According to the business intelligence report titled ‘Optical Communication and Networking Market Size By Component (Optical Fiber, Optical Transceiver, Optical Switch, Optical Amplifier, Optical Circulator), By Technology (Wavelength Division Multiplexing (WDM), Synchronous Optical Network (SONET), Fiber Channel), By Application (IT & Telecom, BFSI, Government & Defense, Healthcare, Retail, Energy & Utilities), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global optical communication and networking market is slated to witness considerable growth between 2021-2027.
 

Focus on ensuring better internet connectivity, coupled with growing use of technology in large-scale data centers are the key growth stimulants for global optical communication and networking market.
 

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For the unversed, optical networking leverages light to transmit data at high speed over fiber cables, which enables easy transmission in low latency areas and across long distances.
 

Rising efforts for establishment of smart cities has raised the demand for reliable infrastructure support for the transmission of huge amount of data, which in turn aids industry expansion.
 

Furthermore, the COVID-19 pandemic forced people across the globe to stay indoors owing to stringent lockdowns imposed by governments. Thus, consumer preference for high-speed internet connectivity increased, thus facilitating revenue inflow in the worldwide optical communication and networking industry.
 

Based on component, optical amplifiers segment is anticipated to witness 10% CAGR between 2021-2027, owing to rising demand for high speed internet connectivity in enterprises.
 

As per application scope, retail segment captured 5% of global optical communication and networking market share in 2020. Fast-paced digitization will boost growth of this segment over the analysis period. Meanwhile, energy & utilities segment is estimated to record 10% CAGR over the stipulated timeframe, due to increasing penetration of IoT devices.
 

From regional frame of reference, Latin America market is projected to record 5% CAGR between 2021-2027, owing to surging demand for cloud based data centers.
 

Key players profiled in the report are Telefonaktiebolaget LM Ericsson, ADTRAN Inc., ZTE Corporation, ADVA Optical Networking SE, Sumitomo Electric Industries Ltd., Arista Networks Inc., Nokia Corporation, Broadcom Inc., NEC Corporation, Ciena Corporation, Mitsubishi Electric Corporation, Cisco Systems Inc., Lumentum Operations LLC, Corning Incorporated, Huawei Technologies Co. Ltd., Juniper Networks Inc., Fiberhome Networks Co. Ltd., Infinera Corporation, Finisar Corporation, and Fujitsu Limited.