Fiber Optic Plates Market is Estimated To Witness High Growth
The 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.
The Fiber Optic Plates market has widespread applications in various sectors
like telecommunication equipment, medical equipment and measurement devices.
Fiber optic plates help deliver fiber optic cable efficiently and effectively
with high density and precision. Fiber optic plates are manufactured using
specialty optical fibers and provide efficient light coupling and higher
connectivity.
Market Overview:
Fiber optic plates are flat panels made of a bundle of optical fibers that
efficiently transfer light from one point to another. They have a wide array of
applications in telecommunication equipment like routers, network switches,
optical cross connects etc. due to their ability to guide light in a uniform
manner with minimal losses. Fiber optic plates also find use in medical
equipment such as CT scanners, endoscopes and other imaging systems due to
their light weight, flexibility and high light transmission capabilities.
Market key trends:
The fiber optic plates market is estimated to witness high growth owing to
increasing demand for fiber connectivity in 5G infrastructure and healthcare
sector. 5G network deployment is gathering pace globally and requires hundreds
of fiber connections to deliver ultra-broadband speeds and low-latency
coverage. This is estimated to drive the demand for fiber optic plates that
support high density fiber linking. In addition, integration of fiber optic
plates in medical diagnostic devices is also gaining traction. Fiber optic
plates provide advantages like flexibility, maneuverability and minimally
invasive procedures in endoscopy. Their demand is surging from growing burden
of chronic diseases and increase in surgical procedures worldwide.
Porter’s Analysis
Threat of new entrants: Low barrier to entry in fiber optic plate
manufacturing. However, established players have significant economies of scale
and brand recognition.
Bargaining power of buyers: Buyers have moderate bargaining power given the
availability of substitutes. However, fiber optic plates have distinct
advantages over alternatives.
Bargaining power of suppliers: Suppliers of raw materials like fiber, glass
have moderate bargaining power given their specialized production process and
capabilities.
Threat of new substitutes: New materials like polymers threaten to replace
glass in some applications but glass fiber optic plates still dominate due to
their superior performance.
Competitive rivalry: Intense competition among established manufacturers to
enhance products and gain market share keeps pricing pressures and competition
high.
SWOT Analysis
Strengths: Superior optical quality, thermal stability, durability of glass
material. Established manufacturing capabilities and expertise of major players.
Weaknesses: High initial set-up and capital costs. Slow production process
compared to alternatives. Prone to breakage during manufacturing.
Opportunities: Growing demand for applications in healthcare, industrial,
telecom sectors. Potential in emerging applications like lasers, sensors,
detectors.
Threats: Trade barriers and tariffs impact supply chain. Competition from new
materials in some segments. Fluctuations in raw material prices.
Key Takeaways
The global Fiber
Optic Plates Market Size is expected to reach US$ 1.89 Bn by 2030,
expanding at a CAGR of 4.8% during
the forecast period. Growing demand for fiber optic devices from the
industrial, healthcare and telecommunication sectors will augment market
growth.
The Asia Pacific region dominates the global fiber optic plate market and
accounted for over 40% of the overall sales in 2023. China, Japan and India are
major markets in the region due to presence of manufacturing facilities of
leading players and availability of skilled workforce.
Europe and North America are other major fiber optic plate markets and their
demand is expected to grow at a CAGR of around 4% during 2023-2030.
Key players operating in the fiber optic plate market are 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.
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