Press release
Future Industry Growth Of Fiber Optic Components Market Drivers, Ongoing Trends, Future Demand, Challenges & Forecast 2024-2033
Fiber Optic Components Market
The fiber optic components market size is expected to see strong growth in the next few years. It will grow to $41.67 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to internet of things (iot) growth, data center expansion, smart city initiatives, rise in remote working trends, renewable energy connectivity. Major trends in the forecast period include mobile and wireless technologies, 5g network expansion, advancements in optical networking, rapid digital transformation, increased bandwidth requirements.
Market Overview -
Fiber optic components refer to the components that are essential for the construction of a fiber optic cable. They are used in fiber optic cables to transmit information over long distances.
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The Internet Boom Driving The Fiber Optic Components Market
The rising demand for the internet is expected to propel the fiber optic components market. Internet refers to a worldwide connected network system that helps communicate and access data resources. Fiber optic is the backbone of the internet, as it acts as a medium to transmit more information at faster speeds too long distances. For instance, in November 2021, according to a report shared by the International Telecommunication Union (ITU), a Switzerland-based specialized UN agency, the number of internet users increased by 782 million, accounting for 63% of the global population in 2021, compared to the previous year. Therefore, the rising demand for the internet is driving the fiber optic components market.
Competitive Landscape -
Major companies operating in the fiber optic components market report are Coherent Corp., Lumentum Holdings Inc., Broadcom Inc., Sumitomo Electric Industries Ltd., Accelink Technologies Corporation, Acacia Communications Inc., EMCORE Corporation, Fujitsu Optical Components Limited, The Furukawa Electric Co. Ltd., Finisar Corporation, O-Net Technologies (Shenzhen) Group Co. Ltd., Oclaro Inc., Reflex Photonics Inc., TE Connectivity Ltd., Fiber Mountain, KAIAM Corporation, MW Technologies LDA, NeoPhotonics Corporation, Shenzhen Nokoxin Technology Co. Ltd., Amphenol Corporation, II-VI Incorporated, Prysmian Group, Yangtze Optical Fibre and Cable Joint Stock Limited Company, Fujikura Ltd., Corning Incorporated, Infinera Corporation, Ciena Corporation, FiberHome Telecommunication Technologies Co. Ltd., ZTE Corporation, Huawei Technologies Co. Ltd.
Product Innovations In The Fiber Optic Components Market
Product innovation is a key trend in the fiber optic components market. Major players in the fibre optic component market are concentrating on creating new technical innovations to bolster their positions. For instance, in June 2021, Sumitomo Electric Industries Ltd., a Japan-based manufacturer of optical fiber cables and components, launched a new multi-fiber connected 'AirEB'. The new connector has an expanded beam and is expected to have optical performance tolerance, contributing to cleaning cost advantages. The precision molding of the connector is expected to deliver good performance in harsh environments with less maintenance and high productivity.
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Key Segments -
The fiber optic components market covered in this report is segmented -
1) By Type: Cables, Active Optical Cables, Amplifiers, Splitters, Connectors, Circulators, Transceivers, Other Types
2) By Fiber Type: Glass, Plastic
3) By Application: Distributed Sensing, Analytical and Medical Equipment, Lighting, Communications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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