The fiber optics market is projected to reach USD 5.00 billion by 2021, at a CAGR of 9.8 percent from 2016 to 2021, estimates Markets and Markets. The growing importance of cloud computing, data transfer and storage, and IoT is driving the use of Internet, which is driving the fiber optics market, as it acts as the backbone for data transmission. All these factors have led to an increase in Internet users, which in turn has led to the higher usage of optical fiber cable to transfer information over the Internet, thus driving the fiber optics market.
The market for the single cable-type optical fiber is expected to grow at a high rate from 2016 to 2021. The next generation of high bandwidth applications, along with the proliferation of connected devices, is expected to require faster and higher bandwidth networks, which will require the use of multi-mode cable for data transfer. This growth in the FTTx networks in turn is expected to drive the fiber optics market. The market for glass optical fiber is expected to grow at a high rate from 2016 to 2021.
The telecom segment is projected to be the largest market for fiber optics due to the growing demand for Internet connectivity in emerging nations. This segment is projected to continue to lead due to the growing telecommunication industry in regions such as the Asia-Pacific, and the Middle East and Africa. Owing to these factors, demand in the fiber optics market is expected to grow in the telecom application.The Middle-Eastern and African region is projected to grow at the highest rate in the fiber optics market from 2016 to 2021.