Data transfer rates have been growing at remarkable rates. Data transfer rates reaching 400 GB/s and beyond have rendered traditional high-speed copper cables and connectors useless.
The outdating of traditional physical connectivity methods has thus paved the way for Optical Fibers and fiber optic connectors which can enable efficient data transfer rates at higher bandwidths. Fiber optic connections inherently depend upon fiber optic connectors which act as an end point for devices connected to a network.
As signals in a fiber optic based connections transmit data through a beam of light, Fiber optic connectors play a major role in preventing data loss by eliminating air gaps between connecting ends. By the end of 2022, it is anticipated that the market for fibre optic connectors will be worth US$5,256.6 million. A CAGR of 10.7 percent has been forecasted for the market between 2022 and 2032, with a predicted closing value of US$ 14,484.8 Million.
This prevention of data loss is particularly important for industries like Aerospace, defense and medical where low latency and minimal data loss is of utmost importance. For the same reason, a sizable portion of the growth in the fiber optic connector market is expected to be generated from these industries.
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Fiber Optic Connector Market: Drivers & Challenges
Increasing density of end devices connected to a single network is proving to be a primary challenge for telecom providers.
Telecom providers have made significant investments in harnessing the maximum capacity of their existing networks which has been driving the need for fiber optics and thus fiber optic connectors.
The growth is further going to be augmented further as 5G moves towards commercialization augmenting the need for fiber optic connectors further.
While device density does drive the Fiber optic connector market, it is also the primary restraint for the fiber optic connector market as consumers and enterprises are adopting wirelessly connected IoT devices at a staggering pace restraining the growth of fiber optic connector market.
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Fiber Optic Connector Market: Regional Overview
North America is expected to lead the fiber optic connector market in terms of market share followed by Asia Pacific and Europe.
The growth of fiber optic connector market in North America will be fuelled by the demand for fiber optic cables in Data centers for applications such as cloud computing, video, virtualization, etc.
Whereas the demand of fiber optic connectors in Asia Pacific will be primarily driven by the growth in Telecommunications and IT.
Fiber Optic Connector Market: Competitive Landscape
Key Contracts/Agreement/Acquisitions
In April 2017 Verizon, a telecom operator signed a deal with Corning Cable Systems LLC, a Fiber optic connector provider to purchase Fiber optic cable & Fiber optic connectors worth US$ 1.05 Bn
Key Players
The major players in Fiber Optic Connector market include Alcatel-Lucent SA, 3M, ZTE Corporation, Broadcom Limited, Corning Cable Systems LLC, Hitachi Ltd., Amphenol Corporation, Molex Incorporated and Extron Electronics
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