Fiber Optic Market Size: Including Emerging Audience, Growth Opportunities & Current Industry Status expected to grow at a CAGR of 10% to 2023

Market Overview:

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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Major Key Players

Optical Cable Corporation (the U.S.),
Fujikura Limited (Japan),
OFS Fitel, Llc (the U.S.),
Prysmian Spa (Italy),
Infinera Corporation (the U.S.),
Corning INC. (the U.S.),
AFC Group (Australia),
Molex Incorporated (the U.S.),
Anixter International (the U.S),
Luna (the U.S.),
Avantes (the U.S), Birla Furukawa Fibre Optics (India), Finolex Cable Limited (India), Pepperl+Fuchs (Germany), Geokon, Incorporated (the U.S.), L-com.com (the U.S.), TE Connectivity (Switzerland), Extron Electronics (the U.S.), Sterlite Technologies (India), and others.

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 Updates:
In September 2018, NASA and Made In Space have demonstrated the merits of manufacturing fiber optic filaments in microgravity. ZBLAN is the fiber optic material that is chosen for this demonstration.
In August 2018, Reliance Jio (India) has started the registration for optical fiber based fixed-line broadband service. It has claimed to offer download speed of one gigabit per second through this service.

Market Drivers and Restraints:
The extensive use of fiber optics in various services such as local area network, landline communications, television cable networks, and others are propelling the growth of the global fiber optic market. High demand for fiber optics in network and telecommunication industry is majorly driving the expansion of the global fiber optic market.

Persistent research and development activities have aided the fiber optic technology to gain prominence over the past few years. The use of optical fiber in the healthcare sector in various applications such as endoscopic imaging, biomedical sensing and others are some other factors that are fueling the growth of the global fiber optic market. However, the extensive labor required for installation of the network with fiber optic requires high expenditure and is a time taking process, which is likely to create hindrance in the growth of the global fiber optic market during the forecast period.

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Market Segmentation:

The global fiber optics market has been segmented on the basis of components, optical fiber type, application and end-users. Based on components, the fiber optic market is segmented into connectors, couplers, transmitters & receivers, amplifiers and others. Based on optical fiber type, the fiber optic market is segmented into single mode, multiple mode and plastic mode. Based on application, the fiber optic market is segmented into fiber optic lighting, CATV, security, sensors, and others. Based on end-users, the fiber optic market is segmented into telecom & broadband, military, aerospace, utilities and others.

Regional Analysis:

Geographically, the global fiber optic market is segmented into four major regions such as North America, Europe, Asia Pacific and the rest of the world. The North America region is projecting to be one of the leading regions in the global fiber optic market owing to the rapid expansion of telecommunication industry and widespread application of optical fibers in the well-developed healthcare sector in this region. The Europe region is projecting high growth potential in the global fiber optic market owing to the huge demand for fiber optics for transmission over long distances in this region. The fiberoptic market in the Asia Pacific region is anticipated to grow significantly over the forecast period.

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

For More Information, Browse Press Release of "Fiber Optics Market "@ https://www.marketresearchfuture.com/press-release/fiber-optic-industry

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This release was published on openPR.