Global Fiber Optic Preform Market Projected to Reach USD 24.44 Billion by 2030
Dublin, April 01, 2024 (GLOBE NEWSWIRE) -- The "Global Fiber Optic Preform Market Size, Share & Trends Analysis Report by Process (OVD, VAD, PCVD, MCVD), Product Type (Single-Mode, Multi-Mode, Plastic Optical Fiber), End-user, Region, and Segment Forecasts, 2023-2030" report has been added to * ResearchAndMarkets.com's* offering.
*Market Growth Driven by Diversity of Application*
The global fiber optic preform market is set for significant expansion, with expectations to reach a remarkable USD 24.44 billion value by the year 2030, advancing at a compound annual growth rate (CAGR) of 22.6% from 2023. The industry's robust growth is largely attributed to the heightened demand for optical communication across a broad range of sectors, including telecommunications, healthcare, defense, aerospace, and the energy sector. Innovations in fiber optics technology are unlocking new possibilities, fostering growth in traditional and emerging markets alike.
*Addressing Market Challenges*
The unprecedented global demand for optical fibers has given rise to a potential shortage in fiber optic preform—the vital raw material for fiber manufacturing. This shortage has led to an increase in the price of telecom fiber, surging by approximately 10% to 20% in 2017. Manufacturers are responding proactively, executing capacity expansion plans to bridge the gap in supply. The expansion efforts by industry giants are expected to provide a significant boost to the available preform capacity, supporting extensive new kilometers of fiber capacity.
*Regional Market Dynamics*
China, currently leading as the world's most prominent fiber optic preform consumer, accounts for over half of global production. In a strategic move to support local manufacturers, the Chinese government extended anti-dumping duties on imports from the U.S. and Japan, advocating a five-year period. This regulatory stance encourages Chinese businesses to intensify research and development efforts and expand production within the domestic market.
*Innovation at the Forefront*
In the face of a rapidly growing market and evolving industry requirements, manufacturers remain committed to advancing technological frontiers. Noteworthy research and development projects focus on augmenting production processes and effectiveness, ensuring that the industry can meet the increasing demands for quality and quantity in fiber optic preform.
This market's trajectory heralds a promising future for the application of fiber optics across various industries, driving significant economic growth at both a global and regional level. The continuous focus on expanding production capabilities and advancing technological innovations ensures that the fiber optic preform market is poised for continued success in the forthcoming years.
*Key Attributes*
*Report Attribute* *Details*
No. of Pages 100
Forecast Period 2022 - 2030
Estimated Market Value (USD) in 2022 $4.88 Billion
Forecasted Market Value (USD) by 2030 $24.44 Billion
Compound Annual Growth Rate 22.6%
Regions Covered Global
*Companies Profiled*
· Corning Incorporated.
· Optical Cable Corporation
· Sterlite Technologies Limited
· OFS Fitel, LLC
· Prysmian Group
· AFL
· Furukawa Electric Co., Ltd
· Sumitomo Electric Industries, Ltd
· Yangtze Optical Fibre and Cable Joint Stock Limited Company
· HENGTONG GROUP CO., LTD
· Fujikura Ltd
· Shin-Etsu Chemical Co., Ltd
· Jiangsu Zhongtian Technology Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/qvp270
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*Attachment*
· Global Fiber Optic Preform Market
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