Fiber Management Systems Market Expected to Reach $9.3 Billion Globally, By 2031 at 10.8% CAGR: Allied Market Research
The rising demand for Internet of Things (IoT) devices and digital signage in commercial areas, increase in worldwide internet traffic, the surge in need for high-bandwidth applications, and the rise in the deployment of data centers drive the global fiber management systems market growth.
PORTLAND, Ore., Jan. 18, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Fiber Management Systems Market By Type (Fiber Cassette, Fiber Optic Boxes, and Others), Application (Telecommunications, Public Sector, Power Utilities, Healthcare, Industrial Automation, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031", According to the report, the global fiber management systems industry generated $3.4 billion in 2021, and is estimated to reach $9.3 billion by 2031, witnessing a CAGR of 10.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
The rising demand for Internet of Things (IoT) devices and digital signage in commercial areas, increase in worldwide internet traffic, the surge in need for high-bandwidth applications, and the rise in the deployment of data centers drive the growth of the global fiber management systems market. However, the high manufacturing costs connected with the development of this technology, as well as its fragility and installation challenges hamper the global market growth. On the other hand, an increase in demand for 5G network solutions, especially in the Asia-Pacific and LAMEA regions due to the rise in demand for digital infrastructure solutions across commercial and residential sectors is expected to open new opportunities for the fiber management systems market growth during the forecast period.
Report Coverage and Details:
The fiber optic boxes segment to maintain a prominent growth during the forecast period
Based on type, the fiber optic boxes segment held the largest market share of more than half of the global fiber management systems market in 2021 and is expected to maintain its dominance during the forecast period. Increase in data traffic and the demand for bandwidth are the key growth factors driving this segment. The segment is also driven by the increase in popularity of smart and connected devices, the deployment of fiber optic networks by telecom service providers, as well as the surge in the number of internet users. The fiber cassette segment, however, is projected to witness the fastest CAGR of 12.26% from 2022 to 2031. With the growing demand for faster data transmission speeds, 40G and 100G networks are being widely implemented in data centers, storage area networks, and local area network environments by using fiber cassettes.
The telecommunications segment to dominate in terms of revenue during the forecast period
Based on application, the telecommunications segment was the largest market in 2021, contributing to more than one-third of the global fiber management systems market, and is expected to maintain its leadership status during the forecast period. This is because the industry is expanding at a rapid pace because of the growing use of data centers, consumer electronics, and AI-based IoT devices for greater bandwidth connectivity. However, the others segment is projected to witness the fastest CAGR of 12.26% from 2022 to 2031. Fiber optic connector and component manufacturers are innovating to enhance cockpit management and revolutionize aircraft cabin designs.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific was the largest market in 2021, capturing over two-fifths of the global fiber management systems market, and is expected to lead in terms of revenue in 2031, owing to growth in investment by governments across the region to increase the deployment and development of smart infrastructure solutions in private and public sectors. However, the market in LAMEA would manifest the fastest CAGR of 12.05% during the forecast period, owing to the growing inclination of companies towards R&D for enhanced connectivity of consumer electronics and smart factories across this region.
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Leading Market Players
The report analyzes these key players of the global fiber management systems market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
Key Benefits For Stakeholders:
Fiber Management Systems Market Key Segments:
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