The fiber optic connectivity market is capturing a valuation of US$ 3.1 billion in 2023 and is estimated to reach US$ 7.7 billion by 2033. The market is securing a CAGR of 9.5% during the forecast period.
How are Smart Cities Upsurging the Global Market?
Smart cities increasing the adoption of fiber optic connectivity to enhance high-speed communication with advanced devices and sensors are driving the global market. The demand for fiber optic connectivity is increasing to transfer large documents efficiently and quickly.
Manufacturers deploy Internet of Things devices in smart cities to expand the infrastructure with advanced technology gadgets. The demand for fiber optic connectivity is rising for various purposes, such as environment monitoring, public safety, traffic management, and energy efficiency. It also helps to manage massive data with better capacity in smart cities.
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Fiber optic connectivity develops seamless and better communication integration in smart cities. The adoption of fiber optic connectivity used to improve decision-making and efficiency in transportation and public safety, is also fueling the global market.
The growing 5G networks and edge computing are advancing smart cities’ fiber optic connectivity infrastructure. These advanced technologies offer high-speed connections and enhance the performance of networks.
Growing innovations, real-time data processing, and scalable communications are efficiently growing smart cities in the global market.
Key Takeaways:
- The fiber optic connectivity market is predicted to register a CAGR of 9.5% with a valuation of US$ 7.7 billion in 2033.
- In the historical period, the market secured a CAGR of 7.4% between 2018 and 2022.
- India is estimated to lead the global market by securing a CAGR of 10.3% by 2033.
- The United States is leading the global market by securing a CAGR of 20.1% during the forecast period.
- Japan is estimated to capture a CAGR of 6.2% in the global market by 2033.
- Based on industry, the smart cities sector is estimated to register a share of 39.4% during the forecast period.
- The market is anticipated to be valued at US$ 3.1 billion in 2023.
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How are Key Players Adding Value in the Global Market?
The key players add value to the global market in several ways, such as solutions, innovations, and services. A few of the key players in the market are:
- Corning Incorporated: Corning Incorporated is one of the leading companies that provides a wide range of cable, fiber, and other connectivity solutions. The company expands its business portfolio by offering services to end-use industries such as smart cities, data centers, and telecommunications.
- CommScope: CommScope provides networking products, including fiber, cable, and connectors, to expand its portfolio in the global market. They are focused on developing high-quality networks to meet their consumer’s requirements.
- Nokia Corporation: Nokia Corporation provides fiber optic solutions to their consumers to increase their market revenue. They offer optical network connectors, fiber optic cables, and networking equipment with high-speed communication networks.
Recent Developments in the Global Market:
- In 2020, Corning Incorporated announced its newly launched product Evolv Hardened Connectivity Solutions. This new product offers reliable application connectivity, including smart cities and 5G wireless networks.
- In 2020, Prysmian launched its new fiber optic connectivity South Atlantic Inter Link for submarines. It provides better connectivity between South America and Africa.
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Fiber Optic Connectivity Market by Category
By Component:
- Hardware
- Software
- Services
By Industry:
- Mining
- Oil & Gas
- Wind Power
- Electric Substations
- Smart Cities
By Region:
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East Africa
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