Fiber Optic Connectors Market Growth Is Attributed To The Increasing Demand For Military & Aerospace

According to Precision Business Insights (PBI) latest report, the fiber optic connectors market is expected to be worth USD 5,941.3 million in 2022, growing at a 9.9% CAGR from 2022 to 2028. The increasing deployment of fiber optic technologies is driving the global industry. The technology industry and the connectors market are expected to be fueled by rising demand for high-bandwidth connectivity and new prospects in the healthcare sector. The industry is expected to show promising growth prospects due to many factors, including increasing government funding for telecommunication infrastructure development and leading players' investments and research to upgrade and expand the solicitation frontiers. Furthermore, the increased awareness of the advantages of technology is propelling the industry forward.

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Military & Aerospace Segment to Dominate the Fiber Optic Connectors Market:
The military & aerospace segment is expected to account for a larger revenue share in the global Fiber Optic Connectors market, with a value share worldwide. It is projected to grow at a 9.4% CAGR between 2022 and 2028. Because of the growing use of Plastic Optical Fiber (POF) in various application segments, Optical connector technology is used by the military for several ground, sea, air, and space requirements, including avionics testing equipment modules and ground support systems in fighter planes.

Asia Pacific Fiber Optic Connectors Market:
The Asia Pacific market is expected to increase in the global fiber optic connectors market over the forecast period. It is projected to grow at a CAGR of 10.5% in the coming years. The Asia Pacific regional market is being strengthened by the high penetration rate of the industrial sector and the rising IT & telecommunication industry. Over the projection period, the Asia Pacific area is expected to emerge as the leading region (in terms of growth and market size). The increased adoption of fiber optic technology in various industrial verticals, particularly the telecommunications sector, can be linked to regional market expansion.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global fiber optic connectors market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In April 2020, Prysmian Group announced the world's first 180µm fibre cable for FTTx and 5G networks.

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The fiber optic connectors market is segmented based on type, application, and geography.
Based on the type, the market is segmented into the following:
• Lucent Connector (LC)
• Subscriber Connector (SC)
• Straight Tip (ST)
• Multi-Fiber Termination Push On/Pull Off (MTP)
• Master Unit (MU)
• Fiber Distributed Data Interface (FDDI)
• Sub Multi Assembly (SMA)
• Other

Based on the application, the market is segmented into the following:
• Telecom
• Oil and Gas
• Military & Aerospace
• BFSI
• Medical
• Railway
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the fiber optic connectors market report are 3M, Amphenol Corporation, Aptiv, Broadcom, Extron, Molex, OCC, Siemens AG, Shenzhen ADTEK Technology Co., Ltd., TE Connectivity.

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