Fiber Optic Industry Size, Projections, SWOT Analysis, Product Research and Forecast by 2023
- ehteshampeerzade
- Nov 10, 2020
- 3 min read
Market Highlights
The fiber optic market is feeling the impact of the COVID-19 outbreak, facing massive financial crisis that have also affected other industries. While a number of sectors are dealing with the aftereffects of the pandemic, the semiconductor sector is likely to be the most affected in the long run. Following the advent of SARS-CoV-2, various fiber optic market firms have been facing tough decisions, in terms of cost-cutting measures as well as finance required to maintain continuous flow of operations. The lockdown is the short term impact of the novel coronavirus, which has shut down many of the manufacturing sectors and has led to a fall in the demand for fiber optics.
Market Research Future (MRFR) believes that the global fiber optic industry has the potential to attain a growth rate of 10% during the forecast period (2017-2023). It can touch a valuation of USD 6 billion by 2023, adds MRFR.
The falling demand has had a domino effect across the semiconductor industry, as the SARS-CoV-2 outbreak has resulted in the closing down of various operations, along with e-commerce and retail stores. This has also resulted in the collapsing of supply chain networks and has widened the gap between demand and supply in the fiber optic market. However, in an attempt to mitigate the long-term impact of the pandemic, experts are advocating for faster decisive actions by governments as well as market vendors, which can help curb revenue loss in the years to come. Also, the growing application scope of fiber optic in the healthcare industry such as biomedical sensing and endoscopic imaging can favor the market, especially as countries are struggling to achieve a COVID-19 breakthrough.
Major Drivers and Key Challenges
With the amplified demand for the internet of things (IoT) and surge in the number of connected devices, the importance of data transmission has risen among users. As a result, the fiber optic market is presented with a number of growth opportunities, given the rising popularity of IoT and connected devices. Moreover, technological advancements taking place in the telecom sector had led to a surge in the deployment of broadband network architectures.
Fiber to the Building (FTTB) and Fiber to the Home (FTTH) are some of the most significant broadband networking architectures, which calls for large-scale deployment of fiber optic networks. This factor can boost the demand for fiber optic in the years to come. A fiber optic cable offers a host of benefits, including high-security option that is not possible with basic copper cables. This factor is set to have a positive impact on the growth of the fiber optic cables market during the estimated period.
The market will also be offered promising prospects during the evaluation period due to the rising investments in R&D activities by leading manufacturers for the upgradation of the technology. Additionally, the mounting awareness with regard to the benefits that the technology offers can also speed up the market growth in the approaching years.
Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/1169
Regional Analysis
The market is spread across the key regions of Europe, North America, APAC/Asia Pacific, and RoW/rest of the world.
North America ranks among the top markets, given the popularity of various streaming entertainment services and the enthusiasm of media firms in reaching out to more customers with no interference of a third party. Fiber optics is extremely crucial in streaming services, which is leading to better business expansion in the region. Also, the rising demand for cloud computing has become a top trend in the market, with various enterprises using fiber optic for Internet access to multiple access points.
On the other hand, Japan, India and China are some of the fast developing markets for fiber optic in APAC. The high uptake of the technology in IT, telecom and manufacturing sectors can be a chief factor that can help the market gain the fastest growth rate in the approaching period. The expanding application range of fiber optics in the healthcare industry also promotes market growth in APAC.
Segmentation:
All the facets of the global fiber optic market have been unraveled in the report, taking into consideration the segments like components, optical fiber type, applications, and end-users.
The components covered by the report include couplers, connectors, amplifiers, transmitters & receivers, and others.
The optical fiber types are single mode, multiple mode, and plastic mode.
In the context of the application, the segments are CATV, fiber optic lighting, sensors, security, and others.
The end users identified in the report are military, telecom & broadband, utilities, aerospace, and others.
Comments