ID: MRFR/SEM/3164-HCR | February 2021 | Region: Global | 100 pages
The global fiber optic cable assemblies market is moving forward at a CAGR of 8.90% for the forecast period of 2021 to 2027. Several collateral industries in the market are pushing the growth of fiber optics. Internet penetration is increasing in warp-speed in various parts of the world. Thus, the need for sustainable and high-quality connection cables is increasing too. The reach of fiber optic cables has consolidated in multiple verticals of the advanced industries. A lot of marketable advantages are prompting a bright future for fiber optic cables.
A fiber optic cable is different from any other cable in the market. This product uses luminous optic fibers as a medium to transmit light, audio, and any other electronic data without any transmission of electricity. Fiber optic technology has been introduced in the 1970s, but the modernized form of the product is the biggest connecting wire of the internet in the world. The fiber optics connectors market is huge, fresh, and growing in the present scenario.
The COVID-19 had fallen upon the world as a disaster. Apart from the health crisis, the pandemic has introduced a severe economic depression to the whole world. Since during the pandemic most of the countries went into lockdown, the economy got stuck for several months. Like many other flourishing industries, the fiber optics cable assemblies market has been impacted by the pandemic. On the manufacturing level, there have been disruptions due to the unavailability of the workforce.
Although, it is the pandemic that has forced millions of internet users to get stuck at home. Several corporations have transformed their operations in to complete work-from-home structure. In such a situation, the need for high-speed internet has prompted global fiber optic cable market demands. After the lockdowns are over, it is expected that the market will go through a rapid recovery.
Fiber Optic Cable Assemblies Market Dynamics:
As mentioned earlier, the rapid growth of the internet in the public discourse is probably the main driving force behind the fiber optics market. The Optic fibers are advantageous by nature. The cables provide fast, secure, and high-quality digital data than any other form of wired cables. The fiber optic cable market heavily relies on investments in the telecommunication and IT industry. The ever-rising need for high-bandwidth data connectors is another crucial driving force of the fiber optics market. This high-tech cable is capable of transmitting high-speed internet, multimedia, data files, and many more.
Also, fiber optics are extremely secure than other forms of connectors. These cables do not need the interference of electrical waves. So, it is not possible to disrupt or manipulate the data with electrical equipment. This secure and sophisticated transmission is a key driver for the fiber optics connectors and cable assembly market.
Perhaps the biggest opportunity for optic fibers right now is the emergence of 5G technology in the homes of common people. There are several places in the world where the installation of the 5G spectrum is ongoing. The super-high-speed 5G network makes the use of cable assembly fiber optic compulsory. It is also notable that, after the 5G revolution hits the market, there will be a massive flood of innovations in the existing Internet of Things (IoT) technology. That means, more and more electronic devices will become smart in the coming years. That scenario indicates a wide volume of the business opportunity of the fiber optic market.
The advancement of virtual reality (VR) in the consumer market will create new segments of internet users who will need huge amounts of bandwidth data. High-resolution VR gaming and entertainment opportunities will create wider fiber optic cable assemblies market share.
In the present scenario, the main obstacle in the field of fiber optics is the affordability of the technology. In their pure form, optic fibers are not much expensive. But due to the protection and efficiency parameters, the fibers have to get encapsulated heavily with a multi-player cover. This arrangement does not let the cable stay cheap. The optic cable assemblies market faces this hurdle right now. Since any other connecting cable (such as copper) are much cheaper than the fiber optics cable, many people hesitate to adopt the latter.
Also, the installation of fiber optic is a delicate and high skilled work suitable for professionally trained staff only. In several places of the world, the lack of efficient maintenance authority and installation staff is making the fiber optic cable assemblies market growth slower.
Although fiber optic technology is better and faster than any other form of connectivity, it is not challenge-free at all. The fiber optic cable is an extremely delicate piece of equipment. It is very much prone to tear or damage during or in the aftermath of installation. This fragile nature of the cable has effects on the global fiber optic cable assemblies market size. Apart from being delicate, it is prone to lose connection also in cases of long-wire transmission. If the installation staff is not properly trained, they might stretch the wire, which unleashes new challenges.
Low-cost rugged fiber optic cable assemblies must take over the majority of the market. The challenging aspects of fiber optic cables need to be addressed by engineers and scientists to develop a better solution for the popular product. Also, the experts must start working on the long-wire seamless transmission issue of the fiber optic cables. These cables are delicate enough, which needs professionally trained hands only to manage. Many times, after installation, people accidentally damage the wire. The damaged wire is an expensive maintenance burden for the consumer base.
Before the pandemic had occurred, the global fiber optic cable assemblies market trends suggested a rapid growth of the market. But the lockdowns have made things slower by a lot. Right now, the latest projections suggest the market is growing at a CAGR of 7% for the forecast period of 2017 to 2023. The net valuation of the market is expected to reach USD 4 billion by the end of 2023.
This advanced technology is well established in high-income western countries. But in the east, there has been a lot of scopes to improve the market statistics in the developing countries.
The distribution channels of the fiber optic cable assembly manufacturers are highly reliant on the end-user industries. Fiber optic technology has wide applications in the medical and healthcare industry. In the surgical procedure, the fiber optic cables make endoscopy, or non-invasive surgeries possible. So, the manufacturing of surgical optic fiber cables is completely different than internet connectivity cables. There is a wide application of the cables in the lighting and functionality innovations of the automotive industry as well. So, the chain of distribution gains value depending on the end-user product.
The diverse nature of the application, utility, etc creates separate market requirements for fiber optic cables. The global market can be classified into different segments based on mode type, product type, cable length, end-users, region, etc.
Fiber Optic Cable Assemblies Market Segments based on cable length:
Fiber Optic Cable Assemblies Market Segments based on the type of mode:
Fiber Optic Cable Assemblies Market Segments based on product type:
Fiber Optic Cable Assemblies Market Segments based on end-user:
Fiber Optic Cable Assemblies Market Segments based on region:
Fiber Optic Cable Assemblies Market Regional Analysis:
The North American countries like the US, Canada, Mexico, and the European countries like the UK, Germany, France, etc are the world leaders in the fiber optic cable market. According to fiber optics cable market trends, the North American region will dominate the global market for the forecast period. Although, the Asia Pacific regions, especially Japan, China, India, etc are gaining rapid growth in a shorter period. Japan is one of the fastest-growing global influencers of the fiber optic cable market for its advanced telecommunication industry.
Fiber Optic Cable Assemblies Market Competitive Landscape:
The major key players in the market are:
Fiber Optic Cable Assemblies Market Recent Developments:
Fiber Optic Cable Assemblies Market Report Period:
Fiber Optic Cable Assemblies Market Report Demographic:
Frequently Asked Questions (FAQ) :
The global fiber optic cable assemblies market is predicted to grow at a 8.90% CAGR between 2021-2027.
The global fiber optic cable assemblies market is predicted to reach USD 4 billion by 2027.
North America will lead the global fiber optic cable assemblies market.
Low cost and great bandwidth are the key factors driving the global fiber optic cable assemblies market growth.
Key contenders profiled in the global fiber optic cable assemblies market include RF industries (U.S.), Finisar Corporation (U.S), Optec Technology Limited (Hong Kong), Fiber connection Inc. (Canada), TE Connectivity (Switzerland), Carlisle Companies Incorporated (U.S), Molex Incorporated (U.S), Amphenol Fiber Systems International (U.S), Delphi Automotive PLC (U.K) and among others.