The Asia Pacific Fiber Optic Components Market is expected to witness market growth of 8.5% CAGR during 2021-2027, according to a report by ResearchAndMarkets.com.
Rising industrialization coupled with the infrastructural advancements in the area has served as an opportunity to deploy fiber optics for different applications in the Asia Pacific region. Further, the rising use of fiber optics in the healthcare industry may support the growth across countries like India, China and Japan.
Major factors responsible for the growing demand for fiber optic components in the Asia Pacific region are the availability of sustainable growth opportunities supported by the rising number of broadband subscribers in the region, according to the report.
Additionally, as per the geographical analysis by Internet World Stats, in May 2020, around 37.1% of internet users in Asia were present in China and 24.3% were in India. According to the World Bank stats in 2020, Southeast Asia had the highest internet penetration where 66% of the total population of Southeast Asia used the internet.
Communication applications are expanding at a rapid pace with each having characteristics that need enhanced speed and bandwidth. Some examples of advanced technologies include FTTH and FTTB. Amazon Prime & Netflix need a minimum speed of 20 to 25 Mb per second to enable delivering full HD quality video by the use of these streaming platforms.
Network designs such as FFTB and FTTH are essential for internet connectivity to provide high bandwidth for video technologies which is expected to support the market growth. With the continued increase in smart devices, the new generation of high bandwidth applications will essentially require higher and quicker bandwidth connection which includes FFTN, FTTH, and FTTC that employ optical fiber cables to transmit data.
The China market dominated the Asia Pacific fiber optic components market in 2020, and is expected to continue to be dominant till 2027, thereby achieving a market value of $2,836.9 million by 2027. The Japan market is anticipated to grow at a CAGR of 7.8% during 2021 – 2027. Additionally, the India market is expected to grow at a CAGR of 9.1% during 2021 – 2027, the report said.
