Leading market analysts, ResearchAndMarkets has released a new report titled "Global Multimode Optical Fiber Market Analysis 2014-19 and Forecast 2020-24’, which says that the multimode optical fiber market is anticipated to grow at a CAGR of around 16% on account of high reliability and high capacity offered by the multimode fibers. The report is fabricated based on Product (Step Index & Gradient Index), Application (Defence; IT & Telecom; Government; MSO (Triple Play), Healthcare & Others), Material (Glass & Plastic), Region, and Competition. Multimode optical fibers are gaining popularity as different signals can be transmitted through the same fiber due to difference in reflection angle.
Among applications, IT & Telecom segment is anticipated to account for the largest share during the forecast period on account of high demand for faster speed connections and greater bandwidth. Multimode optical fiber is also gaining prominence in the medical sector for laser delivery systems and light illumination and conduction. The ongoing trend of minimally invasive surgeries and technological advancements are contributing to the growing share of multimode optical fibers in the medical sector.
On the basis of geography, the multimode optical fiber market is segmented into Asia-Pacific, North America, South America, Europe, and Middle East & Africa. On account of the implementation of projects such as smart cities in various economies of Asia-Pacific including China and India, the region is expected to account for the largest share and the trend is likely to continue in the forthcoming years as well. Also, the emergence of the Internet of things and fiber to home connectivity are further positively influencing the multimode optical fiber market in the region.
Major companies operating in the market include, Corning Incorporated, Yangtze Optical Fibre and Cable, Furukawa Electric Co., Ltd., Hengtong Group Co Ltd., Prysmian group, Sumitomo Electric Industries, Ltd., Fiberhome Networks, Futong Group Co., Ltd., ZTT International Limited, and Fujikura Ltd., among others. The companies operating in the market are using growth strategies such as product development, mergers & acquisitions to increase their share in the market.
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