According to the market analysis 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, optical communication and networking market is expected to experience a growth surge during 2021-2027.
 

Industry experts cite that the increasing need for strong internet connectivity across the globe is anticipated to fuel the growth of optical communication and networking market over the forecast period.

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Furthermore, rising emphasis on establishing smart cities with a reliable infrastructure for transmission of data, operation of electrical grids, and traffic management is expected to aid in the augmentation of the market sphere in the upcoming years.

With the outbreak of the Covid-19 pandemic in 2020, people across the globe have been living in a state of complete lockdown imposed by the government to curb the spread of the virus. This has led to a massive rise in the need for an uninterrupted internet connection, subsequently enhancing the remuneration prospects of the overall communication and networking industry.

Based on component, the optical communication and networking optical industry from amplifiers sub-segment is expected to experience a year-over-year growth rate of over 10% due to the rising demand for robust internet connectivity in enterprises.

From the application perspective, the retail sub-division held a market share of 5% in 2020 and will continue to rise substantially during the assessment timeline as a result of rapid digitalization. Meanwhile, the energy & utilities sub-segment is projected to record a 10% CAGR over the analysis period, creditable to surging adoption of IoT devices in the sector.

Moving on to the regional landscape, Latin America market is expected to showcase a healthy growth rate of over 5% over the forecast timeframe owing to a surge in the demand for cloud data centers in the area.

Speaking of the competitive framework, Fujitsu Ltd., Nokia Corporation, Huawei Technologies Co. Ltd, Fiberhome Networks, ZTE Corporation, and Ciena Corporation boast a strong presence in global optical communication and networking business sphere.