Fibre Optics Market To Reach USD 8.43 Billion By 2026 | CAGR of 8.9%
Increasing adoption of higher bandwidth fibre optic cable for internet and communication.
Market Size – USD 3.01 billion in 2018, Market Growth – CAGR of 8.9%, Market Trends – High investment in research in the fibre optic industry.
The global Fibre Optics market is expected to reach USD 8.43 billion by 2026, according to a new report by Reports and Data. The increasing demand for fibre optic cables in the military due to their higher bandwidth, cyber security and security against signal interference a major factor affecting market demand. Globally, countries have started realizing the need for better data services and cyber security, thus are shifting towards Fibre Optics to maintain their privacy.
The need for high speed data transfer in social media sites, videos and other consumer apps is driving the market demand. In its “Future Telecoms Infrastructure Review (FTIR)” the UK government declared its objective of ‘industry-led switchover’ from copper to complete fibre. Hence, investment in 5G is more likely to drive the fibre optics market.
North America dominates the market with a market share of 33%. The Asia Pacific is following at a rapid speed and is expected to lead in the forecasted period. This is due to the high infiltration of IT & telecommunication sector in the region. Awareness regarding the benefits provided by the fibre optics are leading the government to adopt this technology, especially in developing countries hence boosting the market in this region. Adoption of Fibre optics will increase the bandwidth, eliminate signal interference and improve security globally.
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Key participants include Finisar (U.S.), Furukawa Electric (Japan), General Cable Corporation (U.S.), Corning Inc. (U.S.), AFL Global (U.S.), Leoni AG (Germany), LS Cable & System (South Korea), Prysmian Group (Italy), and Finolex (India), among others.
Further key findings from the report suggest
- Multimode fibre optics dominated the market in the year 2018 with a market share of USD 1.93 billion.
- Single mode fibre is used in the installation of long distance and offers less loss of power as compared to the other. However, the single mode is more expensive than multi-mode.
- Telecom application is expected to lead the market in the predicted period. Medical and military will witness significant growth and with stringent government policies, the medical sector will flourish as well, thus driving up the market for Fibre Optics.
- Increasing adoption of cloud-based services, video-on-demand services and audio-video services are further pushing the market for fibre optics.
- Asia Pacific market is forecasted to occupy a market share of 21% in the coming years. North America holds a larger market share owing to its huge resources and easy acceptance of the latest technology. Asia Pacific market will grow due to government policies and the availability of skilled labor.
For the purpose of this report, Reports and Data have segmented global Fibre Optics market on the basis of cable type, fibre optic cables, application and region:
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/fibre-optics-market
- Cable Type Outlook (Revenue, USD Million; 2018-2026)
- Fibre Optic Cable Type Outlook (Revenue, USD Million; 2018-2026)
- Application Outlook (Revenue, USD Million; 2018-2026)
- Regional Outlook (Revenue, USD Million; 2018-2026)
- North America
- Asia Pacific
- Latin America
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Key questions addressed in the Report:
- Which key factors are expected to hamper global market growth during the forecast period?
- Which application segment revenue is expected to expand at a rapid CAGR between 2021 and 2026?
- Which regional segment is expected to account for largest revenue share over the forecast period?
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