The increasing demand for internet services is the key factor driving the market
The global fiber optics market, as per a report by Research and Markets, reached a value of US$ 6.7 Billion in 2020. Fiber optics is the technology used for transmitting images, voice and data through thin and transparent fiber strands. These fiber strands are known as optic fibers that are made of glass or plastic.
At present, the technology finds extensive applications in the healthcare and telecommunication industries. It is also utilized in the military and defense sector for vehicle navigation, environmental sensing and monitoring, and transmitting radio signals. Looking forward, the publisher expects the global fiber optics market to exhibit moderate growth during the next five years.
The increasing demand for internet services is the key factor driving the market. Owing to the rapidly growing digitally-literate population, the demand for high bandwidth communication and data transmission services is on the rise, which has led to the steady growth in the telecommunications and information technology sector.
“This has consequently increased the demand for fiber optics as it is integral for effectively transmitting data, voice messages and images over vast distances. Furthermore, innovations such as 5G network, Fiber to the Home (FTTH) and Fiber to the Building (FTTB) have amplified the positioning of broadband network systems, which provide high-speed data and related services to the consumers,” read the report.
Moreover, fiber optic internet is considered more reliable and less susceptible to breakdown during power outages as the fibers are made of glass and do not require electricity to function.
In the healthcare industry, this technology has extensive application in the field of imaging, wherein X-ray, surgical endoscopy and microscopy, ophthalmic lasers and light therapy are some of the key medical procedures that use fiber optics. The growing demand for minimally invasive surgeries is another critical factor driving their demand in this industry.
