Global Optical Fiber Cable Market Size is Expected to Grow to $30.52 Billion by 2029

Global Optical Fiber Cable Market Overview

According to Global Market Monitor, the global optical fiber cable market will reach $18.85 billion in 2024 with a CAGR of $30.52 billion by 2029.

An optical fiber cable, or fiber optic cable, is an assembly similar to an electrical cable, but containing one or more optical fibers that are used to carry light. The optical fiber elements are typically individually coated with plastic layers and included in a protective tube suitable for the environment where the cable will be deployed. Different types of cable are used for different applications, for example, distance telecommunication, or providing a high-speed data connection between different parts of a building.

Market Drivers

Rising broadband penetration, increased Internet TV streaming services, and overall growth in the telecom industry are the main drivers, all of which are driving the increase in the use of fiber optic cables. The development of fifth-generation networks and fiber optic infrastructure is driving digital transformation across industries. Fiber optic cables have higher security, reliability, bandwidth, and security than copper cables. The spread of broadband, the increase in Internet TV streaming services, and the overall growth of the telecommunications industry have led to a substantial increase in FTTH.

In January 2024, Nokia collaborated with Zayo and set a new North American record for an 800Gbls speed transmission over 1866 km using a single wavelength on a live network, utilizing the company's sixth-generation Photonic Service Engine super-coherent optics. The successful field trial highlighted the capability to address the growing demand for high-capacity solutions in response to the digitalization of the world.

Corning Incorporated announced its plans to expand the manufacturing capacity for optical fiber cables by constructing an all-new cable manufacturing facility in Gilbert, Arizona. The facility, expected to open in 2024, will be the industry's westernmost US manufacturing site for optical cable, allowing the company to serve the growing demand in the western United States and Canada.