New York, May 26, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Aerospace and Military Fiber Optic Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Cables and Connectors), Application (Radar Systems, Flight Management Systems, In-flight Entertainment Systems, Communication Systems, Electronic Warfare, Cabin Interiors, and Avionics), and End-User (Commercial and Military)”, the global aerospace and military fiber optic market growth is driven by the increasing demand for higher bandwidth, reliability, and airframes in new and upgraded aircraft, the increasing demand for new and reliable fiber optic cables and connectors for communication systems. The Fiber Optic Cables Market for Military & Aerospace was dominated by North America, with more than 40% share in 2021, and will continue to dominate the market till 2028.
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| Report Coverage | Details |
| Market Size Value in | US$ 4.62 Billion in 2021 |
| Market Size Value by | US$ 7.20 Billion by 2028 |
| Growth rate | CAGR of 7.0% from 2022 to 2028. |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 152 |
| No. Tables | 80 |
| No. of Charts & Figures | 75 |
| Historical data available | Yes |
| Segments covered | Component, Application, and End-User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Aerospace and Military Fiber Optic Market: Competitive Landscape and Key Developments
Raytheon Technologies Corporation, Amphenol Corporation, Carlisle Interconnect Technologies, Prysmian Group, and ITT INC. are a few key players operating in the aerospace and military fiber optic market. In addition, several other important market players were studied and analyzed during this study to get a holistic view of the global aerospace and military fiber optic market size and its ecosystem.
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In 2021, Amphenol Corporation acquired Positronic to provide customers with a broad range of products and technical design support for their interconnect solutions.
In 2020, Radiall acquired Timbercon, allowing Timbercon to offer an even more extensive range of products to their customers. Timbercon provides fiber-optic interconnect technology for the aerospace, defense, medical, data storage, telecommunications, industrial, broadcast, and networking markets.
Fiber-optic cables are lighter and smaller than metal cables and safer for vulnerable activities. Moreover, they exhibit superior fatigue durability. The demand for fiber optic in aerospace and military communications is surging due to efficient flight management systems, communication systems, in-flight entertainment systems, electronic warfare avionics, cabin interiors, and radar systems. The increased demand for higher bandwidth, reliability, and airframes in new and upgraded aircraft boosts the growth of aerospace and military fiber optic.
The aerospace industry and defense forces use advanced communication systems to facilitate effective and continuous contact between personnel at different sites and the base station or ground station. Thus, these two industries pose a continuously high demand for technologically enhanced and high-speed communication systems. The major benefit conferred by high-speed data transfer solutions is the access to real-time information with minimum scope for data loss. Fiber optic cables can transfer high-speed data over longer distances, which is one of the key features attracting aerospace and defense communication system manufacturers. Such developments are continuously boosting the growth of the aerospace and military fiber optic market.
Aerospace and Military Fiber Optic Market: COVID Impact
In North America, the US is the largest military spending country, followed by Canada and Mexico. However, the COVID-19 pandemic forced these countries on the back foot to invest in developing and acquiring new military technologies in this region. There was a complete halt in the production, manufacturing, and supply chain of the military and aerospace equipment due to longer lockdowns implemented by various governments in their respective countries. Hence, the COVID-19 pandemic had a negative impact on the aerospace and military fiber optic market in this region.
During the initial months of the COVID-19 pandemic, the supply chain in the North America aerospace and military fiber optic market was obstructed. A decline in customer orders was also observed. Also, there were disruptions in supply chains for various orders placed by the customers and contractors, which resulted in revenue loss among key market players. The military sector was one of the worst-hit sectors due to the COVID-19 pandemic.
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Aerospace and Military Fiber Optic Market: Application Overview
Based on application, the global aerospace and military fiber optic market is segmented into radar systems, flight management systems, in-flight entertainment systems, communication systems, electronic warfare, cabin interiors, avionics, and others. In 2021, the communication systems segment dominated the global aerospace and military fiber optic market, according to the market research study, and is expected to retain its dominance during the forecast period. However, the radar systems segment is expected to witness the fastest growing CAGR over the forecast period in the global aerospace and military fiber optic market share.
Communication systems require a high degree of tactical equipment to connect to the global information grid of shared data and information. Fiber optic cable networks are used to send intelligence, surveillance, and reconnaissance data through various communication systems. Satellites, interconnected ground links, and communication systems are important components of communication networks because they allow data to be transmitted securely across secure data links. Thus, all these factors collectively contribute to the growth of communication systems in the aerospace and military fiber optic market.
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