According to a report available on Radiant Insights, Inc., the global optical networking and communications market is anticipated to attain a tremendous size in terms of revenue by the end of 2022. Spiraling need for reliable and faster communication is likely to fuel the demand for optical networking and communication solutions. The market is projected to witness remarkable growth in the coming years.
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An optical network offers an array of benefits such as increased bandwidth, duplex communication, low power loss, and electromagnetic interference immunity. Growing awareness regarding these benefits is, therefore, working in favor of the market. Rising number of data centers can also provide a significant push to the market. For smooth transfer of data and efficient functioning, data centers require high-speed Internet. Moreover, increasing digital data traffic over existing networks is prompting organizations to deploy optical networking and communication solutions. The growth of the market can also be attributed to spiraling adoption of cloud storage systems and emerging trend of automation.
On the other hand, high deployment cost of these solutions can hamper growth prospects of the market. Moreover, signals being transmitted through optical fibers are prone to leakage and hacking in case of bending of the fiber. This is also likely to impede the upward climb of the market. Besides this, lack of infrastructure for adequate optical network management, especially in developing and less developed economies, is acting as a major roadblock in the development of the market. This is further compounded by the dearth of skilled personnel to manage these networks.
However, widening scope of application of optical communications and networking solutions, thanks to rapid technological advancements, can augur well for the market in the long run. For instance, in September 2017, OFC launched a new cable, FlightLinx® PLUS Fiber Optic Cable, which can be used for Internet access, inflight entertainment, display systems, and networking in commercial aircraft.
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The global optical communications and networking market can be classified on the basis of product, application, and region. In terms of product, the market is divided into fiber channel, synchronous digital hierarchy, wavelength division multiplexing, and synchronous optical networking. Based on application, the market is segmented into government, aerospace and defense, submarine, manufacturers, transportation, mining, oil and gas, telecom, energy and utilities, and healthcare.
By region, the market can be categorized into Europe, North America, Japan, China, Taiwan, and Korea. North America and Europe are estimated to command a large cumulative share in the global arena. Growth of these regions can be attributed to the presence of advanced telecommunication sectors. High demand for fiber optic cables across oil and gas and healthcare sector can also propel the growth of the regions.
Markets in China and Japan will register a noteworthy CAGR in the coming years, thanks to rising penetration of the Internet. Widening base of data centers and increasing application of fiber optic cables for various infrastructural purposes are also expected to drive the market.
Some of the prominent companies operating in the market are Alcatel Lucent, Verizon, Cisco, Huawei, and Ciena.
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