Zion Market Research has published a new report titled “Global Fiber Optics Market, 2016 – 2022: By Cables, Components, Applications, Industry Statistics & Outlook Report”. According to the report, global fiber optics market was valued at around USD 2.75 billion in 2016 and is expected to reach approximately USD 3.72 billion in 2022, growing at a CAGR of slightly above 5.2% between 2017 and 2022.

Fiber optics is mainly used for digital transmission of data and is increasingly being used in place of metal wires due to its efficiency and high transmission capacity. Fiber optic cables provide an effective transmission as they are less affected by internal and external interferences. The transmission can be done by single and multi-mode fiber depending on the communication requirements. Fiber optics support remote sensing technique which allows data transmission without any physical medium. This technique helps to communicate with even remote and inaccessible regions.

The growth of the fiber optics market is mainly driven by increasing awareness about data security concerns and use of the alternative raw material. In addition, growing demand for the smartphone which uses optical fiber for LED light is spurring demand of fiber optics market. The fiber can carry light from the one place to a remote place whereas it can be used for taking the heat away from light or allowing a single large light to be divided into tiny points of light smaller than any light source alone. Therefore it can be used in museums, galleries and architecture/design. However, the high initial cost is considered as the key hurdle for the growth of fiber optics market.

On the basis of application, the fiber optic market is segmented into telecom & broadband, healthcare, defense, cable television, private data networks, and others. Telecom sector is witnessing highest growth and expected to maintain healthy growth over the forecast period.

North America held the largest share in fiber optics market in 2016. Asia Pacific is expected to flourish growth of fiber optics market in coming years due to technological advancement in the telecom sector. Economically emerging countries in Asia-Pacific such as India, Japan, and China are heavily investing in ICT sector which will prompt demand of fiber optics market.

The leading players in the fiber optics market are Sterlite Technologies Limited, Australian Fibreoptic Communications, Finolex Cable Limited, Ofs Fitel, Corning Inc., Fujikura Limited, Yangtze Optical Fiber and Cable Co. Ltd., Prysmian SpA, and others. However, high initial investment and maintenance cost may restrict entry of new players in the fiber optics market.