The fiber optics market is projected to grow from USD 4.9 billion in 2022 and is projected to reach USD 8.2 billion by 2027; it is expected to grow at a CAGR of 10.9% from 2022 to 2027.
The growth of this market is driven by factors such as growing internet penetration and data traffic, rising number of data center facilities worldwide, and mounting demand for high bandwidth.
Key strategies adopted by the players in the fiber optics market to uphold their position and ensure long-term growth and market success are product launches, collaborations, and partnerships. For instance:
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In May 2022, Prysmian Group (Italy) partnered with Telstra (Australia) to deliver a fiber optic cable for the national fiber network project in Australia. The cable design is combined with Prysmian’s BendBright G.657.A2 low-loss fiber technology. Under this project, the companies will deploy about 20,000 km of new fiber-optic terrestrial cables, boosting inter-capital capacity, as well as capacity for regional areas.
In June 2021, Corning Incorporated (US) launched a new SMF-28 Contour optical fiber in a standard and smaller version i.e., a 242-micron configuration and a 190-micron configuration, respectively. The new fiber is launched to target telecommunication players to help them build 5G networks and address the expanding number of cloud computing and connected devices.
Corning Incorporated (US) specializes in manufacturing specialty glass, ceramics, and optical products. It caters its products to customers from diversified market spaces such as aerospace & defense, architecture & design, automotive, consumer electronics, communications, life sciences, and optics industries. The company through its Optical Communications business segment is engaged in providing cables, optical fibers, and connectivity solutions. It extensively focuses on research and development activities. In 2021, the company invested ~7.1% of the total revenue in R&D activities. It has a strong patent portfolio with over 12,150 patents worldwide, out of which, 4,350 are US patents. Adding to this, the company has 9,050 patent applications in the process as of December 2021. Strong manufacturing capabilities with over 119 manufacturing plants and processing facilities are also providing the company a competitive advantage in the fiber optics market.
Prysmian Group (Italy) is one of the leading providers of optical cables, optical fibers, optical ground wires, and other connectivity components. It offers a wide range of fiber optics-based products to sectors such as underground, submarine, and power transmission & distribution. The company operates through three business segments: Energy, Projects, and Telecom. The Telecom segment represents about 12% of the total revenue in FY2021. The company has a strong patent portfolio of over 5500 active patents as of December 2021. Its 26 R&D centers, 108 manufacturing plants, and four submarine cable-laying ships provide a competitive edge over other leading players across the fiber optics industry.
Fiber Optics Market by Fiber Type (Glass, Plastic), Cable Type (Single-mode, Multi-mode), Deployment (Underground, Underwater, Aerial), Application, and Region (North America, Europe, APAC, Rest of the World) - Global Forecast to 2027
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