According to the new market research report “Fiber Optics Market by Cable Type (Single-mode, Multi-mode), Optical Fiber Type (Glass, Plastics), Application (Telecom, Premises, Utility, CATV, Military, Industrial, Sensors, Fiber Optic Lighting, Security, Metropolitan), Region – Global Forecast to 2024″, The growth of the global fiber optics market is primarily triggered by the increasing demand for internet. The internet is a global system of connected devices. Fiber optics act 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 internet users was around 45% in 2018. The growing importance of cloud computing, data transfer and storage, and Internet of Things (IoT) is driving the use of the internet. According to IEA (International Energy Agency) the number of internet users is expected to increase from 3.6 billion in 2018 to 5.0 billion, by 2025. Moreover, the number of IoT connections is expected to increase from 7.5 billion in 2018 to over 25.0 billion by 2025.
Don’t miss out on business opportunities in Fiber Optics Market
Speak to our analyst and gain crucial industry insights that will help your business grow: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=238443438
The global fiber optics market size is projected to reach USD 6.9 billion by 2024, at a CAGR of 10.0%, from 2019. 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 optics market, globally.
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.
Browse and in-depth TOC on “Fiber Optics Market – Global Forecast to 2024”
122 – Tables
36 – Figures
135 – Pages
View more detailed TOC @ https://www.marketsandmarkets.com/Market-Reports/fiber-optics-market-238443438.html
The global fiber optics market size is projected to reach USD 6.9 billion by 2024 from USD 4.3 billion in 2019, at a CAGR of 10.0%, between 2019 and 2024. The growing need for Fiber To The x (FTTx) and increasing demand for the internet across the globe is expected to support the growth of the fiber optics market. However, the demand for wireless communication systems is restraining the growth of the market. The growing telecom industry in the Middle East & Africa has created opportunities for manufacturers. Corning Incorporated. (US), Prysmian Group (Italy), Furukawa Electric Co. Ltd. (Japan), and Sumitomo Electric Industries, Ltd (Japan) are the major players in the fiber optics market.
Corning Incorporated (US) is one of the leading producers of fiber optics. The company actively invests in R&D for creating innovative solutions for the fiber optics market. In August 2018, Corning Incorporation invested USD 60 million to build its new fiber optics cable production plant in Hickory, North Carolina. This facility is expected to produce various fiber optic cables. Recently, in January 2018, the company opened a new fiber optics manufacturing facility in Newton, North Carolina. This expansion is a part of company’s plan to invest USD 250 million in optical fiber, cable, and solution manufacturing facilities. This has helped the company to fulfill the growing demand for optical fiber and cable across the globe.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=238443438
The Prysmian Group (US) is another leading player in this market. The company invests significantly in R&D for new technologies and innovations in product development. It aims at expanding its presence in North America with the help of acquisitions. Recently, in June 2019, the company signed a supply agreement with CityFibre (UK) for the supply of optical fiber for underground and aerial applications. In June 2018, Prysmian completed the acquisition of General Cables (US). After the acquisition, General Cable has become a privately-held company of the Prysmian Group.
Furukawa Electric Co. Ltd. (Japan) is also a leading producer of fiber optics. The company has adopted organic growth strategies in the fiber optics market. In January 2019, it completed the expansion of its optical fiber production facility located at Norcross, Georgia. This helped the company to meet increasing demand for fiber optics. Recently, in May 2018, the company opened its first manufacturing facility in Tangier, Africa. Owing to this expansion, the fiber optic production capacity of the company in expected to increase by 20%. This has helped it to meet the increasing demand for fiber optics from Africa.
Browse Adjacent Markets @ Chemicals Market Research Reports & Consulting
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/fiber-optics-market.asp
Visit Our Website: https://www.marketsandmarkets.com