Increased investments by governments, diverse applications, and emerging economies present new opportunities in the upcoming years. Increase in demand for high bandwidth, greater safety concerns and wider applications of fiber optics connector drives the growth of the global fiber optic connectors market. However
The report offers detailed segmentation of the global fiber optic connectors market based on type, application, and region.
The global fiber optic connectors market generated $4.8 billion in 2020, and is projected to reach $11.4 billion by 2030, witnessing a CAGR of 9.1% from 2021 to 2030.
Based on type, the Lucent Connector (LC) segment held the highest market share in 2020, holding more than one-fourth of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the Subscriber Connector (SC) segment is estimated to register the highest CAGR of 10.6% from 2021 to 2030.
Based on application, the telecom segment held the largest market share in 2020, holding nearly one-fourth of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the medical segment is projected to register the highest CAGR of 11.4% from 2021 to 2030.
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Key players – 3M, Amphenol Corporation, Aptiv, Broadcom, Extron, Molex, OCC, Siemens AG, Shenzhen ADTEK Technology Co., Ltd., and T.E. Connectivity.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding nearly two-fifths of the global aircraft tires market, and is estimated to continue its dominant share by 2030. Moreover, the same region is projected to manifest the fastest CAGR of 10.3% during the forecast period. The report also includes North America, LAMEA, and Europe.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to has had a positive impact on the global fiber optic connectors market.
- Most of the companies started adopting fiber optic to transmit information in various forms like text, sound, voice, and video, which in turn boosted the growth of the market.
Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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