Fiber Optics Market to Grow at a CAGR of 10.2% During the Forecast Period; Increasing Need to Accelerate the Capacity of the Network to Foster Market Expansion

The global fiber optics market size stood at USD 7.56 billion in 2023. The market is predicted to rise from USD 8.22 billion in 2024 to USD 17.84 billion by 2032, recording a CAGR of 10.2% from 2024 to 2032.

Fortune Business Insights™ presents this information in its report titled, “Fiber Optics Market Size, Share & Industry Analysis, By Fiber Type (Plastic and Glass), By Type (Single-mode and Multimode), By Application (Telecom, Automobile, Medical Equipment, Power Utilities, Aerospace & Defense, Industrial Automation & Control, and Others), and Regional Forecast, 2024 – 2032”.  

Fiber optic technology uses light for transferring data and is one of the most crucial innovations in telecommunications. The increasing need to accelerate the capacity of the network is expected to boost market expansion in the coming years.

The COVID-19 pandemic positively impacted the market. The demand for stable internet connection increased due to the rapid adoption of remote working policies during the pandemic.

Expansion of Product Portfolio to Create Growth Opportunities for Key Players

In January 2024, PI broadened its range of mechanical alignment systems to improve assistance with quality assurance, assembly, and packaging of Silicon Photonics (SiPh) chips. The business also presented novel solutions, including air-bearing stages and entry-level systems, at Photonics West 2024 to help global customers in improving alignment needs for optical integrated circuits, fiber optics, and lenses.

Rising Adoption of Fiber Optic-enabled Telemedicine Solutions by Healthcare Organizations to Foster Market Growth

The surging demand for advanced and high-definition imaging technologies in medical industries, specifically within telemedicine and diagnostic imaging applications, is boosting the adoption of fiber optic solutions. Healthcare enterprises can easily transmit intricate visual data captured by endoscopic cameras, confocal microscopes, and other diagnostic imaging equipment to remote locations for real-time analysis by using fiber optic bundles. Fiber optics is crucial in minimally invasive surgical procedures due to its built flexibility and robustness. It assists accurate maneuverability of imaging probes within confined anatomical spaces without losing image quality or reliability.

The integration of fiber optics into telemedicine platforms transforms remote patient care by simplifying high-definition video conferencing and smooth streaming of medical images across expansive geographic areas. Increased adoption of fiber optic-enabled telemedicine solutions by healthcare organizations to conduct comprehensive virtual consultations, offer prompt diagnoses and remotely observe patient conditions with higher clarity and detail is driving the fiber optics market growth.

On the other hand, the limited infrastructure investments are hampering market expansion.

Key Players Focus on the Introduction of Latest High-bandwidth Fiber Optic Cables

Key market players are using edge computing, AI, Internet of Things (IoT), and cloud analytics trends to introduce and deploy their latest high-bandwidth fiber optic cables. They emphasize the integration of optical fiber cables into the data centers to increase their core business capacities, create additional revenue and support greater reliability and scalability.

Notable Industry Development

• November 2023: Heraeus acquired a noteworthy share in Zadient Technologies SAS, a start-up specializing in silicon carbide (SiC) source material production. The collaboration focuses on leveraging Zadient's innovative approach with Heraeus' expertise, offering customers enhanced solutions in the high-tech applications of SiC.

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https://www.fortunebusinessinsights.com/fiber-optics-market-102904

List of the Companies Profiled in the Report:

• Heraeus Group (Germany)


• Corning Incorporated (U.S.)


• Prysmian Group (Italy)


• Shin-Etsu Chemical Co, Ltd (Japan)


• Nokia Corporation (Finland)


• Rosendahl Nextrom GmbH (Austria)


• FOLAN (France)


• CommScope Holding Company, Inc. (U.S.)


• PI (Physik Instrumente) L.P. (Germany)


• OFS Fitel, LLC (U.S.)

Further Report Findings-

• The market in North America was valued at USD 3.01 billion in 2023. Rapid deployment of optical fiber is driving market expansion in the region.


• Market growth in Europe is attributed to the increased adoption of various technologies and rising demand for fiber optics for commercial and residential users.


• South America and the Middle East & Africa are witnessing significant growth as governments in UAE, Brazil, and others are investing in the expansion and transformation of their telecom infrastructure.


• Based on fiber type, the glass segment commanded the fiber optics market share as glass has a higher numerical aperture than plastic, enabling more light into the system.


• On the basis of type, the multimode segment is expected to register the highest CAGR during the forecast period, owing to its cost-effectiveness.

Table of Segmentation