According to the latest research report titled “Fiber Optic Components Market to 2027 – COVID-19 Impact and Forecast and Global Analysis,” published by The Insight Partners, the global fiber optic components market was valued at US$ 16,546.7 million in 2019, and it is expected to grow at a CAGR of 11.27% during 2020–2027 to reach US$ 39,150.3 million by 2027.
North American region comprises significant countries, namely: the US, Canada, and Mexico. Technological advancements have led to highly competitive markets across North America, with the US being a developed country in terms of acceptance of modern technology electronic components. The region hosts several technological giants that invest significant amounts in the development of robust technologies. With the growing demand for better quality and efficiency of electronic devices among North Americans, the OEMs focus on the development of advanced technological components. The fiber optic components market is anticipated to grow further in the region owing to growing industrialization and infrastructural development. The government focuses on investing in telecommunication infrastructure since it spurs economic growth and creates employment. Fiber optic components are crucial for telecommunication infrastructure for broadband networks; broad bandwidth signal transmission with low delay is the main requirement in present applications. The major propelling factor behind the extensive use of fiber optics in communication applications is the swiftly increasing commercial and consumer demand for telecommunication and internet services.
Several smart city projects have been initiated in the region to deploy next-generation wireless networks. The growing citizen engagement and empowerment are boosting smart city initiatives. The arrival of fiber optic components has opened up the opportunities to have ultra-broadband and low latency communication to build smart cities and mitigate the use of traditional copper cable network. Various smart city projects have been initiated in North America for better communication networks. For instance, In May 2019, SiFi Networks, a US-based privately-owned open access telecoms company, provided an advanced fiber optic network in Fullerton, California, offering connectivity to every home and business. The Fullerton FiberCity network is an open access network allowing a choice of internet service providers whereas saving customers money. This project offered a substantial upgrade to internet speed and accommodated a rising demand for data from next-gen devices in businesses and local households. It has facilitated new smart city initiatives in main government services such as street lighting, traffic control, and emergency services.
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The optic fiber communication technology is one the key technology that is driving the modern digital age. In order to transfer thousands of petabytes of data across the global optic fiber communication technology is considered the most effective and reliant method for transmission of data. The optic fiber communication transmits data over fiber cable using light wave technology. The optic fiber communication system uses various components such as transceivers, optical amplifier, coupler/splitters, WDM multiplexer and demultiplexers, filter, isolator, circulator, attenuator, optical switches, wavelength converter, and various function modules for transmission of data. Optical fiber communication technology is used by telecommunication organization for various application such as telephone communication, internet communication, and other media and entertainment telecommunication application. With the need for effective communication infrastructure, the optic fiber component market is expected to grow. The key market players profiled in the report include Accelink Technology co. ltd.; Broadcom Inc.; Emcore Corporation; Fujitsu Ltd.; Furukawa Electric co., ltd.; Lumentum Operations LLC; O-Net Technologies; Reflex Photonics Inc.; and Sumitomo Electric Industries, Ltd.
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