The global Fiber Optics Market size is expected to reach USD 14,933.8 billion by 2030, and exhibit a CAGR of 6.9% from 2023 to 2030, according to Grand View Research Inc. The growth is attributed to the rising government funding in developing secure infrastructures to avoid massacres. Rising terrorism is also appealing to government authorities and defense services of different countries to take initiatives and stringent steps and curb such occurrences. This has led to the evolution and adoption of several technological methods such as body cams, wearables, and other responders that keep the security personnel connected, irrespective of the user’s location and user fiber optics for communications.
The
concept of IoE (Internet of Everything) is attracting the security sector,
worldwide, owing to the increasing awareness of the effectiveness and
efficiency of the technology that aids in curbing national issues such as
riots, massacres, killings, and other criminal offenses. The need for high-speed
internet, capable of efficiently transmitting data is anticipated to grow with
the increasing demand for IoE. The growing demand for high-bandwidth
communication is fueling the fiber optic market growth. For instance, In March
2020, CommScope, an U.S-based Communication device company, installed 1.5
million feet of copper and 227 miles of fiber cabling in Allegiant Stadium, in
Las Vegas. This fiber optic cabling provides high bandwidth connectivity to
hundreds of thousands of smartphones and tablets and supports 4K video
streaming.
The
technological advancements in communication and data transmission services
are projected to fuel the market for fiber optic technology in the coming
years. It serves as a medium to cope with the increasing bandwidth requirements
associated with network operators, broadband services, and broadband connection
providers. The rising implementation of fiber optic components in trunk cable
forms, distribution cables, standard patch cords, and high-density interconnect
cables is expected to enhance the demand for fiber optics in the telecom
sector. Moreover, the growing demand for 5G and data centers is projected to
provide new opportunities to the fiber optic market over the forecast period.
Various
companies are increasing fiber cable production to foster greater connectivity,
stronger access, and superior speed, which leads to company growth. For
instance, in December 2022, Deutsche Telekom, a German telecommunications
company, announced a plan to significantly accelerate its fiber deployment by
adding between 2.5 and 3 million connections by 2023. The company also intends
to increase the number of fiber optic installers in the fiber production plant
by 50%.
Furthermore,
the high initial acquisition & installation costs are hindering the growth
of this market. An optical fiber system is comprised of a variety of components
such as optical cables, transmitters, receivers, and others. Installation of
the entire system is a labor-intensive process, especially, the installation of
the network, for underground and undersea connections, which is one of the
costliest and most tedious procedures. Fiber optics, with its advancements, has
overtaken copper-cable transmission. However, the installation process to
deploy the optical networks, being an extremely high-cost part, is expected to
hamper the market growth.
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Fiber Optics Market Report Highlights
- Governments
of developed countries such as the U.S., U.K., Germany, China, Japan, and
others are heavily investing in enhancing their security infrastructures
on individual levels and country levels. This is eventually necessitating
increasing funding for technologies, prominently across the fiber optics
that would improve the telecommunication sector infrastructure with better
security measures. Therefore, government funding for infrastructure is
driving the market.
- The Plastic
Optical Fiber segment is projected to attain a CAGR of 9.1% over the
forecast period. POF differs from its single and multimode counterparts
based on the core materials used in POF cable construction. While single
and multimode fiber optics have a glass core, POF cables have a polymer core.
This offers a dynamic application portfolio along with cost savings.
- Market
participants are diversifying their product portfolio through their
innovative offerings. For instance, in March 2022, W. L. Gore &
Associates, Inc., a manufacturer of waterproof, breathable Gore-Tex
fabrics, released GORE Fiber Optic Cables with high impact resistance to
aggressive chemicals abrasion, scrapes, and undesirable fluids that
aircraft typically experience during maintenance activities and complex
installation.
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