Hybrid Fiber Optic Connector Market To Reach USD 1.13 Billion By 2027 | CAGR of 6.3%
Growing demand from the oil & gas industry is one of the significant factors influencing the market growth.
Market Size – USD 0.69 Billion in 2019, Market Growth – CAGR of 6.3%, Market Trends – The increasing global defense budget
The global hybrid fiber optic connector market is expected to reach USD 1.13 Billion by 2027, according to a new report by Reports and Data. Hybrid fiber optic connectors offer both electrical and optical fiber contacts in a single durable connecting solution, enabling both data and power signals to be transmitted smoothly and seamlessly via one connector. Hybrid fiber optic connector helps in saving money, space, design & installation time and provides excellent optical performance in indoor/outdoor locations.
The escalating demand for optical fibers from the oil and gas sector is driving the growth of the market. A growing inclination is witnessed among the firms in the oil & gas sector towards the expansion of their operation to meet the increasing demand of petroleum around the world. As a result of this expansion, the oil & gas firms are investing in the installation of optical fibers, which offers large bandwidths for assistance in fetching data about levels of oil reserve, the performance of machinery/equipment performance, and environmental conditions.
Increasing the global defense budget is playing a vital role in driving the growth of the market. The expenditure on defense is likely to rise between 3.0% and 4.0% in 2020 to reach a projected USD 1.90 trillion, as governments across the globe continue to recapitalize and modernize their militaries. Most of the growth is expected to be driven by augmented defense spending in the US, along with other regions, such as India & China.
The COVID-19 pandemic is having a significant impact on the hybrid fiber optic connector industry. The prevailing condition has put immense pressure on the telecom companies to make strategic investments to enhance the network connectivity, thereby paving the way for the installation of optical fibers and, in turn, the usage of hybrid fiber optic connectors. Increased bandwidth and internet speed is necessary for a smooth flow of work from home during the lockdown phase. A similar demand for the product is visible from industries such as healthcare for providing remote guidance and assistance to the patients in need, owing to the restrictions imposed on movement.
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Key participants include Diamond SA, LEMO, Stabuli International AG, Smiths Interconnect Inc., TE Connectivity, Teledyne Reynolds Inc., Hirose Electric Company, QPC Fiber Optic, Amphenol Corporation, and Toshiba, among others.
Further key findings from the report suggest
- By attenuation, 0.1 dB held a significant market share in 2019. Optical fibers are an excellent way for transmitting light signals, mostly without the requirement of any amplification. High-quality optical fibers display power loss/attenuation below 0.1dB per kilometer.
- By fiber optic mode, single-mode held a substantial market share in 2019. Single-mode propagation of the light signal through optical fibers is faster as compared to multimode for long-distance transmission, owing to the mid-span requirement of a lesser number of switches/routers.
- By industry vertical, the military & aerospace industry held the largest market share in 2019. Escalating demand for a safer and spark-free medium for implementation in dangerous areas comprising fuel cells of aircraft, among other applications, which house volatile gases are significant factors fuelling the demand for hybrid fiber optic connector.
- North America held the largest market share in 2019 and is likely to grow at a rate of 5.9% in the forecast period. The market dominance of the North American region may be attributed to the rapid adoption of technology, the presence of leading product manufacturers, and accessibility to government funding.
- In May 2018, LEMO announced the launch of 3K.93C.Y, a connector for the interconnecting of professional broadcast industry’s HD video cameras. The connector is well-matched with present ARIB and SMPTE standards.
For the purpose of this report, Reports and Data have segmented the global hybrid fiber optic connector market on the basis of attenuator, fiber optic mode, industry vertical, and region:
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/hybrid-fiber-optic-connector-market
Attenuation Outlook (Revenue, USD Million; 2017-2027)
- 1 dB
- 5 dB
- 75 dB
Fiber Optic Mode Outlook (Revenue, USD Million; 2017-2027)
Industry Vertical Outlook (Revenue, USD Million; 2017-2027)
- Oil & Gas
- Military & Aerospace
Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- Latin America
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Key questions addressed in the Report:
- Which key factors are expected to hamper global market growth during the forecast period?
- Which application segment revenue is expected to expand at a rapid CAGR between 2021 and 2027?
- Which regional segment is expected to account for largest revenue share over the forecast period?
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