Several manufacturers have initiated working on customizing their fiber optic connector products to meet the needs arising from the military, avionics, television broadcasting, and telecommunication industries. Nevertheless, the awareness and employment of fiber optic connectors in other areas is still taking a leap. There is an opportunity for manufacturers to design products in line with the market needs, which can aid in generating further revenue streams. The deployment of 5G technology is anticipated to strengthen the demand for fiber optic connectors in the years ahead. In this regard, companies are looking forward to benefit from this surging demand and are focusing on customizing their products as per the needs of the telecommunication industry and service provides. This is of importance as fiber optic connectors are generally used in military data transfer, telecommunication systems, and in different niche deployments.
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The companies that are producing fiber optic connectors are identifying newer application areas for deployment. It has been witnessed in the last few years that fiber optic connectors hold a significant part of the complete broadcasting and television setup. For fulfilling the growing needs of fiber optic components in the global television broadcasting industry, manufacturers are focusing on accelerating their research and development activities and innovation related to fiber optics and other components. Some of the leading companies operating in the market are Siemens AG, Hitachi Information and Telecommunication Engineering, Ltd., Hitachi Ltd., 3M, Sumitomo Electric Industries, Ltd., Broadcom Inc., and TE Connectivity, among others.
Considering the above factors, Persistence Market Research (PMR) predicts that the global fiber optic connectors market is expected to witness a CAGR of 11.0% from 2018 to 2028. In 2017, the market was worth US$ 4,698.6 Mn and is projected to rise to a valuation of US$ 14,491.0 Mn by the end of 2028.
Growth of 5G Technology to Bolster Market Revenue Growth
The progress in the telecommunication sector has put extreme pressure on 5G technology to deliver high performance capacity, low latency, and high data rates. Worldwide, 5G is anticipated to impact both the wire-line and wireless sides of the network infrastructure as the terrestrial wire line networks go on and off the frequency. The tough performance goals set for 5G are forcing manufacturers to ensure sufficient availability of fiber to the cell sites. Mobile network operators are installing small cells for improving the QoE for mobile users. Given this persistent need, the demand for optical connectors is also expected to intensify in the coming years.
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Rising Number of End Devices Connected to an Individual Network to Pose a Threat to the Market
The growing need for connecting multiple end devices to a master network is proving to be a roadblock for telecommunication service providers. To address this issue and also be prepared for such challenges, high investments are required and this makes it difficult for small telecom operators to cope up.