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Fiber Optic Market Present Scenario, Technological Advancements, Growth Prospects, Current and Future Potential of Global Industry(March 08, 2018)
The global fiber optics market is growing with the rapid pace is mainly due to high bandwidth communication for long distance via optical fiber which is propelling the fiber optics market growth to the large extent. According to a recent study report published by the Market Research Future, The global market of fiber optics is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).
The global fiber optics market is driven due to the increasing demand of latest technologies such as RFID, Fiber and NFC and others which is boosting the market growth fiber optics. The RFID tag which is integrated into the optical fiber cable, connectors, adapters and others is used to accomplish the tracking automatically in data centers. The growing opportunities in the healthcare sector such as endoscopic imaging applications, and biomedical sensing applications are boosting the market growth of fiber optics.
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Fiber Optic market is mainly driven by the demand for high speed internet around the world as the traditional wires are not able to meet the expectation. Fiber Optic is mainly used for the transfer and exchange of data’s digitally. Growing countries which are adopting the new technology for high speed internet is creating huge demand for the Fiber Optics. Major opportunities in the market are the advances in technologies leading to an increase in the data transmission rate and factors & trends defining the telecommunications industry across the globe. Adoption of Internet attributes to the several factors including increase in the number of connected devices in homes, increase in the demand for Over-The-Top or OTT video content, and the increasing Internet access. All these factors have led to an increase in Internet users, which in turn has led to the higher usage of optical fiber cable to transfer information over the Internet. Fiber Optic empowers data transmission, attributed to this, augmented adoption of cloud computing, data transfer & storage, and IoT is fuelling the extended use of Internet, eventually fostering the market growth of Fiber Optics market.
Major Key Players
Some of the prominent players in the global fiber optic market: Optical Cable Corporation (U.S.), Sterlite Technologies (India), Fujikura Limited (Japan), Finolex Cable Limited (India), Ofs Fitel, Llc (U.S.), Prysmian Spa (Italy), Infinera Corporation (U.S.), Corning INC. (U.S.), Birla Furukawa Fibre Optics (India), AFC Group (Australia), Molex Incorporated (U.S.), Anixter International (U.S), Luna (U.S.), Avantes (U.S), Pepperl+Fuchs (Germany), Geokon, Incorporated (U.S.), L-com.com (U.S.), TE Connectivity (Switzerland), Extron Electronics (U.S.) and among others.
The global fiber optic market is segmented into components, optical fiber type, applications, end-users and region. The components is segmented into connectors, couplers, transmitters & receivers, amplifiers and others. The optical fiber type are further segmented into single mode, multiple mode and plastic mode. The applications are segmented into fiber optic lighting, CATV, security, sensors, and others. The end users are segmented into telecom & broadband, military, aerospace, utilities and others. The market is spanned across regions including North America, Europe, Asia Pacific, and rest of the world.
The regional analysis of fiber optic market is being studied for region such as Asia pacific (China, Japan, India), North America (U.S, Mexico, Canada), Europe (U.K, Germany) and Rest of the World. North America is one of the leading regions across the world in terms of market share. The fiber optic market in this region has a huge demand due to optic fibers use glass which is widely used for transmitting light over long distances, which is propelling the growth of fiber optics market. The fiber optic market in Europe region is expected to witness rapid growth in the forthcoming period. Whereas, Asia Pacific countries such as China, Japan, and India is an emerging market for fiber optic market is expected to be the highest CAGR in the coming years.
The global fiber optic market is expected to grow at USD ~6 billion by 2023, at a CAGR of ~10% during the forecast period 2017-2023.
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In view of growth and immense revenue generation opportunities potential that market is currently demonstrating is in turn attracting several new players to enter the market. However, those new entrants find it challenging to survive in the market with the introduction of new technologies.
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