The global lit fiber market, which was estimated at USD 3,529.4 million in 2021, is on a remarkable growth trajectory, with an anticipated Compound Annual Growth Rate (CAGR) of 16.2%. This robust expansion is attributed to the increasing demand for high-speed internet services, the rapid expansion of internet bandwidth, and the widespread adoption of internet services across various sectors.
Rapid Expansion Driven by Internet Bandwidth and Connectivity Demand
The lit fiber market has witnessed significant growth due to the proliferation of internet services. As businesses increasingly rely on internet access, lit fiber networks offer advantages such as reduced latency, scalability, reliability, and enhanced security for handling large data flows. Companies in the fiber optic ecosystem have been strategically expanding their networks by deploying lit fiber across multiple cities and countries.
Key Players Leading the Way
Companies like Flume Internet and Zayo have made substantial investments in expanding their lit fiber networks. Flume Internet introduced high-speed internet to New Yorkers in May 2022 by leveraging underused fiber infrastructure and collaborating with infrastructure partners. Zayo, on the other hand, unveiled plans to illuminate 35,000 buildings in North America and Europe, addressing the growing demand for illuminated fiber from towers, data centers, and businesses.
5G and FTTx Drive Market Growth
The demand for lit fiber is further propelled by the increasing adoption of new telecommunications technologies such as Fiber-to-the-X (FTTx) and 5G mobile applications. As of June 2022, more than 70 countries had deployed 5G networks, and this expansion is expected to drive the demand for lit fiber in the coming years.
Positive COVID-19 Impact
The COVID-19 pandemic accelerated the growth of the lit fiber market as businesses adopted remote working practices, leading to increased demand for high-bandwidth internet connectivity. Enterprises are now focusing on recovery and restructuring, creating further growth opportunities for the lit fiber sector.
Challenges in Deployment
While lit fiber offers numerous advantages, it also comes with challenges. Fiber cables are delicate and costly to install, making them susceptible to mechanical or physical damage during construction or renovations. The installation process requires specialized equipment and skilled personnel, contributing to the overall expense.
Multimode Fiber and IT & Telecommunication Dominate
The multimode fiber segment is expected to dominate the market, driven by the growing demand for higher bandwidth and faster connection speeds, especially for applications like video chats, gaming, online shopping, and social media. The IT and telecommunication sector is set to maintain its dominance in the market due to the increasing volume of data generation and the need for reliable, high-speed connectivity.
Asia Pacific Leads the Way
The Asia Pacific region is poised to emerge as the most promising market, driven by technological advancements, increasing internet penetration, and government investments in telecommunications infrastructure. India, in particular, is witnessing substantial growth in lit fiber deployment, with significant investments in broadband expansion and data center development.
North America Sees Strong Growth
North America follows closely, benefiting from high internet service penetration, increased demand for 5G services, and a well-developed infrastructure for expanding lit fiber networks.
Key Market Players
Notable players in the lit fiber market include AT&T, Attice USA, Comcast, Crown Castle Fiber, Frontier, GigabitNow, Lumen, Spectrum Enterprise, Verizon, Zayo, and others. These companies continue to innovate and invest in expanding their lit fiber offerings to meet the growing demand for high-speed internet services.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
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COMTEX_442544938/2840/2023-10-27T15:48:54