ALBANY, NY â€” The global fiber optic connectors market valued at $2,932.2 million in the year 2015 will grow to worth $5,656.2 million by the end of 2024, according to Transparency Market Research (TMR), a global market intelligence company.
The market is expected to expand with a CAGR of 7.7 percent over the forecast period from 2016 to 2024. Based on the application, the telecom industry is expected to dominate the global fiber optic connectors market. Based on the region, North America dominated the global fiber optic connectors market and is anticipated to remain dominant over the forecast period. However, Asia Pacific is projected to expand with faster CAGR over the forecast period.
Emergence of Internet Industry to Propel Growth
The number of mobile and internet users coupled with emerging uptake of other electronic gadgets is boosting web activity globally. This surge in demand will lead to boost the growth of the global fiber optics connectors market and is expected to offer opportunities for growth over the forecast period. Additionally, growing advancement in the electronics and web industry is encouraging players to invest in R&D activities for product innovation and development of fiber optics connectors is boosting the growth of the global fiber optic connectors market. This advancements in products are improving its ability to work and likely to boost demand over the forecast period which is fuelling the growth of the global fiber optic connectors market.
Widening Application to Propel Growth of Market
Widening application of fiber optic connectors beyond the electronic industry is boosting growth of the fiber optic connectors market. For instance, demand for the fiber optic connectors is growing from petroleum production especially from offshore petroleum survey and generation, as these connectors are able to transfer information is boosting the growth of the global fiber optic connectors market. However, the high initial investment in the market is limiting growth of the fiber optic connectors market. Additionally, growing alternatives such as wireless technologies are limiting growth of the global fiber optic connectors market.
Nonetheless, growing investment by government in 4G and 5G globally is offering lucrative opportunities to key players over the forecast period. Additionally, growing telecom subscribers globally is another factor expected to encourage growth of the global fiber optic connectors market.