Global Fiber Optic Cable Market Size and Share Analysis 2023-2028

Market Overview

The Fiber Optic Cable Market is projected to experience significant growth in the coming years. It is estimated that the market size will reach USD 18,097 million by 2028, with a Compound Annual Growth Rate (CAGR) of 9.24% during the forecast period of 2023-2028.

Fiber optic technology utilizes highly flexible and transparent fibers made of extruded glass or plastic to transmit data. These fiber optic cables, with threads as thin as human hair, transmit messages through modulated light waves. Despite being made of glass, these cables are durable and malleable.

Product Type

Market Report

No. of Pages


Release Date

April 2023

Base Year


Forecast Period


Market Size

USD 10.4 billion in 2021

Market Segments

End User and Geography



No. of Companies Mentioned


The global fiber optic cable market reached a value of USD 10,350 million in the previous year and is projected to reach USD 18,097 million during the forecast period. The emergence of fifth-generation (5G) networks and the development of fiber optic infrastructure have been instrumental in driving digital transformation across industries. Fiber optic cables offer superior security, reliability, bandwidth, and speed compared to traditional copper cables. Unlike copper wires, which transmit information using electric pulses, fiber optic cables use light pulses to transmit data along the fiber lines.

As online transactions and virtual meetings continue to grow, businesses require 5G connectivity and fiber optic cables to remain competitive. These cables provide cost-effective and convenient solutions for various industrial applications, including lighting and decorations, data transmission, surgical procedures, and mechanical inspections.

Government initiatives aimed at supporting global 5G deployment are also driving market growth. For example, the European Commission recognized the importance of 5G early on and established a public-private partnership to research and develop this technology. As a result, the European Commission allocated over USD 861 million in public funding through the Horizon 2020 Program to support 5G deployment across Europe.

To meet the increasing demand for 5G connections, many companies are expanding their production capabilities. For instance, in December 2022, Ericsson announced its plans to scale up production capacity and operations in partnership with Jabil in Pune, India, to meet the requirements of 5G network deployments.

However, despite the numerous advantages of fiber optic cables, such as higher bandwidth, low latency, reliability, and flexibility, they can be costly to install, with expenses potentially reaching thousands of dollars. This high installation cost may impact the growth of the fiber optics market.

The COVID-19 pandemic significantly disrupted the global supply chain and cable production. Factory shutdowns and halted import-export activities among countries led to a temporary decline in the market. However, the pandemic also accelerated digital transformation, 5G deployment, and the demand for high-speed network connectivity due to the widespread adoption of remote work practices.

Market Segmentation

The market is segmented based on various factors, including end user and geography.

Segmentation by End-user Industry
Power Utilities
Other End-User Industry

Segmentation by Geography
North America
Asia Pacific – China, Japan, India, Malaysia, Indonesia, Thailand, Vietnam, Singapore, Philippines, Rest of Asia Pacific
Latin America
Middle East and Africa

The Telecommunications segment dominated the market with a 45.6% share in 2022 and is expected to experience the highest compound annual growth rate (CAGR) of 9.95% during the forecast period (2023-2028). Optical fiber cable (OFC) plays a critical role in modern telecommunication infrastructure. In recent years, fiber optics has emerged as the preferred transmission medium to meet the increasing demands for bandwidth from various sources, including the Internet, e-commerce, computer networks, and multimedia.

Fiber optic cables offer numerous advantages, including infinite bandwidth capacity, making them capable of handling vast amounts of information. They connect various network nodes in telecommunication networks, such as cell towers, data centers, and internet service providers, facilitating the exchange of large volumes of data between different locations. Fiber optic cables have also enabled the development of high-speed internet connections and advanced communication technologies like video conferencing, online gaming, and cloud computing.

In the telecommunication industry, fiber optic cables provide several benefits, including high speed and bandwidth, low attenuation, immunity to electromagnetic interference, high reliability, lower maintenance requirements compared to copper cables, and enhanced security due to the difficulty in tapping or intercepting signals. Additionally, fiber optic cables are being selected to support advanced technologies such as 5G, Big Data, and the Internet of Things (IoT), which rely heavily on real-time data collection and transfer. The introduction of 5G is expected to enhance network capacity and reduce latency.

The Internet is a transformative and rapidly growing technology with a growing number of users accessing it daily. As of January 2023, the United States had 311.3 million Internet users, representing an Internet penetration rate of 91.8% of the total population. The demand for high-speed internet continues to rise as more people come online, necessitating higher bandwidth, which can only be achieved through fiber optic cables.

Fiber optic technology has been hailed as “future-proof” by Government Technology magazine. Telecom giants like Comcast have already transitioned from copper coaxial cables to hybrid or fully fiber optic cable assemblies. Many experts believe that fiber optics may offer more potential than wireless for emerging sophisticated electronics. Fiber cables are expected to outlast the next generation of devices and industrial requirements as they do not degrade like other infrastructure. The future of fiber optics, therefore, appears promising.

In terms of regional markets, the Asia-Pacific region held the largest market share of 61.1% in 2022, while the North America region is projected to experience the highest CAGR of 10.91% during the forecast period (2023-2028). North America has gained a prominent position due to the accelerated deployment of fiber optic networks in the country in recent times. For instance, according to the 2022 Fiber Provider Survey by the Fiber Broadband Association, fiber-to-the-home (FTTH) deployments in the United States are expected to reach record levels in the coming years. The survey revealed that FTTH networks passed an additional 7.9 million homes in the United States in 2022, despite challenges related to supply chain and labor.

The surge in FTTH deployments can be attributed to significant government funding initiatives such as BEAD, RDOF, and ReConnect, among others, which are starting to have a direct impact. The Broadband Equity, Access, and Deployment (BEAD) Program, for example, allocates USD 42.45 billion to expand high-speed internet access by funding planning, infrastructure deployment, and adoption programs across all 50 states, Washington DC, Puerto Rico, the US Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands.

Additionally, in July 2022, the US Department of Agriculture (USDA) announced a USD 401 million investment to provide high-speed internet access to 31,000 rural residents and businesses in 11 states as part of the US government’s commitment to investing in rural infrastructure and ensuring affordable high-speed internet for all.

Moreover, in November 2022, Canadian Fiber Optics Corp. revealed plans to extend its fiber-to-the-home (FTTH) footprint to High Prairie, Alberta. Operating under the Northern Lights Fiber (NLF) brand, the services will offer the fastest residential internet speeds available in rural Canada, according to CFOC.

Competitive Landscape

The Fiber Optic Cable Market is characterized by intense competition, featuring prominent players such as Corning Inc., Leoni AG, Fujikura Ltd, and Hitachi Cable America Inc. Alongside these key players, there is also a multitude of regional firms vying for a position in the industry. While the barriers to entry for new players are not insurmountable, they are moderate, which has resulted in an influx of regional companies seeking to establish themselves in the fiber optic cable sector.

In November 2022, Prysmian entered into a significant contract worth EUR 220 million (USD 238.26 million) with Samsung C&T. This contract is part of Prysmian’s collaboration with Jan De Nul in an EPC consortium. The project involves the development of the Middle East’s inaugural high-voltage, direct current (HVDC-VSC) subsea power transmission system. Prysmian’s role encompasses the design, supply, assembly, and testing of a symmetrical monopole system, which includes four HVDC 320 kV single-core cables with XLPE insulation, as well as fiber optic cable systems. These cables will establish a connection between the Al Mirfa onshore converter station and the Al Ghallan artificial island situated in the Arabian Gulf, off the coast of Abu Dhabi.

In August 2022, Corning Inc. unveiled its plans to expand its operations across the United States by constructing an optical cable manufacturing facility in Gilbert, Arizona. With an investment exceeding USD 500 million, this facility is slated to open its doors in 2024. The establishment of this facility will enable Corning to effectively meet the growing demand for fiber optic cables in Canada and the western region of the United States.

Furthermore, in August 2022, Furukawa Electric LatAm joined forces with Nokia to deploy optical LAN solutions in the Latin American enterprise market. Under this partnership, Furukawa Electric LatAm will incorporate Nokia’s optical networking equipment into its Laserway passive optical LAN solution. This joint offering will be marketed by Furukawa Electric LatAm’s partner ecosystem to cater to the needs of the enterprise market in Latin America.

Key companies profiled in this report include Corning Inc., Sumitomo Electric Industries Ltd, Prysmian Group, Furukawa Electric Co. Ltd, Commscope Holding Company Inc., Coherent Corporation, Finolex Cables Limited, Proterial Cable America, Inc. (Proterial, Ltd.), Sterlite Technologies, Yangtze Optical Fiber and Cable Joint Stock Limited Company.

Recent Industry Developments

In January 2023, Prysmian Group unveiled its latest innovation, the Sirocco HD micro duct cables, which now includes a version with 864 fibers. This new cable offers an impressive fiber density of 9.1 fibers per square millimeter and can be conveniently installed in a 13-mm duct. With a diameter of 11.0 mm, this cable allows for the accommodation of 864 fibers within its structure.

On the other hand, in September 2022, Google introduced Equiano, a subsea cable that serves as a vital connection between Western Europe and South Africa. This remarkable cable spans a distance of over 15,000km, establishing itself as Africa’s highest-capacity subsea cable. Equipped with 12 fiber pairs, it boasts a design capacity of 150 Tbps. This ambitious project is projected to generate 1.6 million employment opportunities and reduce data prices by 16 to 21% in the region.

Lastly, in June 2022, Prysmian Group made a significant investment of USD 30 million in its Jackson, Tennessee, plant. The primary objective of this investment is to enhance the optical fiber capacity of the plant and expand its telecom network. By doing so, Prysmian Group aims to efficiently meet the growing demand for optical fibers from its clients.

Key Questions Answered

What is the size of the Fiber Optic Cable Market?
The Fiber Optic Cable Market is expected to reach a size of USD 11,633 million in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 9.24% to reach USD 18,097 million by 2028.

What is the current size of the Fiber Optic Cable Market?
In 2023, the Fiber Optic Cable Market is expected to reach a size of USD 11,633 million.

Who are the major players in the Fiber Optic Cable Market?
The major companies operating in the Fiber Optic Cable Market are Corning Inc., Finisar Corporation, Prysmian Group, Sumitomo Electric Industries Ltd, and Leoni AG (Weinert Industries).

Which region is experiencing the fastest growth in the Fiber Optic Cable Market?
North America is estimated to have the highest compound annual growth rate (CAGR) over the forecast period (2023-2028).

Which region has the largest market share in the Fiber Optic Cable Market?
In 2023, the Asia-Pacific region holds the largest market share in the Fiber Optic Cable Market.

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Global Fiber Optic Cable Market Size and Share Analysis 2023-2028

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Global Fiber Optic Cable Market Size and Share Analysis 2023-2028

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