The optical communications market is growing persistently. The market growth attributes to the increasing demand for next-generation high bandwidth data centers and communication networks. Besides, the emergence of cutting-edge advanced optical solutions to serve a number of commercial markets, including astronomy, medical, ophthalmic, semiconductor, and others drive the market growth. Moreover, the uses of advanced optic products and medical optics in full detection systems escalate market growth.
According to Market Research Future (MRFR), the global optical communications market is projected to create a valuation of approximately USD 24 BN by 2023, growing at 9% CAGR during the review period (2017-2023). Extensive uptake of fiber optic cable & its assemblies in major space research laboratories such as Jet Propulsion Laboratory (JPL) and the NASA’s Goddard Space Flight Center (GSFC) and the accelerates the growth of the market. Also, the demand for high-speed internet connectivity pushes market growth.
Simultaneously, increasing the adoption of optical communications in some of the burgeoning industries such as automotive and data management & telecommunications defines the future landscape of the market. Advancements in technologies influence the growth of the market, driving the data transmission rate and the telecommunications industry across the globe. The proliferation of internet connectivity and connected devices in home & industries, positively impact market growth.
Furthermore, the demand for over-the-top (OTT) video content and increasing internet access boost the market growth to an extent. The market penetration of cloud computing, data transfer & storage, and IoT propel the growth of the market extensively.
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Players leading the global optical communications market include-
AT&T Inc. (US), Verizon Communications (US), Maxim Integrated (US), Deutsche Telekom AG (Germany), Vodafone Group PLC (UK), Telefonica, SA (Spain), Telkom SA SOC Ltd. (South Africa), Orange (France), Telstra Corporation Ltd. (Australia), Hetzner Online GmbH (Germany), and Singapore Telecommunications Limited (Singapore), among others.
Industry/ Innovation/ Related News:
August 12, 2020 —- Imricor Medical Systems, Inc. (the US), a leading global leader in MRI-guided cardiac ablation products, announced a sales collaboration with an Israeli fiber optic-based product manufacturer – Optoacoustics Ltd. The collaboration facilitates introducing the IMROC IRTM Wireless Multichannel Communication System to Imricor customers, providing wireless noise-cancelling MRI headsets.
Optoacoustics Ltd. is the world leader in innovative, high-performance optical communication solutions for magnetic resonance (MR) applications. It makes fiber optic-based acoustic microphones, fiber optic microphones, headphones, accelerometers, sensors, telephony accessories, and other components, primarily for medical, industrial, environmental, and research applications.
Optical Communications Market- Segmentations
The report is segmented into five dynamics.
By Component : Optical Switches, Optical Transceivers, Optical Amplifiers, Optical Circulators, Optical Splitters, Optical Fibers, and others.
By Technology : Synchronous Optical Networking (SONET), Fiber Channel, Wavelength-Division Multiplexing (WDM), and others.
By Application : Enterprise, Telecom, Data Center, and others.
By End Users : Aerospace And Defense, Astronomy, Industrial, Medical, IT & Telecommunications, and others.
By Regions : Americas, Europe, APAC, and Rest-of-the-World (RoW).
Optical Communications Market- Geographical Analysis
North America dominates the global optical communications market. The market growth attributes to the enormous demand for optical communication technologies due to the increasing data rates enables increasing data collection and reducing operations complexity. Besides, the huge demand for improved bandwidth drives the growth of the market. The North American optical communications market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global optical communications market. The market growth is driven by the rising adoption of optical communication in applications such as enterprise, telecom, and data center. Additionally, the spurting growth in end-user industries such as aerospace and defense, astronomy, industrial, medical, and IT & telecommunications fosters the regional market growth. The European optical communications market is expected to witness rapid growth over the forecast period.
The optical communications market in the Asia Pacific region is growing rapidly. Factors such as the rapid advances in communication technologies and the burgeoning telecom sector propel the growth of the regional market. Rising demand for optical communication technologies and devices in end-user industries such as aerospace and defense, astronomy, industrial, medical, IT & telecommunications, and others substantiate the regional market growth. The APAC optical communications market is anticipated to create a substantial revenue pocket during the assessment period.
Optical Communications Market – Competitive Landscape
Highly competitive, the optical communications market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, mergers & acquisitions, collaboration, brand reinforcement, and innovation remain key trends of industry players. Players make substantial investment research and development of innovative technologies and to upgrade their product portfolio.
Industry players are customer-focused and have made the online market available for customers to ease the selection, order, and fast & reliable shipping. The market is likely to witness several new entrants who are technologically advanced and capture a significant portion of fast-moving markets in the coming years.
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