Optical Networking and Communication Market, 2024
DUBLIN, May 16, 2019 /PRNewswire/ -- The "Optical Networking and Communication Market (2014-2024)" report has been added to ResearchAndMarkets.com's offering.
The optical networking and communication market will grow with a CAGR of 7.6% during the forecast period. It is also being expected that by 2024, the market will generate a revenue of $40.3 billion.
The growing demand for networks with high bandwidth and the arrival of machine-to-machine (M2M) and internet of things (IoT) technologies are the major growth-driving factors.
When segmented by component, the domain can be categorized into services, software, and hardware. Among these, the hardware category is witnessing the highest demand, as advanced hardware is capable of transmitting data at high speeds, which is needed to sustain 5G and the increasing data traffic. Other factors driving the hardware category of the optical networking and communication market are regular maintenance and updates in the field. Technologically advanced hardware fulfils all the demands of enhanced networking infrastructure, including high data transfer rate, but low power consumption, latency, and cost.
Further, optical transceivers, optical fibers, optical amplifiers, optical splitters, optical circulators, optical switches, and others are the various subdivisions within the hardware category. Among these, optical fibers are estimted to generate the highet revenue in 2018 and also grow the fastest in the future. The increasing use of optical fibers in machine testing, medicine, research, communication, computer networking, and other sectors is expected to fuel its progress in the optical networking and communication market during the forecast period.
However, a key trend across the globe is the implementation of optical networks bereft of optical fibers. Making use of the open-air optical technology, such networks carry out what is known as wireless optical transmission. In this, the data and voice, in the form of optical signals, are converted from and to wireless radio frequency signals by multiple hubs. This technology helps transmit data at high speeds without costing too much and also makes the addition of new subscribers possible via multiplexing. Presently, wireless optical transmission is mostly used by large, established firms, but in the future, it is expected to be adopted by smaller companies as well.
Presently, the competition in the optical networking and communication market is quite intense. Key players, such as Infinera Corporation, Fujitsu Limited, ZTE Corporation, Corning Incorporated, Ciena Corporation, and ADVA Optical Networking SE, are leaving no stone unturned in coming up with innovative products.
For example, the primary focus of ZTE Corporation is strengthening its market position by investing heavily in network virtualization and 5G products. Similarly, Corning Incorporated has its optical communications segment as its main focus area.
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