Global fiber optics market is predicted to reach USD 7 billion by 2026, according to the latest research available at Market Study Report LLC, report provides detailed segmentation of the fiber optics market based on product, technology, end user and region.
According to the report, the key factors contributing to the growth of the fiber optics market are surging internet penetration, increasing government funds for developing broadband infrastructure, and growing research investments by firms to develop innovative and novel fiber optic technology to promote cost savings.
Based on fiber optic type, the plastic optic fiber market is anticipated to witness immense growth during the forecast period. The base material used for producing plastic optic fiber differs from the base material used for producing multimode and single mode optic fiber. This offers a dynamic application and enables cost saving.
In terms of application, the telecommunication segment is leading the fiber optics market attributed to the mounting demand for internet in emerging economies. This segment is predicted to experience unwavering growth, on account of augmenting telecommunication industry predominantly in Middle East & Africa and Asia Pacific regions, cites the report.
Speaking of the regional growth, the Asia Pacific Fiber Optics Market is predicted to observe the highest growth in the global market followed by MEA segment. The report cites that amplified industrialization and surging adoption of smart gadgets, resulting in increased internet demand and flourishing telecommunication industry are the chief triggers for the Middle East & Africa market growth.
Moreover, increasing acceptance of fiber optics in the medical industry is propelling market growth in nations such as Japan, China, and India. In addition, the governments of developed nations like Japan, UK, U.S., Germany, and China are incessantly investing to enhance their nation’s security infrastructure. Thus, with governments adopting fiber optics, because of its innumerable advantages, the global fiber optics market is set to soar high in the years to come.
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According to a statement released by Corning, a distinguished player in the fiber optics market, the market demand is greater than supply. The firm has revealed its plans to spend US $176 Mn in the coming 2 years for creating a new production facility for optical fiber as well as to expand its existing facility. Similarly, Finisa, a transceiver company, is planning to create a new production unit in China and expand its existing unit in Texas. These developments reflect the increase in market growth.
The key players profiled in this business space include Corning Incorporated, Optical Cable Corporation, Prysmian S.p.A., OFS Fitel, LLC, AFL, Sterlite Technologies Limited, Furukawa Electric, YOFC, Finolex Cables Ltd., and General Cable Corp among others. These distinguished players employ business tactics like new product introduction, collaboration with industry magnates, and geographical expansion to enhance their customer base, offering portfolio, and global reach.
The global fiber optics market report also provides significant statistics, details, and facts pertaining to changing market dynamics, industry trends, competitive profiling, ranking analysis, regional segmentation, application spectrum, and fiber optic type market share & size.