The fiber optic components market was valued at US$ 16,546.7 million in 2019 and is projected to reach US$ 39,150.3 million by 2027; it is expected to grow at a CAGR of 11.3% from 2020 to 2027.
The optic fiber communication technology is one of the key technologies driving the modern digital age.The optic fiber communication transmits data over fiber cable using light wave technology.
The optic fiber communication system uses various components such as transceivers, optical amplifier, coupler/splitters, WDM multiplexer and demultiplexers, filter, isolator, circulator, attenuator, optical switches, wavelength converter, and various function modules for transmission of data.Optical fiber communication technology is used by telecommunication organization for various application such as telephone communication, internet communication, and other media and entertainment telecommunication application.
With the need for effective communication infrastructure, the optic fiber component market is expected to grow.
The increasing deployment of data centers across the globe is one of the major factors driving the growth of global optic fiber component market.Owing to heavy adoption of various digital technologies for carrying out various business operations, businesses across the globe are heavily investing in building data center to have robust digital infrastructure.
Further, the change in working style i.e. remote working across the world due to the outbreak of COVID-19 has further stimulated the businesses to adopt data center. Meanwhile, with incremental rise in volume of data across the global due to improvement in internet infrastructure, affordable internet prices, and rising number of smartphone and connected devices across the world is among another factor positively affecting the growth of optic fiber component market. However, risk of physical damage and data loss issue over long distance is hampering the growth of the optic fiber component market. As the governments across the globe are pushing for digitization, the market for optic fiber component is anticipated to have growth opportunities in coming future.
The global optic fiber component market is segmented on the bases of type, data rate, and application.Based on type, market is further segmented into cables, active optical cables, amplifiers, splitters, connectors, circulators, transceivers, and others.
Based on data rate, the market is segmented into 10G, 40G, 100G, and above 100G. Similarly, based on application, the market is segmented into communications, distributed sensing, analytical and medical equipment, and lighting.
According to the latest situation report from World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak.The outbreak first began in Wuhan (China) during December 2019, and since then, it has spread at a fast pace across the world.
The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in 2020 and 2021.The outbreak has created significant disruptions in the construction sector.
The sharp decline in the international trade is negatively impacting the growth of the global economy.The production shutdowns, restrictions on supply chain, procurement management, labor scarcity, and border lockdowns to combat and contain the outbreak have adversely affected the construction sector.
The production slowdown in the construction industry is directly affecting the adoption of various ad-hoc technologies and solutions such as fiber optic components, as the telecommunication companies have reduced their spending on adopting several technology solutions to deal with the current scenario.
Overall size of the fiber optic components market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the fiber optic components market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts and key opinion leaders specializing in the fiber optic components market. Accelink Technology co. ltd.; Broadcom Inc.; Emcore Corporation; Fujitsu Ltd.; Furukawa Electric co., ltd.; Lumentum Operations LLC; O-Net Technologies; Reflex Photonics Inc.; and Sumitomo Electric Industries, Ltd. are among the major players operating in the global fiber optic components market.
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