The fiber optic market 2020 can expect to reach a valuation of a whopping 6 billion by 2023, reveals Market Research Future (MRFR). It is also revealed that the market can procure a growth rate of 10% between 2017 and 2023 (assessment period). We will provide COVID-19 impact analysis with the report, offering an in-depth review of the market following the coronavirus disease outbreak.
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.
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
The fiber optic technology has emerged as one of the most significant innovations in modern times, and has been subjected to constant advancements due to rigorous researches by scientists, with extensive studies. Fiber optic has been a boon for various industries, as it has a wide range of applications across verticals and has also helped facilitate technological advancements over the years.
The soaring demand for higher bandwidth for communication is one of the chief factors inducing market growth. Since fiber optic systems efficiently help transmit voice, images and data that range from a few meters to kilometers, their use is expected to increase across industries. IT and telecommunication are some of the top end-users, where the technology has a wide application scope. The trend of fiber-rich infrastructure has led to incredible growth of these cables in the global market.
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.
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The fiber optic industry has been considered for components, optical fiber type, applications as well as end-users.
The components covered in the study include couplers, connectors, amplifiers, transmitters & receivers, and others.
The optical fiber types detailed in the report include multiple mode, plastic mode and single mode.
The application areas of the technology are security, fiber optic lighting, sensors, CATV, and more.
The key end users in the global industry include military, telecom & broadband, utilities, aerospace, and others. Medical applications of the technology are expected to note the highest growth, as a result of the rising uptake of optic technology devices. Strict regulations imposed by medical associations also boost the prevalence of the market in the medical sector.
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.
The renowned vendors profiled in the market study include Prysmian Spa (Italy), Finolex Cable Limited (India), Extron Electronics (U.S.), L-com.com (U.S.), Corning INC. (U.S.), Geokon, Incorporated (U.S.), Fujikura Limited (Japan), TE Connectivity (Switzerland), Ofs Fitel, Llc (U.S.), Molex Incorporated (U.S.), Avantes (U.S), Pepperl+Fuchs (Germany), AFC Group (Australia), Infinera Corporation (U.S.), Optical Cable Corporation (U.S.), Luna (U.S.), Birla Furukawa Fibre Optics (India), Anixter International (U.S), Sterlite Technologies (India), to list a few.
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CenturyLink is all set to expand its fiber-optic network for higher number of business and residential customers across the U.S. The new FTTP infrastructure will be able to deliver much better bandwidth speeds, which includes gigabit broadband services across a few cities in the country.
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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