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Fiber Optic Components Market Size, Share, Growth And Forecast 2033
Fiber Optic Components Market Size
Fiber Optic Components Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $74.36 billion In 2028 At A CAGR Of 15.8% :
The fiber optic components market size has grown strongly in recent years. It will grow from $26.19 billion in 2023 to $28.62 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to internet revolution and data demand, advancements in fiber optics, global connectivity requirements, emergence of cloud computing, government initiatives and investments.
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.
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Fiber Optic Components Market Major 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 Driver - 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.
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Prominent Trend - 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.
Fiber Optic Components Market Players
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.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the fiber optic components market share in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the fiber optic components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Fiber Optic Components Market Report Structure
3. Fiber Optic Components Market Trends And Strategies
4. Fiber Optic Components Market - Macro Economic Scenario
5. Fiber Optic Components Market Size And Growth
…..
27. Fiber Optic Components Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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