Briefs
The market is set to grow by $4.5 billion over the next 8 years
WASHINGTON May 20, 2024—The value of the optical fiber market is expected to jump to $11.9 billion by 2032 up from $7.4 billion in 2023, according to a report published Thursday by Allied Market Research.
The group said that throughout the 2024-2032 forecast period, the optical fiber market is expected to increase significantly because of technological improvements, growing demand for cellular connectivity, urbanization and smart city projects.
It is also anticipated that the developing 5G infrastructure will expand the industry.
A major barrier to the market’s expansion during this time is the high cost of the initial investment.
The single mode segment accounted for more than two-thirds of the entire revenue generated by the worldwide optical fiber market in 2023, the group said.
The multi-mode category is anticipated to grow at a rate of 6.85% because of its high data transmission capacity over short distances and affordability, which makes it good for use in local area networks and data centers.