Fiber optics testing market expected to reach $605.5 million by 2030
According to a new report published by Allied Market Research, titled, “Fiber Optics Testing Market by Fiber Mode, Service Type, Offering Type, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030”, The global fiber optics testing market size was valued at $277.5 million in 2020, and is projected to reach $605.5 million by 2030, registering a CAGR of 8.6% from 2021 to 2030. North America is expected to be the leading contributor to the global fiber optics testing market during the forecast period, followed by Europe and North America.
Fiber optics testing comprises of the tools, processes, and standards that are used for testing the fiber links, fiber Optics components, and deployed fiber networks. It includes mechanical as well as Optical testing of discreet elements and comprehensive transmission tests to authenticate the integrity of fiber network installations. The testing evaluates performance of fiber Optics components, cable systems and plants.
The global fiber optics testing market is anticipated to witness significant growth during the forecast period. The significant factors impacting the Fiber Optics testing market include surge in investments for infrastructure development; significant growth in demand for demand for Fiber to the x (FTTx); and progression of the telecommunications industry. However, high cost associated with the installation and training for fiber Optics testing are projected to hamper the growth of the market. On the contrary, rise in adoption of 5G networks and need for transforming existing fiber Optics networks are anticipated to create lucrative growth opportunities for the global market.
The fiber Optics testing market analysis is segmented on the basis of fiber mode, service type, offering type, application, and region. According to the fiber mode, the market is segmented into single mode and multimode. By service type, the market is divided into testing services, inspection services, certification services, and other services. The offering type segment is further categorized into in-house services and outsourced services. On the basis of applications, the market is divided into telecommunication, cable television, military and aerospace, railway, oil and gas, energy and power, and others.
Region wise, the fiber Optics testing market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for a significant share of the global market in 2020, owing to the factors such as widespread implementation of 5G, proliferation of the internet of things (IoT), and increase in adoption of fiber to the home (FTTH) connectivity. Moreover, the region has witnessed extensive usage of wireless technologies in the healthcare industry. Also, there is an upsurge in demand for portable electronic devices such as tablet and smartphones. The aforementioned factors are expected to boost the demand for the fiber Optics testing in this region during the forecast period.
Covid-19 Impact Analysis
COVID-19 has impacted severely on the global electrical and electronics sector, due to which production facility as well as new infrastructure development projects have stalled. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; thereby, leading to slowdown in the growth of the fiber Optics testing industry in 2020.
Key Findings Of The Study
The in-house services segment is projected to be dominate installation type segment during the forecast period followed by outsourced services.
Asia-Pacific and North America collectively accounted for more than 59.0% of the fiber Optics testing market share in 2020.
Multi Fiber Mode segment is anticipated to witness highest growth rate during the forecast period.
China was the major shareholder in the Asia-Pacific fiber Optics testing market, accounting for approximately 41.0% share in 2020.
The key players profiled in the report include UL LLC, TUV Rheinland, VIAVI Solutions, Eurofins Scientific, EXFO, Fujikura, Element Materials Technology, Intertek, NTS, L3Harris, and Fluke Corporation. These players have adopted various strategies such as product launch, acquisition, collaboration, and partnership to expand their foothold in the industry. Allied Market Research
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