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Fiber Optic Components Market Growth Analysis, Trends, Share, Market Size And Forecast To 2033
Fiber Optic Components Market Growth
As per the report, 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 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%.
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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.
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.
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
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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.
Contents of the report:
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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