Fiber optic connectors hold together various fibers for connecting ensuring the passage of light. The use of these components in connecting various cables and equipment can beckon its demand due to increasing interconnectivity. The global fiber optic connector market report compiled by Market Research Future (MRFR) analyses the trends, driver, and challenges for the industry for the period of 2017 to 2023 (forecast period) owing to historical events and current economic scenario. The COVID-19 pandemic and its impact on the industry are explained in depth.
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Market Scope
The global fiber optic connector market is expected to grow to a stellar valuation of USD 5 billion by 2023. It is expected to grow at a CAGR of 8% during the forecast period.
The inclination towards high bandwidth speeds, communication networking technologies, and opportunities in industries gravitating towards IIoT are major drivers of the market. Government funding for telecommunication infrastructure, auction of new frequency spectrums, and new areas of investment can bode well for the market. Constant developments in research and development, potential of remote work and online learning, and the efficiency of low-cost applications can pave the way for the market.
Segmentation
The global market of fiber optic connector is segmented into type, application, industries, and region. By type, it is segmented into Lucent connector, straight tip, fiber distributed data interface, fiber connector, master unit, multi-fiber termination push on/pull off, subscriber connector, sub multi-assembly, and others. The Lucent connector segment is likely to dominate the market owing to its use in high-density switches.
Major applications include datacenter, community antenna television, telecommunication, inter-building, security systems, and others.
By industries, it is segmented into IT telecom, automotive, consumer electronics, and others. The IT telecom sector is projected to rule the market owing to emergence of next-generation communication technologies and need for fiber connectors for ensuring seamless speeds. Establishment of infrastructure in China and India owing to cloud services, data transmission services, and video-on-demand services to entice customers are likely to spur segment growth.
Regional Analysis
The market is spanned across regions including North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is the leading region with the highest market share. The market in this region has a huge demand due to the increasing usage of connectors in the defense industry and distribution cables, trunking cables, and standard patch cords in the telecom industry. The market for optical connectors in Europe is expected to witness rapid growth due to increasing usage of high-speed data services by consumers in these regions. Strict regulations imposed by governments and medical associations due to being used in illumination and laser delivery systems are bound to drive the market demand exponentially.
The APAC fiber optic connector market is expected to rise due to increasing penetration of fiber optics technologies used in smart cities projects and adoption of fiber optics in the telecommunications sector.
Competitive Outlook
Optical Cable Corporation, Amphenol Aerospace, Sumitomo Electric Industries, Ltd., TE Connectivity Ltd., Hirose Electric Co., Ltd., Alcatel-Lucent SA, Corning Cable Systems LLC, Hitachi Ltd., Arris Group Inc., and The 3M Company are key players of the global fiber optic connector market.
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