Optical Fiber Market Size, Share, Growth Analysis, By Mode Type(Single Mode and Multimode), By Type(Glass Optical Fiber, and Plastic Optical Fiber), By Industry Vertical(Telecom & IT, Public Sector) - Industry Forecast 2024-2031

Optical Fiber Market size was valued at USD 8.76 billion in 2022 and USD 9.36 billion in 2023 and is projected to reach USD 14.94 billion by 2031, growing at a CAGR of 6.9% in the forecast period (2024-2031).

The market is characterized by fierce competition, with a few powerful rivals controlling a sizable portion of the industry. The creation of new products and cooperation amongst important actors are the main priorities. Amphenol Corporation, a U.S.-based manufacturer of electronic connectors, said that it will acquire fiber optic interconnects maker Halo Technology Limited for about $715 million. With Halos's cutting-edge equipment, the programme seeks to improve Amphenol Corporation's fiberoptic offering to mobile networks, broadband subscribers, and IT and data communications. Key firms including Corning Incorporated, Prysmian Group, Furukawa Electric Co., Ltd., Fujikura Ltd., and Sterlite Technologies Limited dominate the highly competitive optical fibre market. To hold onto their market positions in the face of the growing demand for high-speed data transmission solutions, these organizations compete through product diversity, innovation, and strategic partnerships. 'Corning Incorporated (US),', 'Prysmian Group (Italy),', 'Sumitomo Electric Industries, Ltd. (Japan)', 'Yangtze Optical Fibre and Cable Joint Stock Limited Company (China)', 'Fujikura Ltd. (Japan)', 'AFL (US)', 'Birla Furukawa Fiber Optics Limited (India)', 'Corning Incorporated (US)', 'Finolex Cables Limited (India)', 'Molex, LLC (US)', 'OFS Fitel, LLC (US)', 'Optical Cable Corporation (OCC) (US)', 'Prysmian Group (Italy)', 'Sterlite Technologies Limited (India)', 'Yangtze Optical Fiber and Cable Joint Stock Limited Company (YOFC) (China)'

The amount of people using the internet has been increasing exponentially worldwide. Social media services, online entertainment, Voice over IP (VoIP), and mobile payments have grown widespread due to the surge in internet usage. As a result, with the widespread use of tablets, laptops, smartphones, and other wireless devices, traffic related to data services, video streaming, online gaming, and the internet has increased significantly.

Meeting Bandwidth Demands: The requirement for fiber optic connections has significantly expanded due to the growth of fiber-rich infrastructure. Technological innovations and enhancements have resulted from the ongoing advancements in the telecommunications business. Broadband-intensive communication is being made possible by several advances made in the telecom sector. The increasing bandwidth requirements in carrier and enterprise networks can be attributed to the growing demand for fiber optic cables. As technology progresses in the telecom industry, broadband network topologies are being deployed at an exponentially increasing rate.

In recent years, the Asia Pacific region held a dominant revenue share of the industry. The expansion is due to increased technological breakthroughs, widespread adoption in the administrative, IT, and telecommunications sectors, and the development of fiber-integrated infrastructure. One of the main forces behind the Asia Pacific region's economic success has been the quick spread of IT and telecom infrastructure. Smartphone, laptop, and other digital gadget demand has surged due to rising internet penetration rates and a burgeoning middle class. As a result, the market for digital services, software, and apps is expanding rapidly, increasing the region's revenue share in the worldwide market.