Fiber Optics Market Size, Share & Trends Analysis growing at a CAGR of 6.9% from 2023 to 2030
The global fiber optics market size was valued at USD 8.76 billion in 2022 and is expected to reach USD 14.93 billion by 2030, growing at a CAGR of 6.9% from 2023 to 2030. Fiber optics technology is modern-day innovation that has evolved owing to rigorous studies conducted by researchers and scientists worldwide through extensive R&D.
Key Market Trends & Insights
- Asia Pacific region dominated global market at a revenue share of 28.8% in 2022.
- In 2022, U.S. had around 91.9 million km of fiber optic cable laid throughout the country.
- On the basis of type, multi-mode fiber optic segment held largest revenue share of 53.6% in 2022
- On the basis of application, telecom segment dominated the market, with a revenue share of 41.7% in 2022.
Market Size & Forecast
- 2022 Market Size: USD 8.76 Billion
- 2030 Projected Market Size: USD 14.93 Billion
- CAGR (2023-2030): 6.9%
- Asia Pacific: Largest market in 2022
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Several connector manufacturers are expanding their product lines to connect fiber optic channels that are highly protected and precisely aligned. For instance, in for instance, in December 2022, Microsoft acquired Lumenisity Limited, a fiber optic products supplier in England. This acquisition aims to strengthen Microsoft’s ability to enhance its global cloud infrastructure and meet the strict latency and security requirements of Microsoft’s Cloud Platform and Services customers. The combined efforts of businesses to innovate fiber networks to reduce operations and maintenance (O&M) and optical distribution network (ODN) construction and costs will have a significant impact on market during projected period. Moreover, increased government initiatives for fiber optic cable deployment are contributed to market growth.
For instance, in July 2022, Government of India announced a merger of Bharat Sanchar Nigam Ltd, a telecommunications company, and Bharat Broadband Network Ltd, a broadband company to construct country’s largest optic fiber cable (OFC) network. Through this merger, BSNL will gain complete control of BBNL’s 5.67 lakh km of optical fiber spread across the country.
Significant adoption of fiber optic cables under the sea contributed towards growth of market due to increased utilization of deployed fiber, improved network capacity, and enhancement in spectral efficiency. Moreover, major benefit of fiber optic cables under sea is that large amounts of data are transmitted rapidly and evolve to enable development of new technologies.
