Fiber Optic Connectors Market: Snapshot
Fiber optic connectors are required in every application area where optical fibers are used for the transmission of signals. Fiber optic connectors are used in public telecommunications network, outside plant applications, and in wiring installations at customer premises.
An increase in the demand for high bandwidth in telecommunication networks is primarily driving the global market. Telecom vendors have gradually ventured into optical networking, which is inherently capable of carrying a higher bandwidth capacity than the existing infrastructure. Moreover, the application of fiber optic connectors in the medical, aerospace, and military sectors is set to bolster the global fiber optic connectors market. Governments of several developing countries, such as China, India, and Brazil, are investing in the deployment of fiber optic connectors in order to improve the network infrastructure, which in turn, is anticipated to further increase the demand for optical interconnects.
The global fiber optic connectors market was valued at US$2.9 bn in 2015 and is estimated to expand at a CAGR of 7.7% to reach US$5.6 bn by 2024.
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Soaring Application of Fiber Optic Connectors in Telecom Sector
The global fiber optic connectors market, by type, is segmented into lucent connector (LC), standard connector (SC), multiple-fiber push-on/pull-off (MPO/MTP), straight tip (ST), MXC, and others. In terms of revenue, lucent connectors were the leading contributors to the global market in 2015, followed by standard connectors.
The market for LC is expected to show substantial growth during the forecast period. However, the telecommunication industry is steadily switching to a new type of fiber optic connector – MXC connectors – owing to their higher count of multi fiber position options, compact size, lower cost, less weight, stronger resistance to debris sensitivity, no need for fiber polishing, and higher performance capacity. Thus, MXC connectors are expected to record significant growth through 2024.