New York, United States , May 17, 2023 (GLOBE NEWSWIRE) -- The Global Optical Waveguide Market Size is to grow from USD 6.85 billion in 2022 to USD 16.82 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 9.5% during the projected period. The widespread utilization of fiber optics in several industrial applications such as BFSI, telecommunication, data center, high-performance computing (HPC), medical, metrology, aerospace & defense, consumer electronics, industrial, and others are expected to boost the demand for the optical waveguide market during the forecast period.
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An optical waveguide is a structure that guides an electromagnetic wave of light by limiting its path. The majority of our data is now sent via optical fibers and waveguides, and electro-optic crystals enable us to convert electrical impulses to optical signals and switch optical signals between channels. As a result, a substantial rise in the use of electronic devices is expected to influence the worldwide optical waveguide market over the forecast period, driving demand for optical waveguides. The expanding number of data centers around the world, recent technological advances in photonic integrated circuits (PICs), and the rising need for high-speed connection are driving the growth of the optical waveguide industry. Furthermore, optical interconnect, which can convert signals from electrical to optical with low frequency-dependent loss and high bandwidth, is a major driver of the optical waveguide market.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Optical Waveguide Market Size, Share, and COVID-19 Impact Analysis, By Type (Planar and Channel), By Propagation (Single-mode and Multi-mode), By Material (Glass, Polymer, Semiconductor, Others), By End-Use (BFSI, Telecommunication, Data Center, High-Performance Computing (HPC), Medical, Metrology, Aerospace & Defense, Consumer Electronics, Industrial, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The telecommunication segment accounted for the largest revenue share of more than 54.2% over the forecast period.
On the basis of end-uses, the global optical waveguide market is segmented into BFSI, telecommunication, data center, high-performance computing (HPC), medical, metrology, aerospace & defense, consumer electronics, industrial, and others. Among these, the telecommunication segment is dominating the market with the largest revenue share of 54.2% over the forecast period. This dominance is primarily due to an increasing number of consumers across various fixed-point and mobile wireless networks, the affordability of low-cost communication devices, low-cost services provided by telecommunications service providers, and an expanding global internet-user base.
The channel segment is witnessing significant CAGR growth over the forecast period.
On the basis of type, the global optical waveguide market is segmented into planar and channel. Among these, the channel segment is expected to grow at a significant CAGR over the forecast period due to its reciprocal transverse optical confinement property, which provides improved speed as well as higher bandwidth.
The single-mode segment is dominating the market with the largest revenue share over the forecast period.
On the basis of propagation, the global optical waveguide market is segmented into single-mode and multi-mode. As a result of the rapid deployment of single-mode optical waveguides for long-distance telecommunication infrastructure applications, the single-mode category is leading the market with the biggest revenue share of 47.6% over the projection period.
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The glass segment accounted for the largest revenue share of more than 37.8% over the forecast period.
On the basis of material type, the global optical waveguide market is segmented into glass, polymer, semiconductor, and others. Among these, the glass segment is dominating the market with the largest revenue share of 37.8% over the forecast period. The growth of this market can be attributed to their ability to transmit both visible and infrared lights, as well as their growing interest in technologies such as augmented reality and virtual reality solutions.
North America dominates the market with the largest market share over the forecast period.
North America will dominate the optical waveguide market with a market share of more than 38.7% during the forecast period, owing to rising consumer demand for higher bandwidth and devices with Internet of Things (IoT) capabilities in the United States, Canada, and Mexico. Asia Pacific, on the other hand, is expected to develop the fastest throughout the forecast period, owing to the growing use of electronic devices, the introduction of cutting-edge technology, increased consumer awareness, and the expansion of the telecommunications industry.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Optical Waveguide Market include Sterlite Technologies Limited, Prysmian Group, Coherent Corp., Sumitomo Electric Industries, Ltd., Mouser Electronics Inc., Furukawa Electric Co., Ltd., DigiLens Inc., Corning Incorporated, Futong Group Company Ltd., LEONI Fiber Optics, Inc., CommScope, Fujikura Ltd., Yangtze Optical Fiber, and Cable Co. Ltd., and among others.
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Recent Developments
In March 2022, Sumitomo Electric Industries introduced a new Z2C fusion splicer that incorporates the company's unique NanoTune AI (artificial intelligence) programmed fusion technology. The introduction of the new splicer will greatly increase work efficiency on optical network construction sites.
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