The MarketsandMarkets (www.marketsandmarkets.com) research group says the fiber optics market will be worth US$3 billion by 2019.
Asia-Pacific, North America, and Europe dominated the fiber optics market in 2013 and accounted for over 90% of the market size in terms of value. The Asia-Pacific fiber optic market is currently at a growing stage. Government directives intended to increase and encourage national broadband applications which are among the main drivers of the market.
Country-wise, China is the top most consumer of fiber optics product, globally and is also the largest market for fiber optics products growing at a CAGR [compund annual growth rate] higher than the global average till 2019.
The U.S is the largest fiber optics consumer in the world. Asia-Pacific is expected to witness the fastest growth rate by 2019. The market in Asia-Pacific region is experiencing increasing growth because of fiber optics demand arising from the use of 3G and 4G and growth in the information technology & telecommunication industry.
Telecom and broadband take topmost positions in the fiber optics market with around 55.3% share by value in 2013. The fastest growth rate in the fiber optics market is expected to be from applications, such as telecom & broadband, oil & gas, private data networks, and utilities by 2019.