Global Fiber Optics Market Size & Share to Reach $3.72 Billion by 2022
New York, NY, April 16, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Fiber Optics Market for Telecom & Broadband, Healthcare, Defense, Private Data Networks, and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022”. According to the report, global fiber optics market was valued at around USD 2.75 billion in 2016 and is expected to reach approximately USD 3.72 billion in 2022, growing at a CAGR of slightly above 5.2% between 2017 and 2022.
An optical fiber is a flexible and transparent fiber made by drawing glass or plastic and is used to transmit light between the two ends of the fiber. There are wide usages in fiber-optic communications, where they allow transmission over longer distances and at higher bandwidths than wire cables. Instead of using metal wires, fiber optic cables are used in order to signals travel along them with lesser amounts of loss. Furthermore, fibers are also used for illumination and are wrapped in bundles so that they may be used to carry images and used in other applications also.
Browse through 8 Tables & 17 Figures spread over 110 Pages and in-depth TOC on "Fiber Optics Market for Telecom & Broadband, Healthcare, Defense, Private Data Networks, and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022”.
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The major factors which are driving the fiber optics market growth are increasing demand for fiber optics in different avenues such as telecommunication sector, private data networks, and others. Growing demand for high-speed internet is also impelling the demand of fiber optics market. However, some restraining factors which hinder the growth of the fiber optics market are the high cost of raw material and complex manufacturing process. Nonetheless, rising demand for a remote sensing technique which allows data transmission without any physical medium will fuel the fiber optics market growth in the years to come.
Fiber optics is used in different applications such as telecom & broadband, cable television, private data networks, oil & gas, utilities and others. Among these applications, the telecom sector is dominating the fiber optics market and is estimated to persist over the forecast period. Other applications of fiber optics are industrial, healthcare, commercial and data storage. Fiber optics is used as an imaging tool, light guides and also as lasers for surgeries. Fiber optics are used as hydrophones for seismic and SONAR uses, submarines as wiring in aircraft and other vehicles and also for field networking. In telecommunication sector, the fiber optics help to receive and transmit data. Fiber optics play cog role in industrial and commercial sector owing to its uses in various fields. For instance, fiber optics are used for imaging in inaccessible areas and acts as sensory devices to measure temperature. In conventional wiring, there is EMI issue which is overcome using fiber optic cables. It is also used for wiring in the automobile industry. Fiber optic cables are also used for research and development and testing across all the above-mentioned industries.
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By region, the fiber optic market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America and Europe are expected to exhibit significant growth due to high technological advancement in these regions. In North America, fiber optics lighting is used for a number of commercials, medical, and industrial applications such as metrology, web inspection, surgical, endoscopy, semiconductor and dental curing, electronic automation, power transmission, automotive data transmission utility lighting. Fiber optics are increasingly used by defense sector as U.S. manufacturers are developing ground tactical fiber optic cable and connectivity solutions for the U.S. military.
The Asia Pacific is contributing to significant growth on account of increased usage in many sectors. In the Asia Pacific, China held the largest share in terms of revenue in 2016 of fiber optics market due to the implementation of the innovative strategy and also local production capacity of China is heavily boosted presently. The major players contributing major chunk in the market are YOFC, Pysmian, Corning, Shin-Etsu Chemical, and Hengtong Optic-electric. Global companies also have scaled up their investment in China for fiber optics market. At present most of the Chinese enterprises are engaged in developing new plants of fiber optics.
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Fiber optic market in Latin America is primarily driven by healthcare sector. In addition, fiber optic broadband technology is also propelling demand for fiber optic market. In the Middle East & Africa, growing penetration of smart devices and internet usage is expected to offer tremendous growth over the forecast period. Expansion of undersea fiber-optic networks has led considerable growth in terrestrial fiber-optic networks in many African and Middle Eastern countries. In addition, few Middle East & Africa households and businesses are connected to working landlines at present. Therefore where there are not already telephone landlines in place, it is easy for telecoms to skip landline deployment completely to support of fiber-optic networks.
Latin America also offers huge potential for the growth of this market. A recent survey shows that 3.65 million subscribers and 20.1 million homes passed with fiber optic networks in the 16 countries. At the same time, many countries in Latin America are taking efforts to develop backbone networks which are essential to support mobile and broadband services. Fiber-optic connections are expected to reach more than6 million in Latin America by 2017.
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The leading players in the fiber optics market are Sterlite Technologies Limited, Australian Fibreoptic Communications, Finolex Cable Limited, Ofs Fitel, Corning Inc., Fujikura Limited, Yangtze Optical Fiber and Cable Co. Ltd., Prysmian SpA, and others. However, high initial investment and maintenance cost may restrict entry of new players in the fiber optics market.
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The report segments global fiber optics market as follows:
Global Fiber Optics Market: Application Segment Analysis
- Telecom & broadband
- Private data networks
Global Fiber Optics Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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