North America Fiber Optics Market Size, Share & Trends Analysis Report By Mode (Single-mode, Multi-mode, Plastic Optical Fiber), By Application, By Country, And Segment Forecasts, 2024 - 2030

North America Fiber Optics Market Size, Share & Trends Analysis Report By Mode (Single-mode, Multi-mode, Plastic Optical Fiber), By Application, By Country, And Segment Forecasts, 2024 - 2030

North America Fiber Optics Market Growth & Trends

The North America fiber optics market size is anticipated to reach USD 3.62 billion by 2030 and is projected to grow at a CAGR of 4.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing demand for high-speed internet is one of the main drivers of the market growth. The rise of bandwidth-intensive applications such as online gaming, video streaming, telecommuting, cloud computing, and others require faster and more reliable internet connections.

Fiber optics technology is experiencing continuous advancements, leading to technological improvisation and upgrades. Innovations in high-density cables and connectors, transmission speeds, and durability features have propelled this technology. Fiber Optics technology has transformed modern networks, enabling an increase in bandwidth, faster speeds, and enhanced reliability.

The exponential growth in data traffic, increased by trends such as artificial intelligence (AI), the Internet of Things (IoT), and big data analytics, is driving the demand for higher bandwidth and greater network capacity. Fiber optics can efficiently handle large volumes of data and support bandwidth-intensive applications, which makes it essential for the growing demands.

Fiber optic networks are also being promoted for their environmental benefits compared to traditional copper-based networks. Fiber optics consume less energy, have longer life spans, and require less maintenance, making them a more sustainable choice.

North America Fiber Optics Market Report Highlights

• Based on mode, the multi-mode segment led the market with the largest revenue share of 54.8% in 2023, due to their low cost, easy installation, and widespread use, which fuel the demand for them. They are used in various medical applications such as diagnostics, telemedicine, medical imaging, and others, which help healthcare professionals perform surgeries more efficiently and accurately, promoting patient safety and comfort
• Based on application, the telecom segment led the market with the largest revenue share of 40.7% in 2023. The increasing demand for high-speed internet and enhanced connectivity in the telecom sector is driving the market growth. The rising demand for high-speed internet requirements and social media apps such as Instagram, TikTok, and Snapchat are boosting the need for fiber optics in the telecom sector
• Based on mode, the plastic segment is expected to grow at a rapid CAGR during the forecast period. Due to its flexibility, ease of installation, and cost-effectiveness, it is utilized in the automotive industry, lighting applications, medical devices, and other industries
• In June 2023, the U.S. government plans to make a USD 42 billion investment in 50 states under the Broadband Equity Access and Deployment Program. The primary objective is to give all Americans access to high-speed broadband by 2030

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