in its recently published research report, Market Research Future (MRFR), asserts that the global optical network hardware market is projected to reach a market value of USD 32 Billion by 2023, rising at a CAGR of 13.85% over the review period.
Drivers and Restraints
One of the primary drivers contributing to market growth is the growing demand for FTTH (fiber to the home) and FTTB (fiber to the building) solutions. Additonally, the optical network equipment market is expanding at a continual pace in developed countries although there is an economic downturn. This could be attributed to a large number of mobile internet users and high household internet penetration across the world.
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Another growth driver considered by MRFR is the fundamental technology shift within the optical network. Backed by these influential factors, the growth of next-generation technologies seems unavoidable. In addition to these factors, increasing demand for IPTV and broadband connections are driving the optical networking market to a large extent.
On the contrary, the higher installation cost of optical networking equipment could potentially curb the early adoption of a growing demand for networking equipment. However, augmented digital data traffic and the rapidly rising demand for bandwidth, expanding the market for data centers, the development of cloud storage adoption by various organizations are set to puch the global optical network market to higher dimensions.
The market for optical network hardware is analyzed on the basis of equipment and application.
By equipment, the market is segmented into Wavelength-Division Multiplexing and Synchronous optical networking/synchronous digital hierarchy (WDM and SONET/SDH). Wavelength-Division Multiplexing is an exceedingly popular technology that supports in multiplexing of numerous optical fiber carrier indicators into a single fiber optic cable by adopting different wavelengths of light. The biggest benefit of WDM is that it can carry multiple wavelengths in a single fiber cable. Enterprises make extensive adoption of this technology as it offers various benefits such as full-duplex transmission, comparable optical network hardware components are used, and it also provides high security. The multiplexing offers higher bandwidth, which is helpful in achieving the high-speed internet across the optical fiber channel.
Application-wise, Optical Network Hardware Market Size is segmented into the datacenter, smart cities, broadband infrastructure, and fiber-optic networks. The demand for broadband is surging at a CAGR of 14% on account of the growing rate of internet and smartphone deployment. Broadband infrastructure is constisting of wired technologies and wireless technologies, amongst which FTTP (Fiber to the Premise) holds close to 7% of global broadband subscriptions, thereby augmenting the growth opportunity for optical network hardware market. Also, the datacenter application is poised to grow with 15% CAGR.
The regional analysis of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East, and Africa).
Among these, the North American region was leading the market in the year 2017 and is poised to continue dominating the global market throughout the forecast period. The regional market is slated to grow with a CAGR of 13%. The United States (U.S) and Canada are the prominent regions contributing to the growth of the market in North America.
Whereas, the Asia Pacific region is exhibited to be the fastest-growing region growing at a CAGR of 16.75% over the review period. The increasing investment by the government bodies in the region for building high capacity network coupled with the rising trend of broadband network and emerging data center market is accountable for the remarkable performance of the optical network hardware market in the region.
The top market players operational in the global market as identified by MRFR are Huawei Technologies, Ciena Corporation, Infinera, Alcatel Lucent, Cisco Systems, Ericsson, ADVA Optical Networking, ADTRAN, and ZTE Corporation.
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