It is expected that the global fibre optics market will reach $9.12 billion (£6.9 billion) by the year 2025, according to a new report. Grand View Research has estimated an increase in the market due to the continually growing need for the technology in sectors such as military and aerospace.
Certain sectors have helped spearhead growth in fibre optics, with the technology seeing a greater penetration in key areas. For example, the security sector is seeing a rise in demand for fibre optic connectors due to the benefits they offer, including protection against signal interference, bandwidth capabilities and overall inherent security.
Grand View Research is also expecting the increasing adoption of optical technology in the medical sector to help revolutionise the industry, leading to the growth in market worth. Fibre optics are currently commonly used for light conduction and illumination, laser delivery systems and flexible bundling. With research continuing into better ways to make use of fibre optics in the medical field, it is likely that there will be a number of advances by 2025 helping to further improve demand.
Other sectors, along with suppliers and manufacturers, are also investing in research into the technology, with the large number of sectors continuing to take on fibre optics helping to fuel the need for better products. While the installation and production of fibre optics technology is continuing to be fairly costly and complicated, research is focused on the best ways to create products that are reliable and as cost effective as possible.
On top of this, a number of leading companies are making efforts to integrate vertically across the entire supply chain in a bid to outperform competitors. This means they are able to compensate for inadequacies, reduce competitive scenarios and increase revenue.
The latest report expects that the dynamic application segment will see a greater adoption of fibre technologies, including architecture, railways and construction due to the continued importance of data and rise in automated high-tech maintenance requisites.
According to the research, the telecom sector is the largest industry when it comes to the application of fibre optic technologies. The market has also been split into other sectors, including oil and gas, banking, financial services and insurance (BFSI), railway, medical, military and aerospace and other technology applications.
While estimates are set to see the market flourish, there are some aspects that could possibly hinder its growth. These include the high cost of raw materials and manufacturing, which can drive up the cost of products available on the market. However, the continued push for high-speed internet and remote sensing equipment will likely make up for the dip in the market caused by these factors.
It is expected that both Europe and North America will see steady market growth up to 2025, however, it is likely that the Asia Pacific market will see significant increases in fibre optic adoption due to upcoming telecommunication technologies.