Fiber Optics Market by Application and Region - Global Forecast to 2024 | Technavio
LONDON--(BUSINESS WIRE)--Nov 9, 2020--
The new fiber optics market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Fiber Optics Market 2020-2024 (Graphic: Business Wire)
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“One of the primary growth drivers for this market is the Increase in the Number of FTTH Homes and Subscribers,” says a senior analyst for the Industrials industry at Technavio.
The increase in the number of FTTH homes and subscribers is the key factor driving market growth. A higher number of customers are opting for fiber optic connections to leverage broadband services. This reduces the requirements for customer premises equipment (CPE) and distribution point unit (DPU). Moreover, the increasing demand for faster Internet has encouraged various companies to activate the transition to FTTH, which enables high-speed internet access with faster voice and video services. Therefore, the increasing need for faster Internet will boost the demand for fiber optics over the next few years. Thus, the increase in the number of FTTH homes and subscribers will drive the fiber optics market growth during the forecast period.
As the markets recover Technavio expects the fiber optics market size to grow by USD 2.44 billion during the period 2020-2024.
Fiber Optics Market Segment Highlights for 2020
- The fiber optics market is expected to post a year-over-year growth rate of -1.45%.
- The rise in FTTx applications has been a major driver for the telecom sector growth since it facilitates optical fiber connection for last-mile connections.
- Usually, the connections use copper cabling. But with the increasing demand from customers for faster Internet at their homes, optical fiber cables are becoming the preferred choice.
- Therefore, this will lead to an increase in the sales of the fiber optics required at company premises, homes, complexes such as shopping malls, and other buildings. Thus, the market for fiber optics is growing in the telecom segment.
- The emergence of 5G communication technology will also be a major factor supporting the growth of the global fiber optics market in the telecom segment.
- 61% of the growth will originate from the APAC region.
- The increasing number of telecom subscribers and the deployment of fiber optics in communications will significantly drive fiber optics market growth in this region over the forecast period.
- China, South Korea (Republic of Korea), and India are the key markets for fiber optics in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The fiber optics market size is expected to accelerate at a CAGR of almost 5% during the forecast period.
- The fiber optics market is segmented by Application (Telecom, Datacom, and Others) and Geography (APAC, North America, Europe, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including CommScope Holding Co. Inc., Corning Inc., Fujikura Ltd., Hitachi Ltd., Leoni AG, LS Cable & System Ltd., Optical Cable Corp., Prysmian Spa, Sterlite Technologies Ltd., and Sumitomo Electric Industries Ltd.
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