Summary:
The global fiber optics market is growing with the rapid pace is mainly due to high bandwidth communication for long distance via an optical fiber which is propelling the fiber optics market growth to the large extent. The diverse purposes of fiber optics have increased the scope of development of the market. Market concentrated reports associated with the semiconductors and electronics industry amid others recently have been made available by Market Research Future which issues reports on this industry. The fiber optic market is anticipated to earn revenues worth USD 6 billion approximately by 2023 while developing with a CAGR of 10 percent during the forecast period.
Fiber optics have increased their importance in the past few years due to the growing penetration of services that require fiber optic cables. Applications such as biomedical sensing and endoscopic imaging applications in the healthcare sector are among the chief factors proving to be beneficial to the expansion of the market. High bandwidth communication for a long distance through the use of optical cables is adding to the development of the market in the forecast period. The rise in information communication levels has further incentivized growth which is expected to motivate the market’s growth by 2023.
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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 .
According to MRFR, 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.
Industry Segments
The fiber optic market is segmented on the basis of optical fiber type, components, end-users, applications, and region. The components segment of the market comprises of couplers, connectors, amplifiers, transmitters & receivers and others. The type of optical fiber is further segmented into multimode and single mode. The applications segment consists of CATV, sensors, fiber optic lighting, security, and others. The end users are segmented into military, telecom & broadband, utilities, aerospace, and others. The market covers regions such as Asia Pacific, North America, Europe, and the rest of the world.
Detailed Regional Analysis
The regional analysis of the market for fiber optics includes a region such as Asia Pacific (India, China, Japan), Europe (U.K, Germany), North America (Mexico, U.S, Canada) and Rest of the World. The North American region is among the prime regions in terms of market share across the world. The fiber optic market in this region is experiencing huge demand owing to the use of optic fibers glass which is extensively used for transmitting light over long distances, which is driving the progress of fiber optics market. The fiber optic market in the European region is anticipated to witness swift development in the upcoming period. Whereas, the Asia Pacific nations such as Japan, China, and India are an evolving market for fiber optic market is anticipated to be the highest CAGR generators in the upcoming years.
Global Competitive Analysis
The skilled management in the companies functioning in the market is making business models which can bring about a fruitful phase of development. The market development by competitors encompasses strong risk management strategies which will positively influence the market. The contenders in the market are also leveraging their competitive advantages to secure their growth in the market. The competitors in the market are determinedly trying to launch leading market positions through new policies and strategies. The competitors in the market are trying to succeed commercially by ensuring demand and supply are in balance. The key trends and players have established a positive tone for development. The momentum of the market’s growth has altered the competitive background of the market.
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Intended Audience
- Fiber optic companies
- Fiber optic providers
- Technical universities
- System integrators
- Managed Security Service Providers
- Professional service providers
- Research and development companies
- Market research and consulting firms
- Solution providers
- Technology standards organizations
- Technology investors
- System Integrators
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