The global Fiber Optic Plates Market is estimated to be valued at US$ 1.11 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Fiber optic plates are optical components that allow the uniform distribution and rearrangement of optical signals. They are composed of multiple optical fibers bundled and fused together. Fiber optic plates find wide application in optical communication systems, fiber optic sensors, optical switches, and fiber laser systems due to their ability to homogenize or reformat non-uniform optical signals emerging from components like light-emitting diodes and laser diodes. They help enhance coupling efficiency and reduce signal loss in optical systems. The growing deployment of fiber optic communication networks and increasing adoption of optical switching technology is driving the demand for fiber optic plates globally.
Market key trends:
One of the key trends in the market is the rising demand for optical switches. Optical switches are important components in fiber optic communication networks for switching signals between input and output ports. Fiber optic plates play a crucial role in optical switches by helping distribute signals uniformly from input ports to individual fibers within fiber bundles. With increasing data traffic and growing adoption of 5G connectivity, telecom operators are undertaking modernization and expansion of their optical networks which is escalating the demand for optical switches and subsequently fueling growth of the fiber optic plates market. Additionally, increasing investments by countries worldwide to establish national optical networks is also propelling the need for optical switches and fiber optic plates. Growing applications of fiber optic sensors and fiber lasers in various end use industries including healthcare, manufacturing and military is another factor accelerating demand. Advancements in material composition and manufacturing processes of fiber optic plates to enhance their performance characteristics is expected to present lucrative opportunities over the forecast period.
Porter’s Analysis:
- Threat of new entrants: The fiber optic plates market requires high R&D investment and established distribution channels. Thus threat of new entrants is low.
- Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However, customized products increase switching costs.
- Bargaining power of suppliers: A few major players dominate the supply landscape. Thus suppliers have high bargaining power.
- Threat of new substitutes: Threat of new substitutes is low as fiber optic plates have advantages over traditional optical components.
- Competitive rivalry: The global market witnesses presence of several international players leading to high competition.
Key Takeaways:
The Global Fiber Optic Plates Market Growth is expected to witness high, exhibiting CAGR of 4.8% over the forecast period, due to increasing demand for optical sensors and biomedical applications.
The Asia Pacific region is expected to dominate the market during the forecast period. Abundant raw material availability and presence of manufacturing facilities of key players in China, Japan and South Korea are driving the fiber optic plates market in the region.
Key players operating in the fiber optic plates market include Asahi Glass Co. Ltd. (AGC), Corning Incorporated, SCHOTT AG, Incom Inc., Hamamatsu Photonics K.K., Nippon Electric Glass Co., Ltd. (NEG), II-VI Incorporated, Hamamatsu Corporation, Saint-Gobain S.A., Asahi Kasei Corporation, Leoni AG, TDK Corporation, Mitsubishi Chemical Corporation, Furukawa Electric Co., Ltd., GS Plastic Optics.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it