Albany, New York, Nov. 30, 2018 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) observes the global fiber optic connectors market features competitive vendor landscape. Some of the players in the photoelectric sensors market are 3M, Amphenol Corporation, Hirose Electric Co. Ltd., Alcatel-Lucent SA, and Arris Group Inc. The high initial investment for entering the fiber optic connectors market is creating an entry barrier. Growing research and development (R&D) activities are offering lucrative opportunities over the forecast period. Additionally, these players are trying to enter in the merger, acquisition, and partnership in order to gain a lucrative edge over the forecast period.
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According to a report from TMR, the global fiber optic connectors market valued at US$2,932.2 mn in the year 2015 to worth US$5,656.2 mn by the end of 2024. The market is expected to expand with a CAGR of 7.7% 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.
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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.
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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.
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This information is encompassed in the new report by TMR, titled “Fiber Optic Connectors Market (Types - LC (Lucent Connectors), SC (Standard Connectors), ST (Straight Tip) Connectors, MPO/MTP (Multiple-Fiber Push-On/Pull-Off), and MXC; Applications - Telecom Industry, Datacom, DWDM Systems, and Lasers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
For the study, the fiber optic connectors market has been segmented as follows:
By Types
- LC (Lucent Connectors)
- SC (Standard Connectors)
- ST (Straight Tip) Connectors
- MPO/MTP (Multiple-Fiber Push-On/Pull-Off)
- MXC
By Applications
- Telecom Industry
- Datacom
- DWDM Systems
- Lasers
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