The Asia Pacific Optical Fiber Patch Cord Market would witness market growth of 5.7% CAGR during the forecast period (2023-2030).
During rescue operations, military activities are subjected to harsh conditions; as a result, more tough and resilient fiber optic cables are needed. In avionics and mission control systems of military aircraft, fiber optic cables are utilized for high-speed data transfer for applications like flight planning data, mission data, and sensor data fusion for weapon systems. As a result, it is anticipated that the demand for military and aerospace will grow due to increasing fiber optic cable use in military aircraft along with increased acquisition of these aircraft.
The performance of the flight control systems, engines, and avionics are monitored by fiber optic cables onboard several 4th and 5th-generation fighter aircraft. In order to assure performance and dependability in the field, military fiber optic cables are utilized in a wide range of ground, sea, air, and space applications. These applications need harsh environment certification as well as rigorous testing.
The development of the 5G network will favorably affect the expansion of the market as many industries need high Internet speeds. The development of 5G network infrastructure is also underway in many nations. Leaders in the telecom industry are counting on fiber optic cable to meet the high demand for 5G connectivity.
According to Stockholm International Peace Research Institute (SIPRI), Asia and Oceania's collective military spending totaled $575 billion. This continued a steadily rising trend of 2.7% higher than in 2021. With a projected $292 billion in military spending in 2022, China remained the second-highest military spender in the world. This was a 6.3% increase from 2013 and a 4.2% increase from 2021. China has been increasing its military spending for 28 years in a row. Additionally, with a $81.4 billion military budget, India ranked fourth in the world. It increased by 6.0% from 2021. The amount provided for defense pensions is Rs. 1.38 lakh crore. The capital expenditure for modernization and infrastructure growth climbed to Rs 1.62 lakh crore, a 57% increase over 2019–20. Thus, the region's expanding military and defense sector will propel the market's growth in the coming years.
The China market dominated the Asia Pacific Optical Fiber Patch Cord Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $302.9 million by 2030. The Japan market is registering a CAGR of 5% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 6.3% during (2023 - 2030).
Based on Application, the market is segmented into Optical Data Network, Telecommunication, Military & Aerospace and Others. Based on Type, the market is segmented into Single Mode and Multi Mode. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Optical Fiber Patch Cord Market is Projected to reach USD 2.6 Billion by 2030, at a CAGR of 5.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Longxing, Shenzhen Wirenet Telecom Technology Co., Ltd., Black Box Limited (Essar Group), Amphenol Corporation, 3M Company, Phoenix Contact GmbH & Co. KG, Shenzhen Lightwit Photonics Co., Ltd., T&S Inc., Sumitomo Electric Industries, Ltd. and CommScope Holding Company, Inc.
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