The global lit fiber market is expected to witness an impressive growth rate of 16.7% over the forecasted years of 2022 to 2032, according to a new report by Future Market Insights, Inc. The lit fiber market size is anticipated to reach a valuation of around US$ 20 Billion by the end of year 2032 from the current valuation of US$ 4.28 Billion in 2022.
Lit fiber has been used in the IT and telecommunications sectors for a number of noteworthy applications since its beginnings. But in recent years, the sales of lit fiber have grown as a result of the discovery of various more unique applications.
Compared to conventional copper lines, lighted fiber is more durable and extremely resistant to the dangers and traffic found in the previous system. Over the years, the demand for lit fiber has strengthened as an active cable that is set up, controlled, and maintained exclusively by service providers.
Elevated level of data transfer via short- and long-distance communications is made possible by fiber optics that is observed to have strengthened the lit fiber market opportunities. For connectivity, industrial, IT and communications, and security applications, a number of international businesses have started providing illuminated fiber connectivity proliferating the market further.
Increased investment in research and development by key actors leads to the creation of new technologies, and advancements in fiber optic connectivity that is predicted to increase the competition among lit fiber market participants.
Key Takeaways from Market Study:
- The overall growth of the global lit fiber market is estimated to be around US$ 15.7 Billion during the coming decade by following the average CAGR of 16.7%.
- The global market for lit fiber is dominated by multi-modal fiber segment, which is estimated to grow at a rate of 16.3%, while the single-mode segment is projected to develop at the fastest pace of 17.2%.
- The higher selling segment, which accounts for over 60% of the sales revenue, is the lit fiber on-net connectivity items that is expected to grow at a CAGR of 17% during the projection period. And from the other front, the off-net lit fiber segment has grown in popularity recently and is expected to increase the sales of lit fiber over the years 2022 to 2032.
- With a market dominance the networking application segment have historically been the key driver of lit fiber industry expansion. However, due to the product’s growing popularity, a 31.7% growth rate in this segment is anticipated throughout the anticipated time frame.
- Of the world’s major geographical areas, North America accounts for more than 28% of the global lit fiber market. In contrast, the Asia Pacific lit fiber market has recently picked up steam and is expected to increase at an above average CAGR from 2022 to 2032.
The global lit fibre industry is highly fragmented and is anticipated to see an increased competition in the coming days as a result of the existence of several illuminated fibre market rivals. The major lit fibre companies are prioritising growing their customer base and serving underdeveloped areas at the same time as their major strategy to penetrate wider market.
Some of the well-known market players are among
- Attice USA
- Crown Castle Fiber
- Spectrum Enterprise
- Zayo among others
Recent Developments in the Global Lit Fiber Market:
- In line with the target of providing lit plus dark fibre connectivity at Coloblox’s ATL1 Atlanta data centre, FiberLight, LLC, which is a vendor of optical equipment, joined forces in August 2021.