The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The fiber optic components market has witnessed robust growth in recent years, driven by factors such as the internet revolution, advancements in fiber optics, and global connectivity requirements.

Past Growth Trends

• Market size increased from $26.19 billion in 2023 to $28.62 billion in 2024, exhibiting a remarkable 9.3% CAGR.
• Historic growth attributed to the internet boom, emergence of cloud computing, and government investments.

Future Projections

• Anticipated growth to $41.67 billion in 2028, with a 9.9% CAGR.
• Drivers include IoT growth, data center expansion, and smart city initiatives.

The Internet Boom Driving The Fiber Optic Components Market

Rising Internet Demand

• Increasing internet usage is a primary driver of the fiber optic components market.
• Fiber optics serve as the backbone of the internet, enabling faster transmission over long distances.

Global Internet Usage

• According to the International Telecommunication Union, the number of internet users increased by 782 million in 2021, accounting for 63% of the global population.
• This surge in internet usage fuels the demand for fiber optic components.

Key Market Players

• Leading companies in the fiber optic components market include Coherent Corp., Lumentum Holdings Inc., and Broadcom Inc.

View More On The Fiber Optic Components Market Report 2024 – https://www.thebusinessresearchcompany.com/report/fiber-optic-components-global-market-report

Product Innovations In The Fiber Optic Components Market

Focus on Innovation

• Product innovation emerges as a key trend in the fiber optic components market.
• Major players invest in new technical innovations to enhance their market positions.

Case Study: Sumitomo Electric Industries Ltd.

• Sumitomo Electric Industries Ltd. launched ‘AirEB’, a multi-fiber connected connector, in June 2021.
• The connector offers optical performance tolerance and cost advantages, contributing to enhanced connectivity solutions.

Lumentum Holdings Inc. Expands Photonics Capabilities With Acquisition Of NeoPhotonics Corporation

Strategic Acquisitions

• In August 2022, Lumentum Holdings Inc. acquired NeoPhotonics Corporation to enhance its photonics capabilities.
• The acquisition aims to develop high-speed optical components for telecom networks and cloud infrastructure.

Market Segmentation

• The fiber optic components market is segmented by type, fiber type, and application, catering to various industries such as communications, distributed sensing, and lighting.
• Asia-Pacific emerged as the largest region in 2023, with strong growth expected in the forecast period.

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The Fiber Optic Components Global Market Report 2024  provides comprehensive insights on the fiber optic components market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the fiber optic components market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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