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

Drivers

Global Digital Revolution

• 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.

Interconnected Growth

• To get to its destination, wireless traffic passes across a wired network of fibre optics. Therefore, landline networks like fronthaul and backhaul are primarily responsible for the expansion of mobile communications. Globally, there is an enormous amount of data generation and repetition due to the increasing use of multimedia. The expansion of the fibre optics market will be fuelled by the increased deployment of new fibre optic cables and subsystems due to the increasing amount of data generated.

Restraints

Difficulty Navigating Challenges

• For fibre optics manufacturers, one of the main obstacles is the growing ubiquity of wireless communication systems over cable ones. Data is transferred between locations in wireless communications networks by means of the microwave radio spectrum. The data is sent to the dishes, antenna systems, and receiving devices from a single central location. Radio frequency (RF) and fibre space optics (FSO) are the two main technologies utilised in wireless communication.

Communication Application Challenges

• There is no mutual interference between RF and FSO technologies, and installation costs are lower. In comparison to fibre optics technology, these systems are therefore more efficient in communication applications. Furthermore, wireless communication systems are becoming more popular than fibre optics, particularly in applications that demand a greater data transfer rate, which is further slowing the growth of the market.