February 07, 2018
WELLESLEY, Mass., Feb. 07, 2018 (GLOBE NEWSWIRE) — Growing technological advancements, huge demand for high bandwidth and the exponential growth of internet users are driving big growth in the global market for fiber optics. In a new report, The Fiber Optics Market: Glass, Plastic, and Alternatives, BCC Research estimates this global market to grow from $3.2 billion in 2017 to $5.0 billion in 2022, indicating a compound annual growth rate (CAGR) of 9.4%.
Fiber optics is slowly gaining in the field of optics. Growing technological advancements in the field of material science have encouraged manufacturers to create fiber optics for various industries such as healthcare and automotive.
The big growth in the market for fiber optic sensors primarily stems from the increased demand for bandwidth and rising demand for transmission speed and data volume in data centers. In addition, increasing application of these sensors in several application areas of the healthcare sector—areas such as surgical instrumentation, diagnostic devices and therapeutic treatment—is significantly impacting growth of the global fiber optic market.
“Factors such as increased demand for bandwidth and rising demand for transmission speed and data volume in data centers are primarily driving the market for fiber optic sensors,” said BCC Research analyst and report author Sinha G. Gaurav. “In addition, increasing use of these sensors in several application areas of the health care sector—areas such as surgical instrumentation, diagnostic devices and therapeutic treatment—is also playing a significant role in the growth of the global fiber optic market during the forecast period.”
Market Driven by Increases in Demand for High Bandwidth
The telecommunication industry is experiencing unexpectedly high growth and the demand for high bandwidth among consumers is insatiable, the report notes. High bandwidth is critical for functions such as video calling, online gaming and large file downloads. The expansion of existing networks and construction of new networks is helping meet this demand, as is the growing expansion of private clouds and cloud computing. Demand for fiber optics from the healthcare industry is coming from areas such as surgical instrumentation, diagnostic devices and therapeutic treatment.
The Fiber Optics Market: Glass, Plastic, and Alternatives( PHO029A )
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