Published on : Apr 26, 2021
ALBANY, New York, April 26, 2021– Fiber optics find extensive use in many applications of telecommunication services such as telephones, television, and internet. A case in point is firms such as Google LLC and Verizon Communications Inc. make use of fiber optics in its Google Fiber services and Verizon FIOS respectively. These services offer gigabit internet speeds to its users.
This technology is one of the modern day innovations and it has changed over time due to extensive research carried out by scientists to come up with better products. Increased research and development activities are likely to propel growth of the global fiber optic product for imaging market in the years to come. This technology has emerged as a savior for a number of applications that require high speed and has played a significant role in the advancement of the technology over time.
The global fiber optic product for imaging market is expected to present lucrative growth opportunities for the market players over the period of assessment. Growth of the market is ascribed to several factors, such as augmented investment and research and development projects taken up prominent vendors to upgrade and develop application areas for the technology. In addition, increased awareness with the regards to the advantages of this technology is expected to support development of the global fiber optic product for imaging market in the years to come.
Optical fibers are highly transparent, flexible cables that are made up of silica, plastic, and high-quality glass that work on the principle of complete reflection of light. However, extensive research and development about fiber optics technology has led to several innovations that has enabled a wide range of applications in defense, utilities, medical, and oil and gas sectors. Fiber optics technology comes with an extensive of new applications in the medical sector as well. It is primarily utilized in laser delivery systems, flexible bundling, and light conduction and illumination.
The global fiber optic product for imaging market is considered quite fragmented and is marked with the presence of several prominent vendors in the market. Each of these market players are vying for greater presence through product innovation and mergers and acquisitions. China Opto-Electro Industries Co.,Ltd., Hamamatsu Photonics K.K., Shanxi Changcheng Microlight Equipment Company Limited, CeramOptec GmbH, Schott AG, and Incom, Inc. are some of the leading players in the global fiber optic product for imaging market.
Driven by China, Asia Pacific to Register High Growth Rate in Near Future
The global fiber optic product for imaging market has been divided broadly into the five key territorial zones of North America, Latin America, Europe, Middle East and Africa, and Asia Pacific. The need for territory-based segmentation lies in the importance of an in-depth assessment of the regional markets over the years of projection.
China is forecasted to be one of the leading bases for the making of fiber optic products for the imaging industry. Nearly 39% of the fiber optic products for imaging purposes are made in the region. Owing to increased capital expenditure in research and development together with availability of cheap labor and advanced equipment is likely to amplify growth opportunities of the fiber optic product for imaging market has in Asia Pacific in the years to come. Furthermore, huge downstream potential and demand is likely to add to the growth of the regional market in the near future.
However, with the ongoing pandemic crisis across the globe, COVID-19, total lockdowns have been imposed in many countries of the world, which has brought business operations to a standstill. This has adversely affected many industries including fiber optic products. However, it is expected that once the lockdowns are lifted and the phase gets over, it is estimated that the businesses will witness considerable growth, which will drive the demand for fiber optic products for the imaging sector.
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Burgeoning Demand for Minimally Invasive Surgeries to Shoot up Demand in the Market
The global fiber optic product for imaging market is likely to be driven by the major applications of the product in the medical and healthcare sector. It is expected to find extensive use in applications such as light therapy, surgical endoscopy and microscopy, surgical instrumentation, laboratory and clinical diagnostics, ophthalmic lasers, and X-ray imaging. Burgeoning demand from the medical industry is ascribed to the rising preference for minimally invasive surgeries. In addition to that, latest medical treatment methods and technological progress of the healthcare industry is likely to bolster growth of the global fiber optic product for imaging market in the years to come. As such, fiber optics products have proven to be extremely advantageous for the medical industry.