According to a recent study done by FMI, the Fiber Optic Connectivity Market is expected to reach US$ 7.0 billion by 2032, up from US$ 2.8 billion in 2022, expanding at a high CAGR of 9.6%. This study explains that the demand of fiber optic technology in various industrial sectors and in submarines and aircrafts sectors influence the growth of the market.
In addition, the high demand for energy efficient solutions across the globe in various industries is expected to boost the market during the forecast period. Moreover, the demand of fiber optic technology in various industrial sectors and in submarines and aircrafts sectors also influence the growth of the market.
Furthermore, the low cost associated with the data transfer is also anticipated to flourish the growth of the fiber optic connectivity market. In addition, the technological advancements in the field of communication technology are also expected to create various new opportunities that will lead to the lift in the growth of the fiber optic connectivity market during the forecast period. Additionally, the longer distance transmission with low security risk is another major factor that is expected to favor the growth of the Fiber Optic Connectivity market.
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Key Takeaways from the Market Study
- Global Fiber Optic Connectivity Market was valued at US$ 2.8 Bn by 2022-end
- The US to account for the highest value share of US$ 1 Bn of global market demand for Fiber Optic Connectivity Market in 2032
- From 2015 to 2021, the Fiber Optic Connectivity demand expanded at a CAGR of 10.1%
- By Component, Hardware constitutes the bulk of Fiber Optic Connectivity with a CAGR of 9.4%.
“Low cost associated with the data transfer is a major factor that is anticipated to flourish the growth of the fiber optic connectivity market during the forecast period,” remarks an FMI analyst.
Players in the global Fiber Optic Connectivity Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In March 2022, In March 2022, Zain Group signed a Memorandum of Understanding (MoU) with Huawei to accelerate 5.5G Innovation to enrich the customer experience across multiple markets. Within the scope of the MoU, Huawei will support Zain Group to optimize its network architecture to extend 5G capabilities to support IoT, Ultra-Reliable Low Latency Communications, uplink centric broadband, real-time broadband communication, harmonized communication, and sensing.
- In January 2022, Corning Incorporated announced the launch of a new glass composition to advance the development of augmented and mixed reality (AR/MR) diffractive waveguides for wearable devices. Optical advancements inherent in the glass take the augmented reality experience to the next level through larger, clearer digital content that creates more engaging and immersive user experiences.
- In November 2021, HUBER+SUHNER and McLaren launched 5G applications to run on trains, the HUBER+SUHNER SENCITY® Rail ACTIVE Rooftop antenna, which is the first-of-its-kind rail antenna that contains an embedded radio and compute module to offer increased data throughput to support 5G services. It is an all-in-one active antenna with a single ethernet cable input for power and data transmission.
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Know More About What the Fiber Optic Connectivity Market Repost Covers
Future Market Insights offers an unbiased analysis of the global Fiber Optic Connectivity Market, providing historical data for 2015-2021 and forecast statistics from 2022-2032. To understand opportunities in the Fiber Optic Connectivity Market, the market is segmented on the basis of component and industry across five major regions.
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