- Over the past few years, the field of fiber optics has expanded beyond telecommunications to various other industries.
- Fiber optics, or optical fiber, is a type of technology that uses thin, transparent fibers made up of glass or plastic to transmit images, voice and data.
- Fiber Optics market to witness strong growth at a CAGR of 8% during 2019-2024.
Fiber optics, or optical fiber, is a type of technology that uses thin, transparent fibers made up of glass or plastic to transmit images, voice and data. A single optical fiber consists of three main components, including the core, cladding and buffer coating.
When a set of fiber optics are arranged in bundles, they are called optical cables, which are protected by the jacket, the outer covering of the cable. This technology is highly beneficial as compared to traditional metal communications. It offers a broader bandwidth and is lighter, thinner, and immune to electromagnetic interference (EMI). It also helps in transferring the data digitally.
Fiber optics, or optical waveguide fibers, was invented by Donald Keck, Peter Schultz and Robert Maurer, Corning Glass researchers in the 1900s. The technology could carry 65,000 times more information than copper wire. These communication methods and materials presented numerous opportunities to commercialize fiber optics.
By the early 1990s, with the popularization of the internet, service providers across the globe started laying down fiber optics cables to provide an infrastructure that could counter the recurring issues of the Y2K bug, or Year 2000 problem.
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Nowadays, this technology is used for various purposes, which include local-area networks (LANs), telecommunications, industrial control systems, avionics systems, military control, command and communications systems. Other than this, fiber optic cables are gaining recognition in other sectors as they do not require grounding connection, pose no threat of sparks or electrical shock, and enable longer cable runs with fewer repeater amplifiers.
Rapid Advancements to Drive the Market Growth
Over the past few years, the field of fiber optics has expanded beyond telecommunications to various other industries, including civil engineering, and oil and gas. With an increase in R&D activities, industry players can better understand the possibility of different applications of distributed fiber optic sensing (DFOS).
The expansion in research capacities has led them to advance the technology to be applied in dam, pipeline, geotechnical and bridge monitoring. In recent years, several studies have taken place that evaluate the overall performance of DOFS and the optical backscattered reflectometry (OBR) system in the structural health monitoring (SHM) in large scale structures and bridges.
The positive results of these studies have presented numerous growth opportunities in the global fiber optic market. Other than this, the Japan-based electric wire and optical fiber cables manufacturer, Sumitomo Electric Industries (SEI), is also conducting R&D to create multi-core optical fibers (MCF) and other relevant connection technologies.
These advancements are aimed at overcoming the limitations of conventional standard single-core fiber while paving the way for petabit optical transmission. On account of these factors, IMARC Group projects the market to witness strong growth at a CAGR of 8% during 2019-2024.
Major Industry Segments
The market has been bifurcated on the basis of the cable type, which consists of single- and multi-mode. Currently, single mode cable is the most popular product type across the globe.
The market has been examined based on the optical fiber type, which includes glass and plastics. At present, the majority of the cables are made from glass optical fiber.
On the basis of the application, the market has been segmented into telecom, oil and gas, military and aerospace, banking, financial services and insurance (BFSI), medical, railway, and others. Amongst these, fiber optics is mostly used in the field of telecommunication.
In terms of geography, Asia Pacific is presently the biggest market for fiber optics, accounting for the largest share in the global industry. This can be attributed to the rapid adoption of advanced communication technologies in the region.
Other major regions include Europe, North America, Middle East and Africa, and Latin America. The report has also analyzed the competitive landscape of the market. Some of the key players include Corning Incorporated, Company Prysmian S.p.A (Prysmian Group), Finisar Corporation, America Fujikura Ltd. (AFL), Sumitomo Electric Industries, Ltd. (SEI), LS Cable & System Ltd., Leoni AG, FURUKAWA ELECTRIC CO., LTD., General Cable Technologies Corporation, and Finolex Cables Ltd.