
  • Others

• BFSI
• Medical

  • Minimal Invasive Surgery
  • Biomedical Sensing
  • Imaging

    • Endoscopy
    • MRI
    • CT
    • PET
    • X-Ray
    • Others

• Railway

  • Railway Maintenance
  • Speed Monitoring
  • Dynamic Load Calculation

• Others

By Region:

• North America

  • U.S.
  • Mexico
  • Canada

• Europe

  • U.K.
  • Germany
  • France

• Asia Pacific

  • China
  • Japan
  • India

• South America

  • Brazil

• Middle East and Africa