Fiber Optic Connector Market Worth $5.9 Billion By 2025 | CAGR: 7.1%
The global fiber optic connector market is expected to reach USD 5.9 billion by 2025, according to a new report by Grand View Research, Inc. The fiber optics segment is expected to grow, significantly, over the forecast period. Fiber optic connectors have huge potential to be incorporated into a wide range of applications in the healthcare, railway, defense & aerospace, and oil & gas sectors.
The technology is under constant R&D and aims to develop low-cost applications and technological solutions for the mass market. The fiber optic technology has gained prominence over the past few years, owing to the persistent research & development activities and the escalating demand from high bandwidth communication and data services.
The growing penetration of fiber optics technology is encouraging manufacturers and suppliers to invest in research & development for developing better products. Researchers are focusing on innovating reliable and cost-effective fiber optic products, as the production and installation of fiber optic products are quite tedious and costly. Manufacturers strive to optimize production processes, by regulating efficiency and prices, to curb other alternatives of the fiber optics technology.
The fiber optics market includes different fiber optic connectors such as SC connector, LC connector, FC connector, ST connector, MTP connector, and others. Based on fiber optic applications, the market is segmented into military & aerospace, oil & gas, telecom, medical, BFSI, railway, and others. The telecom sector is the biggest application sector, in terms of revenue, and is regulated by the regulations imposed by the government and other related regulatory authorities.
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Further key findings from the report suggest:
- In 2015, the LC connector segment dominated the overall market, in terms of revenue. An LC connector is used in high-density connections such as Cisco Catalyst switches and Hewlett Packard Pro Curve.
- In 2015, the North American regional market dominated the overall market and accounted for the largest global market share (in terms of revenue)
- The growing demand for fiber optic connectors can be attributed to the ever-growing bandwidth requirements across enterprise and carrier networks
- Fiber optics connectors find dynamic applications across the medical industry, as they are mainly deployed in flexible bundling, light conduction & illumination, and laser delivery systems
- The key industry participants include Corning, Inc., Optical Cable Corporation, Sterlite Technologies Limited, 3M, and OFS Fitel, LLC.