Fiber Optics Market to Reach USD 9.73 Billion by 2027; Advent of 5G Technology to Enable Growth, states Fortune Business Insights(TM)

The global fiber optics market size is expected to reach USD 9.73 billion by 2027, exhibiting a CAGR of 10.3% during the forecast period. The combined efforts of companies towards innovating fiber networks to reduce optical distribution network (ODN) construction and operations and maintenance (O&M) costs will have a remarkable impact on the market during the forecast period, states Fortune Business Insights in a report, titled "Fiber Optics Market Size, Share & Industry Analysis, By Component (Hardware, Software, Services), By Application (Telecommunication, Smart Cities, Power Utilities, Aerospace and Defense, Industrial Automation and Control, Renewable Energy, Others), and Regional Forecast, 2020-2027" the market size stood at USD 4.48 billion in 2019.

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Market Driver:

Emergence of IoT and Cloud Computing to Drive Market

Optical fiber is seen as an ideal solution for reliable, and secure connections among IoT devices. The emergence of IoT and cloud computing has led to higher bandwidth and better connectivity in workplaces and commercial office buildings, which in turn, will spur opportunities for the market. The rising implementation of fiber optic for monitoring of asset locations, temperature, and oil reserve levels in industries will further enhance the growth of the market in the forthcoming years. The rising proclivity to improve data traction, security parameters, and product automation will promote the growth of the market during the forecast period. Furthermore, the integration of cloud computing and fiber connectivity for constant streamline workflow will foster the growth of the market. Similarly, the adoption of cloud computing by many companies for customer relationship management (CRM) tools will simultaneously offer impetus to market. The rising cognizance of fiber optic including higher bandwidth speed capabilities, superior performance, and enhanced security will bode well for the market in the forthcoming years.

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Regional Analysis:

Rising Demand for Higher Bandwidth to Aid Expansion in North America

The market in Asia Pacific stood at USD 1.66 billion in 2019 and is expected to dominate the market during the forecast period. The growth in the region is attributed to the rising adoption of optical fiber in the telecom industry. China accounted for the highest demand for optical fiber cables. The emergence of 5G is expected to be a driving factor in augmenting the growth of the market in the region. The rising adoption of fiber optical systems in an electric power grid, pipelines, highways, railways, airports, data centers will enhance the market potential in the forthcoming years. North America is predicted to witness a substantial growth rate during the forecast period owing to the rising need for higher bandwidth in communication and data services. As per the study conducted by Fiber Broadband Association and RVA in 2018, fiber has been deployed in around 41 million homes in the U.S. and connects 18.6 million homes. Europe is expected to rise tremendously during the forecast period owing to the rising demand for fiber optics in the region.

Key Development:

November 2019: Azerbaijan and Kazakhstan announced that they have plans to reinforce their telecommunication systems by constructing a fiber-optic cable line, that will link the two countries through the Caspian Sea.

List of the Leading Companies Operating in the Fiber Optics Market are:

-- Adtell Integration

-- Adtran, Inc.

-- ADVA Optical Networking

-- Broadcom, Inc.

-- Ciena Corporation

-- Cisco Systems, Inc.

-- CommScope

-- Corning, Inc.

-- Finisar Corporation

-- Fujitsu Optical Components Ltd.

-- Furukawa Electric

-- Hamamatsu Photonics K.K.

-- Hengtong

-- Huawei Technologies Co., Ltd.

-- HUBER+SUHNER AG