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

Global 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).

Fiber optics technology is a modern breakthrough that has developed because of thorough research and development work undertaken by scientists and researchers worldwide. Many connector manufacturers are diversifying their product offerings to include fiber optic channels that are precisely aligned and highly shielded. For example, Microsoft purchased the English provider of fiber optic devices Luminosity Limited in December 2022. Through this acquisition, Microsoft hopes to improve its capacity to meet the stringent latency and security requirements of its Cloud Platform and Services clients while also strengthening its ability to improve its global cloud infrastructure.

During the anticipated period, there will be a major impact on the market from firms working together to innovate fiber networks to lower operations and maintenance (O&M) and optical distribution network (ODN) construction and costs. Also, the industry is growing due to more government initiatives for fiber optic cable development. The market expanded due to the widespread use of fiber-optic cables beneath the ocean, which boosted the network's capacity and enhanced spectral efficiency. Furthermore, a key advantage of fiber optic cables submerged in the ocean is the speedy transmission of massive volumes of data, which advances to facilitate the creation of new technologies.