The global fiber optics market is expected to reach USD 9.12 billion by 2025, according to a new report by Grand View Research, Inc. The growing necessity of data security in the military & aerospace sector has increased the growth and penetration of this technology. There is a huge demand for fiber optic connectors in the security sector owing to their bandwidth capabilities, inherent security, and protection against signal interference. The growing adoption of the optical technology in medical and aerospace arenas is anticipated to revolutionize the market by 2025.
Leading players integrate vertically across the entire supply chain to stay ahead in the competition by compensating for inadequacies, increasing revenue, and eliminating competitive scenarios. The upcoming era is expected to witness the adoption of technology in the dynamic application segment that includes railways, architecture & construction, and BFSI, owing to the growing automated high-tech maintenance requisites and escalating importance of data (as an asset).
The growing penetration of technology is encouraging manufacturers and suppliers to invest in research & development for creating better products. As the production and installation of products tend to be quite tedious and costly processes, researchers are focusing on innovating reliable and cost-effective products. Accordingly, production is being optimized by manufacturers worldwide, regulating efficiency and prices to curb alternatives to fiber optics technology.
The market by varied categories of fiber optics includes single-mode, multimode, and plastic optical fibers. Based on application type, the market has been segmented into telecom, oil & gas, military & aerospace, BFSI, medical, railway, and other associated technology applications. The telecom sector is the biggest application sector in terms of size and is subject to regulations imposed by the government and other related regulatory authorities. From the manufacturing of to their application, several regulations are to be followed by manufacturers and suppliers. These regulations vary depending on the additions or innovations in technology.
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Further key findings from the report suggest:
The multimode segment dominated the overall market in 2015. The multimode technology allows simultaneous propagation of multiple modes of light. This enhances the transfer rate of audio/video applications, particularly in Local Area Networks (LANs).
The growing demand for optic cables can be accredited to the rising bandwidth needs across carriers and enterprise networks.
Fiber optics has exciting new applications in the medical industry and is mainly used in light conduction and illumination, flexible bundling, and laser delivery systems.
The North American region dominated the market and accounted for the largest global market share (in terms of revenue) in 2015.
Key industry participants include Corning, Inc. (U.S.), Optical Cable Corporation (U.S.), Sterlite Technologies Limited (India), and OFS Fitel, LLC (U.S.).
Grand View Research has segmented the fiber optics market based on type, application, and region:
Type Outlook (Revenue, USD Million; 2014 - 2025)
Plastic Optical Fiber (POF)
Application Outlook (Revenue, USD Million; 2014 - 2025)
Oil & Gas
High Bandwidth Communications
Military & Aerospace
Military Vehicle Sensing
Minimal Invasive Surgery
Dynamic Load Calculation
Regional Outlook (Revenue, USD Million; 2014 - 2025)
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