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Fiber Optic Components Global Market Report Competitive And Growth Analysis 2033
Fiber Optic Components Global Market Report 2024
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According to The Business Research Company's, 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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Market Drivers and Trends:
Increasing smart cities is expected to propel the fiber optic components market. Smart cities refer to an administrative territory that uses information and communication technology (ICT) to improve its operational efficiency and provide better infrastructural facilities to its residents. Fiber optic components are important in the construction of smart cities because they allow for the seamless interchange of data between various sensors, devices, and control centers. For instance, in November 2021, the federal government announced the Investment and Jobs Act in its annual bill, in which it allocated $500 million for accelerating its smart city initiative and increasing the number of smart cities in the country. Additionally, the Indian government allocated $868 million for smart city development in Financial Year 21-22, which was an increase from $457 million in Financial Year 2020-2021. Therefore, the increasing number of smart city projects across the globe is driving the integrated facility management market. Therefore, the increasing smart cities is driving 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.
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Major Key Players of the Market:
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.
Fiber Optic Components Market 2024 Key Insights:
• 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 Internet Boom Driving The Fiber Optic Components Market
• Product Innovations In The Fiber Optic Components 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
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