The global market for Fiber Optic Components is projected to reach US$25.3 billion by 2024, driven by rising bandwidth needs in both carrier and networks; increased deployment of data storage networks; and improving fiber optics efficiency supported by continuous innovations and technology advancements. The market also stands to benefit from the growing deployment of FTTx broadband network architectures such as fiber to the home (FTTH), fiber to the premise (FTTP), fiber to the building (FTTB), fiber to the node (FTTN), and fiber to the curb or cabinet (FTTC). Few of the advantages driving the migration from copper to fiber include low costs, greater flexibility, higher carrying capacity, suitability for digital data transmission, low power requirements and reduced risk of signal degradation.
Other major factors also driving growth in the market include strong growth opportunities in the medical sector against the backdrop of growing installation of fiber optic based hospital networks; rapid adoption of cloud-computing-oriented IT architecture and the expanding role of fiber-optic connectivity and management in data centers; increasing use of bandwidth hungry internet based applications in the sector; and demand for harsh environment fibre-optic systems in applications such as energy, transportation and defense. Manufacturers in the market are focusing on modularization where a number of components are packaged into a single package offering hassle-free solutions to end users. Asia-Pacific represents the largest market worldwide supported by rapid development of telecommunications infrastructure; rising demand for fiber optic cable solutions from military, medical and avionics sectors; growing dependence of social and economic activities on ICT technologies and the ensuing opening of several new terrestrial fiber-optic network routes; and commissioning of hundreds of thousands of kilometers of subsea fiber optic networks. Latin America is projected to emerge as the fastest market with a CAGR of 12.2% over the analysis period.
