NEW YORK, March 10, 2021 /PRNewswire/ -- Owing to factors such as the increasing mobile data traffic, emergence of the internet of things (IoT) and machine-to-machine (M2M) technologies, rising demand for high bandwidth, and flourishing telecommunications sector, the global optical networking and communication market is expected to reach $32.8 billion by 2030. The escalating demand for higher bandwidth is creating huge opportunities for telecommunication carriers and service providers in different areas, such as smart cities, connected cars, and autonomous driving, according to the market research report published by P&S Intelligence.
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However, with the spread of coronavirus, the optical networking and communication market growth rate has experienced a significant decline in 2020. As the pandemic continues to spread, there has been a substantial downfall in downstream and electronics and telecommunication component manufacturing industries, due to a fall in consumers' purchasing power. Despite this downfall, the market is expected to regain its hold as soon as normalcy arrives. This can be attributed to the continuously rising demand for more-efficient and stronger networks to address bandwidth requirements, as a large number of people have started working from home.
The categories under the end user segment of the optical networking and communication market include cloud and data centers, cable/broadcasting, industrial, government, commercial, telecommunication, and others. Of these, the telecommunication category will account for the largest share during the forecast period of 2020–2030. The increasing usage of social media, the internet, smartphones, and 5G is expected to drive the telecommunication category due to the increasing demand for autonomous vehicles, rapid IoT integration, and growing use of mobile media.
Browse report with detailed COVID-19 impact analysis on Optical Networking and Communication Market Research Report: By Component (Optical Fibers, Optical Transceivers, Optical Amplifiers, Optical Switches, Optical Splitters, Optical Circulators), Technology (WDM, SONET, Fiber Channels), Data Transfer Rate (Up to 40 Gbps, 40 Gbps to 100 Gbps, Greater than 100 Gbps), End User (Telecommunication, Cable/Broadcasting, Government, Cloud and Data Centers, Commercial, Industrial) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/-optical-networking-and-communication-market
By component, the optical networking and communication market is classified into optical switches, optical fibers, optical splitters, optical circulators, optical amplifiers, optical transceivers, and others. Out of these, the optical fibers category is expected to showcase the fastest growth during the forecast period. This can be owed to the increasing demand for fiber-to-the-building (FTTB) and fiber-to-the-home (FTTB) solutions. Advanced network infrastructure needs low power consumption, cost, and latency, with a larger capacity in terms of data transfer, which is leading to the rising requirement for high-quality hardware components.
Geographically, the Asia-Pacific (APAC) region accounted for the largest share in the global optical networking and communication market in 2019. This dominance is spearheaded by the large-scale adoption of advanced technologies in the telecommunications and information technology (IT) sector. Additionally, the increasing investments by the government to supplement the security infrastructure in emerging nations and rapid deployment of fiber optics in the medical industry are boosting the APAC market.
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To increase their customer base, optical networking and communication market players are focusing on product launches. One such example is the launch of the next-generation FusionServer Pro V6 intelligent server by Huawei Technology Co. Ltd. in June 2020. The server functions on the 3rd gen Intel Xeon Scalable processor, which supports custom and standard configurations that scale from four to eight sockets. The server by Huawei Technology Co. Ltd. is designed to magnify computing capabilities.
ZTE Corporation, Ciena Corporation, Corning Incorporated, ADVA Optical Networking SE, Cisco Systems Inc., Fujitsu Ltd., FiberHome Telecommunication Technologies Co. Ltd., Nokia Corporation, Huawei Technologies Co. Ltd., and Viavi Solutions Inc. are some of the leading players in the optical networking and communication market.
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SOURCE P&S Intelligence