Fiber Optic Market Research Report- Forecast till 2023
The global fiber optic market is predicted to touch USD 6 billion at a 10% CAGR between 2017- 2023 states the recent Market Research Future (MRFR) analysis. A fiber optic, simply put, is a transparent, flexible fiber that is made of plastic or extruded glass (silica) that can work as a light pipe or waveguide for transmitting light between the fibers’ both ends. Fiber optics provides high bandwidth that allows more data to be offered at the earliest. Amplifiers, transmitters and receivers, couplers, connectors, and others are some of its components. Owing to its alluring characteristics and endless benefits, fiber optic is mostly used in utilities, aerospace, military, and telecom and broadband.
Various factors are propelling the global fiber optic market share. As per the current MRFR report, such factors include burgeoning demand for communication having high bandwidth, development of network infrastructure, and growing opportunities, especially in the healthcare industry like biomedical sensing applications & endoscopic imaging applications.
On the flip side, the initial high investment for deployment, fragile nature, and demand for wireless communication technology are factors that may impede the global fiber optic market growth over the forecast period. Besides, the temporary shutdown of manufacturing facilities resulting in a slowdown in the production due to the ongoing COVID-19 pandemic is also impacting the market growth.
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The MRFR report provides an inclusive segmental analysis of the global fiber optic market based on end users, applications, optical fiber type, and components.
By components, the global fiber optic market is segmented into amplifiers, transmitters and receivers, couplers, connectors, and others.
By optical fiber type, the global fiber optic market is segmented into plastics mode, multiple mode, and single-mode. Of these, the multiple mode segment will lead the market over the forecast period.
By applications, the global fiber optic market is segmented into sensors, premises, security, CATV, fiber optic lighting, and others.
By end users, the global fiber optic market is segmented into utilities, aerospace, military, and telecom and broadband. Of these, telecom and broadband segment will dominate the market over the forecast period.
Based on the region, the global fiber optic market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. Use of latest technologies such as NFC and RFID, increasing use as a tag for optical fiber cables, presence of prominent companies, and its burgeoning demand from different sectors like utilities, aerospace, military, telecom and broadband, and others are adding to the global fiber optic market growth in the region.
The global fiber optic market in the APAC region is predicted to grow at a fast pace over the forecast period. Advances in the telecommunication sector and enhanced technology are adding to the global fiber optic market growth in the region.
The global fiber optic market in Europe is predicted to have sound growth over the forecast period.
The global fiber optic market in the RoW is predicted to have steady growth over the forecast period. Increasing awareness, the growing use of broadband technology, and surging demand for fiber optic are adding to the fiber optic market growth in the region.
Eminent contenders profiled in the global fiber optic market report include Extron Electronics (U.S.), TE Connectivity (Switzerland), L-com.com (U.S.), Geokon, Incorporated (U.S.), Pepperl+Fuchs (Germany), Avantes (U.S), Luna (U.S.), Anixter International (U.S), Molex Incorporated (U.S.), AFC Group (Australia), Birla Furukawa Fibre Optics (India), Corning INC. (U.S.), Infinera Corporation (U.S.), Prysmian Spa (Italy), Ofs Fitel, Llc (U.S.), Finolex Cable Limited (India), Fujikura Limited (Japan), Sterlite Technologies (India), and Optical Cable Corporation (U.S.), among others.
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Global Fiber Optic Market, By Components (Connectors, Couplers, Transmitters & Receivers, Amplifiers), Optical Fiber Type (Single Mode, Multiple Mode), Application (Fiber Optic Lighting, Security, Sensors), End Users (Telecom & Broadband, Military, Aerospace, Utilities) – Forecast Till 2023