23 July 2019
Visiongain has launched a new Semiconductor report Fiber Optics Market Report 2019-2029: Forecasts by Product Type (Single Mode, Multimode, Plastic Optical Fiber), by Application (Telecom, Military & Aerospace, Medical, Oil & Gas) PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
The global fiber optics market is expected to present promising growth opportunity over forecast period. The key drivers of the market include growing awareness about this technology, rising demand for high bandwidth communication, and increasing investment in R&D so as to develop this technology application area.
Optical fibers are transparent and flexible cables, which work on the principle of total internal light reflection, made out of high quality silica, glass, and plastic. Fiber optics is one of the modern innovations that have gained prominence over time, for its various applications due to intensive research and development. Transmission of data, images, and voice has been made lot easier with the application of fiber optics, ranging from a few meters to several kilometers. It has found application in a wide range of areas including defense, medical, oil and gas, and utilities sectors. Some of the major applications in the healthcare industry include surgical endoscopy and microscopy, surgical instrumentation, light therapy, X-ray imaging, ophthalmic lasers, clinical and laboratory diagnostics. The growing preference for minimally invasive surgeries has further increased the demand for fiber optics.
Among the product types, the multimode and single mode segments are expected to dominate the fiber optics market over the forecast period, primarily due to high revenue generation. The telecommunication segment offers tremendous growth prospects of all applications. This can be attributed to the growing adoption of data transmission and communication services. Some of the key market players include Sterlite Technologies Limited, Optical Cable Corporation (OCC), Corning Incorporated, OFS Fitel LLC, Finolex Cables Limited, Birla Furukawa Fiber Optics Limited, AFL, Yangtze Optical Fiber and Cable Co., Ltd. (YOFC), and Prysmian Group. Expansion of manufacturing facilities worldwide, introduction of novel products, and collaborations for product development is some of the strategies taken by these manufacturers to gain a competitive advantage.
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The key market drivers which are expected to drive the market globally include technology innovations, increase in incidence of lifestyle diseases, increase in penetration of smart phones and devices, risk management tactics adopted by payers and the overall need to drive the overall healthcare cost down.
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