According to a recent report published by Allied Market Research, titled, the global fiber optic connectors market size was valued at $4.87 billion in 2020, and is projected to reach $11.44 billion by 2030, growing at a CAGR of 9.1% from 2021 to 2030.
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About 100 different types of fiber optic connectors have been introduced to the market. Furthermore, the key factor that drives the growth of the fiber optic connectors market includes increasing demand for high bandwidth, greater safety concerns and wider applications of fiber optics connector boosting the growth of the global fiber optic connectors.
In addition, increased application of FTTH (Fiber to the Home) and increased adoption of mobile devices positively impacts the growth of the market. However, high investment costs, growing adoption of wireless broadband and other technologies and new infrastructure requirements hamper the market growth.
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On the contrary, increased investments by governments, diverse applications, and emerging economies are expected to offer remunerative opportunities for expansion of the fiber optic connectors industry during the forecast period.
Depending on the type, the lucent connector segment garnered the largest share of the fiber optic connectors market, owing to its high bandwidth-intensive applications. These connectors enable manufacturers and service providers to enhance their profitability while reducing the cost of operations.
However, the subscriber connector (SC) segment is expected to grow at the highest rate during the forecast period, owing to the need for high bandwidth by the public and private sectors, which has forced end users to move toward SC connectors for enhanced performance.
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Region-wise, the fiber optic connectors market was dominated by Asia-Pacific in 2020, and is expected to witness significant growth during the forecast period, owing to the acceptance of fiber optics by the BFSI, aerospace, and defense industries, to provide high security while transmitting data.
In addition, significant growth in investments across the telecommunication and information technology sector is observed as a measure to enhance market offerings and improve the network infrastructure of the region.
The COVID-19 pandemic has positively impacted the fiber optic connector market size forcing fiber optic connector professionals to change their priorities/activities and increase their workload. In addition, with the ongoing unprecedented global health crisis, consequences are being witnessed in all industrial sectors and economies globally.
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Presently, the ongoing shift to remote work drives the demand for networking infrastructure and connectivity. However, the demand could also strain the system and lead to public perception issues if reality does not meet expectations. Increasing cases of industry event cancellations mean fewer business development opportunities via sponsorships and networking.
The key players profiled in the fiber optic connectors market analysis are 3M, Amphenol Corporation, Aptiv, Broadcom, Extron, Molex, OCC, Siemens AG, Shenzhen ADTEK Technology Co., Ltd., and T.E. Connectivity. These players have adopted various strategies to increase their market penetration and strengthen their position in the fiber optic connectors industry.
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