Optical Networking and Communication Market To Generate $32.8 Billion in 2030

A number of factors, such as the increasing demand for high bandwidth, surging mobile data traffic, and development of the machine-to-machine (M2M) and internet of things (IoT) technologies, are projected to boost the growth of the optical networking and communication market at a CAGR of 6.2% in the forecast period (2020-2030). At this growth rate, the market size is expected to reach $32.8 billion by 2030 from $16.9 billion in 2019. Currently, the market is witnessing the rising inclination toward wireless optical networks using the open-air optical technology.

The primary factor improving the optical networking and communication market growth prospects is the rising demand for high bandwidth. Due to the increasing number of internet users and surging data traffic, the demand for higher bandwidths is rising. Moreover, the surging number of smartphone users and data centers across the world is propelling the demand for optical networking and communication solutions. As per the GSM Association, since 2018, the number of smartphone users has surged by 250 million to reach 3.8 billion in 2019!

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Another key factor driving the demand for optical networking and communication solutions is the development of the M2M and IoT technologies. With the extensive deployment of these technologies, a high network capacity has become important. The adoption of IoT requires high bandwidth to support multiple connections and reliable internet connectivity. The rising number of connected devices and increasing adoption of data-intensive applications are boosting the requirement for fiber optic networks offering higher data transfer speeds. Moreover, the growing rate of data browsing and downloading is driving the market growth.

The component segment of the optical networking and communication market is classified into optical fibers, optical amplifiers, optical transceivers, optical switches, optical circulators, and optical splitters. Among these, the optical fibers category accounted for the largest market share in 2019, and it is also expected to witness the fastest growth in coming years. This is attributed to the fact that advanced network infrastructure used to support high-speed data transmission and 5G infrastructure requires low power consumption and latency and a high data transfer capacity, for which optical fibers are widely used.

Additionally, the optical networking and communication market is categorized into telecommunication, government, cable/broadcasting, cloud and data centers, industrial, and commercial, on the basis of end user. Among these, the telecommunication category is expected to dominate the market during the forecast period. This can be ascribed to the increasing internet and smartphone penetration, surging social media usage, and development of 5G infrastructure. The focus on the development of telecom infrastructure and network planning in developing countries is increasing, which is driving the market growth in this category.

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Geographically, the Asia-Pacific (APAC) region accounted for the largest share in the optical networking and communication market in 2019. This is attributed to the technological evolution in the telecommunication and information technology (IT) sectors, development of broadband services based on optical networks, considerable rise in broadband penetration, increase in the application of fiber optics in the medical sector, and surge in the government investments to improve the security infrastructure. Moreover, the rapid deployment of wireless communication and developments in IoT technologies are propelling the demand for fiber optic cables in the region.

Thus, the rising demand for high bandwidth and the advancements in the M2M and IoT technologies across the globe are expected to propel the growth of the market during the forecast period.

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This release was published on openPR.