Portland,OR, Aug. 04, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global optical switches market garnered $5.09 billion in 2020, and is expected to reach $13.96 billion by 2030, witnessing a CAGR of 11.20% from 2021 to 2030. The report offers an extensive analysis of changing market dynamics, top investment pockets, key segments, regional scenarios, and competitive scenarios.
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Rise in demand for optical switches for data centers, increase in focus toward digital transformation, and widespread implementation of 5G drive the growth of the global optical switches market. However, lack of trained professionals hampers the market growth. On the other hand, growth in demand from manufacturing sector due to rise in automation presents new opportunities in the coming years.
Covid-19 Scenario:
- The covid-19 outbreak significantly impacted the electronics and semiconductor sector. Manufacturing units and businesses were instructed to be suspended during lock down. In addition, the supply chain management faced disruption during the initial phase.
- However, the government bodies are now easing off the regulations all across the world. In addition, the vaccination drives are further increasing hopes for the market to get back on track soon.
The report offers detailed segmentation of the global optical switches market based on type, enterprise size, application, industry vertical, and region. Based on type, the MEMs based switching segment accounted for the highest share in 2020, holding nearly one-third of the total market share, and is estimated to maintain its lead position during the forecast period. In addition, the segment is estimated to manifest the largest CAGR of 13.0% from 2021 to 2030.
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Based on end user, the electrical utilities segment contributed to the largest market share in 2020, accounting for more than four-fifths of the global optical switches market, and is projected to maintain its leadership status during the forecast period. However, the industrial segment is estimated to grow at the largest CAGR of 3.8% from 2021 to 2030.
Based on enterprises, the large enterprise segment held the highest market share in terms of revenue in 2020, contributing to more than half of the total market, and is estimated to continue its dominant share during the forecast period. However, the small and large enterprises segment is expected to register the fastest CAGR of 12.0% from 2021 to 2030.
Based on region, Asia-Pacific accounted for the largest share in 2020, contributing to more than one-third of the total share, and is estimated to maintain its dominance by 2030. The region, furthermore, is also expected to portray the fastest CAGR of 12.6% during the forecast period.
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Leading players of the global optical switches market analyzed in the research include Brocade Communication Systems, Inc., Cisco Systems, Inc., D-Link Corporation, Fujitsu Ltd., Furukawa Electric Co. Ltd., Huawei Technologies Co., Ltd., Juniper Networks, NEC Corporation, ON Semiconductor, and Siemens AG.
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