Global fiber optics market was valued at USD 2.75 billion in 2016 and is expected to reach approximately USD 3.72 billion in 2022, growing at a CAGR of slightly above 5.2 percent. Zion Market Research has made predictions that the growth of the market is mainly driven by increasing awareness about data security concerns and use of the alternative raw material. In addition, growing demand for the smartphone which uses optical fiber for LED light is spurring demand for fiber optics market. The fiber can carry light from one place to a remote place whereas it can be used for taking the heat away from light or allowing a single large light to be divided into tiny points of light smaller than any light source alone. Therefore, it can be used in museums, galleries, and architecture/design. However, the high initial cost is considered as the key hurdle for the growth of fiber optics market.
Asia-Pacific is contributing to significant growth on account of increasing usage in many sectors. In Asia-Pacific, China held the largest share in terms of revenue in 2016 of fiber optics market. Due to the implementation of the innovative strategy, production capacity of China is heavily boosted presently.
Fiber optics market in Latin America is primarily driven by healthcare sector. In addition, fiber optic broadband technology is also propelling demand for fiber optics market. In the Middle-East and Africa, growing penetration of smart devices and Internet usage is expected to offer tremendous growth over the next 6 years. Expansion of undersea fiber-optic networks has led considerable growth in terrestrial fiber-optic networks in many African and Middle-Eastern countries. In addition, few Middle-East and Africa households and businesses are connected to working landlines at present. Therefore, where there are no telephone landlines in place, it is easy for telecoms to skip landline deployment completely to support fiber-optic networks.