A new report by Future Market Insights (FMI) has detailed the outlook for the Fiber Optic Test Equipment market for 2023-2033.
FMI is expecting that the fiber optic test equipment market will be worth USD $923 million in 2023 and is projecting it to reach USD $1.78 billion by 2033, with a CAGR of 6.8% between the projected period.
The growth in the market could be attributed to the increase in demand for fiber cable networks and fiber optic cable types.
The report states that sales in the fiber optic test equipment market reached USD $865.1 million in 2022.
Specifically, optical time domain reflectometers (OTDR testers) may be continued to be favoured equipment with the strong demand for tier-2 certification criteria and rising investment in 4G/5G rollout.
The principal end users of this equipment until 2030 may continue to be telecommunications service providers.
Interestingly, the East Asia fiber optic test equipment industry may outperform the North American industry over the forecasted period.
Asia is a key market for fiber optic test equipment, with governments in rising economies such as India and China looking likely environments where the use of testing equipment will continue to be encouraged with the increasing development of 5G networks.
This large need creates enormous prospects for the fiber optic testing equipment market, as growing demand for real-time operations necessitates constant testing of insertion loss and bandwidth to provide services efficiently.
The markets demand may also be driven by the deployment of real-time 40-gig and 100-gig network deployments for high fiber optic performance.
Although the fiber optic testing equipment market is expanding significantly, there is a lack of testing awareness by customers, which is preventing market expansion.
Regional takeaways for the market
The largest portion of the global fiber optics test equipment market is likely going to be in North America due to full-stream 4G deployments. As a result, the US is expected to acquire a share of 21.2% of the fiber optic test equipment market from 2023-2033.
One market expected to develop at a considerable rate is the Asia Pacific region, and it is expected to be driven by increased FTTH implementation in emerging nations mentioned before, like India and China.
China’s market is expected to have a CAGR of 8% during the forecasted period as the sector grows. Elsewhere in Asia, Japan is projected to acquire 3% of the market during the period, with India possibly having a 10.7% CAGR during the same time.
In Europe, Germany’s fiber optic test equipment market will hold a market share of 4.9% during the period, with the United Kingdom’s market to have a CAGR of 4.8%.
Finally, Australia is expected to hold a 3.4% share of the market between 2023-2033.