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The global fiber optics market size is predicted to reach USD 9.73 billion by 2027. The rising necessity for better connectivity and higher bandwidth will spur opportunities for the market during the forecast period, mentioned in a report, titled “Fiber Optics Market Size, Share & Industry Analysis, By Component (Hardware, Software, Services), By Application (Telecommunication, Smart Cities, Power Utilities, Aerospace and Defense, Industrial Automation and Control, Renewable Energy, Others), and Regional Forecast, 2020-2027” the market size stood at USD 4.48 billion in 2019 and is predicted to exhibit a CAGR of 10.3% between 2020 to 2027.
Agreement between Telekom and EWE for Fibre-optic Deployment will Boost Market
Deutsche Telekom AG, a major telecommunications company based in Germany announced that it has signed an agreement with EWE AG, an energy and IT solutions leader, for joint development of fiber-optic networks in parts of Lower Saxony, North Rhine-Westphalia, and Bremen. The companies revealed their plans to commence the Bundeskartellamt for the deployment of third companies' access to their network. The commitment of EWE and Telekom for the deployment and access to high bandwidths in rural areas can be an essential factor encouraging the growth of the market. The increasing efforts of companies for the deployment of fiber cables to improve connectivity in various regions will uplift the fiber optics market share. For instance, in March 2020, CommScope, a global network infrastructure provider based in the US announced to install more around 1.5 million feet of copper cabling and 227 miles of fiber cables in Allegiant Stadium at Las Vegas, Nevada, the U.S. The installation of fiber optics cabling by the company will facilitate higher bandwidth connectivity, which, in turn, will bode well for the market.
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Expansion of Smart City Projects to Augment Growth
The increasing government initiatives for the development of the smart city will favor the growth of the market. Smart cities have interconnected and innovative technologies for transferring, capturing, and translating data, thus fulfilling the requirement of urban infrastructure. Fiber optics connectivity plays a pivotal role in delivering massive chunks of data from one end to the other through communications infrastructure. Smart cities use fiber connectivity in surveillance systems to prevent crime, traffic management systems to prevent accidents or tackle congestion and smart buildings to back sustainable living. For instance, ‘Fullerton’ located in northern Orange County of California will become the first fiber city in the country. SiFi Networks, an optical fiber network developer, has received a contract to provide open access network which will pass through every home and office in the city. In addition, the contract of smart city projects in the emerging nations will subsequently create golden opportunities for the market during the forecast period.
Enhanced Product Portfolio of CommScope to Improve Business Prospects
The market is steered by the presence of CommScope, a global network infrastructure provider company based in America. CommScope design and manufactures a wide-ranging portfolio of fiber-optic cables in the form of a loose tube, central tube, single-mode, and multimode fiber. The ongoing contracts and partnerships of the company will aid in retaining its position in the market. For instance, in February 2018, CommScope partnered with Fluke Networks, a manufacturer of diagnostic equipment to optimize fiber-optic cabling performance. Moreover, the major companies are focused on reinforcing their customer base by designing unique and advance solutions. The adoption of various strategies by eminent players will consolidate business processes and enrich sales in the forthcoming years.
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Value (USD billion)