How will Grow Fiber Optics Market Revenue ?

The global fiber optics market size is projected to reach USD 6.9billion by 2024,at a CAGR of 10.0%,from2019. A fiber optic is a flexible, transparent fiber made of extruded glass (silica) or plastic which can function as a waveguide, or “light pipe,” to transmit light between the two ends of the fiber. It is a cylindrical dielectric waveguide that transmits light along its axis, by the process of total internal reflection. The growing need for Fiber To The x (FTTx), coupled with the increasing use of the internet across the globe, is driving the growth of the fiber opticsmarket, globally.

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In fiber optics, data is transmitted from one point to another by using an optical cable, which acts as the backbone of the fiber optics technology. On the basis of the diameter of the cable, the most commonly used optical cables are single-mode and multi-mode. Single-mode is mainly used for applications requiring data transport over longer distances, such as telecom, CATV, and high-speed Local Area Network (LANs), while multi-mode is used for shorter distance applications, such as premises networks, industrial networks, and home networks.Growth in the telecom and CATV industries is expected to contribute to the growth of the single-mode cable fiber optics market. The Middle East & Africa is the fastest-growing market for the single-mode cable type segment.

An optical fiber cable is a thin strand of glass or plastic, which contains one or more optical fibers that are used to transmit data from one source to another. The elements of optical fiber are coated with plastic and deployed with a protective tube. They offer advantages over metal wires, such as greater bandwidth; immunity to interference from vibrations and electricity; and lightweight. The market for fiber optics, by type, is segmented into glass optical fiber and plastics optical fiber. Glass optical fiber is basically used in applications, such as telecom, CATV, high-speed LANs, and sensors. The demand from all these applications is a major driver of the dominance of glass fiber optics in the market.

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The communication segment accounted for the largest share of the market in 2018.The communicationapplication involves the use of fiber optics in telecom, premises, CATV, industrial, military, and utility uses. The telecom application is expected to account for the largest share of the fiber optics market. It is used for various purposes, such as point-to-point communication, entertainment, delivery, and access to internet-enabled services, critical communication, and news & infotainment. Positive trends in broadband and big data management are driving the growth of the telecom market, which inturn, is expected to fuelthe growth of the fiber optics market during the forecast period.

APACisprojected to be the largest market of fiber opticsduring the forecast period, in terms of value,as well as volume.High economic growth in the emerging countries has led to an increase in industrialization, which, in turn, is driving the fiber optics market.The massive population of China and India is one of the major drivers of the growth in the telecom market in the region. The presence of leading telecom service providers in APAC, such as China Mobile (China), China Unicom, and Airtel (India), is also driving the telecom application market.

Corning Incorporated (US), Prysmian Group (Italy), Finisar (US), AFL Global (US), Sumitomo ElectricIndustries, 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) are the leading players in the fiber optics market.These players have a strong foothold as well as a strong distribution network in the global fiber optics market.