Fiber Optic Connectors Market is expected to record significant growth through 2024

The competitive landscape of the global fiber optic connectors market is largely consolidated, with the top five collectively holding a nearly 60% share in the market in 2015, observes a recent report by Transparency Market Research. These top vendors, namely 3M, TE Connectivity Ltd., Amphenol Corporation, Molex Incorporated, and Corning Cable System LLC, have relied upon strategies such as acquisition of niche product manufacturers for diversifying product portfolios and expanding their reach across lucrative regional markets.

Companies have also focused more on investing funds aimed at the research and development of cutting-edge technology for highly effective and differentiated products. TE Connectivity’s recent acquisition of the U.K.-based Polamco Ltd., a manufacturer of interconnect accessories and high precision connectors, is testimony to the company’s efforts to strengthen its portfolio and overall position in the market.

Asia Pacific to Lead to Lucrative Growth Opportunities

Transparency Market Research observes that the global fiber optic connectors market offers significant growth opportunities over the period between 2016 and 2024. The market is estimated to expand at a CAGR of 7.7% over the said period, charting a rise from a valuation of US$2,932.2 mn in 2015 to US$5,656.2 mn by 2024. Of the key end-use industries that employ fiber optic connectors, the telecom industry is presently the dominant contributor to the global market’s revenue and is expected to retain its top position over the forecast period as well.

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Geographically, the market for fiber optic connectors in North America leads, largely owing to the vast usage of high-density multi fiber connectors in the ever expanding telecom industry and data centers in the region. Over the forecast period, the market for fiber optic connectors in Asia Pacific is expected to represent the most lucrative growth opportunity owing to growth on sectors such as telecom and IT.

Rising Demand for Higher Bandwidth to Boost Fiber Optic Connector Consumption Globally

The insatiable consumer demand for data connections with higher bandwidth, such as 4G and 5G, is one of the most impactful factors expected to drive the global fiber optic cable market in the next few years. The continuous rise in the number of telecommunication subscribers across the globe, and the resultant need to expand telecom infrastructure is expected to boost the consumption of fiber optic connectors in developing as well as developed nations. The impact of this factor on the overall development of the global fiber optic connectors market is, however, expected to be more profound in emerging economies across regions such as Asia Pacific and Latin America.

Significant Growth of Wireless Networking Systems to Hamper Market Growth

The phenomenal expansion of the global wireless networking system is one of the chief factors expected to have a negative impact on the overall global consumption of fiber optic connections globally. The factor is expected to slow down the demand for optical components and modules, especially across countries such as Japan and Indonesia, which are more suited to wireless networks instead of traditional fiber optic networks.

The rate of advancement in the field of wireless networking has remained higher than fiber optics. Moreover, the installation cost of wireless networks is much lower than fiber optic connectors. These factors could act as significant restraints of the global fiber optic connectors market in the near term.

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This release was published on openPR.