Fiber Optic Labels Market Forecast and CAGR
According to the latest research by Fact.MR Report, Fiber Optic Labels market is set to witness tremendous growth during 2021-2031 with a CAGR of 10.0% between 2021 and 2031. Demand has already increased in the short-term, with a bullish growth outlook in the long run as well.
Growing demand for high bandwidth communication is propelling the growth of the market. The core fields of telecommunications and information technology (IT) have a wide variety of applications. The rise of fiber-rich networks has sparked a massive increase in demand for these labels.
What is Driving Demand for Fiber Optic Labels?
Since optical fiber cable is one of the primary medium for transmission of data from one point to the other, hence it is mainly used in telecommunication industry. Telecommunication is the largest end-use industry as its sales goes parallel to the fiber optic cable. Because of the rising usage of mobile devices and the associated bandwidth access, the industry is rapidly expanding.
The telecommunications industry is being considered a key factor for market developments in broadband networks and huge data management. The number of connected devices is increasing continuously, with the expansion of device utilization and connectivity.
Data computing has evolved into a requirement for businesses, with one out of every three switching their operations to the cloud for the sheer flexibility and security advantages it provides. Since they use fiber optics to provide Internet connectivity to their different access points, these commercial establishments are bolstering the industry. As a result, these businesses are heavily relying on fiber-optics for uninterruptible internet connectivity in order to stay afloat which directly affects the market growth.
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Growing Trend of ‘Word from Home’ to Further Augment Fiber Optic Labels Demand
The internet is a worldwide network of interconnected computers. Fiber optics serve as the internet's backbone, with optical fibre cables serving as the medium for transmitting data from one location to another.
In 2018, 51.2 percent of the world's population used the internet, according to the International Telecommunication Union (ITU). In 2018, the number of internet users increased by about 45 percent. The growing importance of cloud computing, data transfer and storage, and IoT is driving the use of internet.
According to IEA (International Energy Agency), the number of internet users is expected to increase from 3.6 billion in 2018 to 5.0 billion by 2025. Moreover, the number of IoT connections is expected to increase from 7.5 billion in 2018 to over 25.0 billion by 2025.
The Internet of Things (IoT) is the online convergence of everyday devices (mostly machine-to-machine). As the number of connected devices grows, there will be a greater need for higher bandwidth, resulting in the growth of IoT which will directly affect the fiber optic labels market. Ever since the COVID-19 pandemic started causing disruptions to routine business activities, stakeholders quickly switched to the “Work from Home” model for employees to maintain business continuity.
The trend has now become such an integral part of the business that many organizations are mulling moving a major chunk of their business to this model in the future to save costs. Thus the growth in the telecommunication sector and shifting work trends would further augment the need of critical infrastructure and thus stimulate demand for fiber optic labels.
North America Fiber optic labels Market Outlook
In terms of sales, North America led the market with almost 1/3rd of the market share. Because of technical advances and widespread acceptance of technology in the IT, telecommunications, and administrative sectors, North America is leading revenue growth.
U.S. and Canadian governments are heavily investing in online security infrastructure at country levels. This is eventually necessitating funding for technology, especially fibre optics that will improve the telecommunications sector's infrastructure while also improving security.
The growth in the region is also propelled by high technology penetration in the manufacturing sector and the expansion of the IT and telecom sectors across North America. Furthermore, expanding the use of fiber optics in the medical sector is pushing development of Fiber Optic Labels market in the region.
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Europe Demand Outlook for Fiber optic labels
Many countries in EU have been severely impacted by the COVID-19 crisis, which has led to a decline in economic activities. However, the growth in the market has been propelled due to the growth of e-commerce and IT sector in the region.
Awareness is growing rapidly in the region that aims to strengthen their hold at the global level. Privacy and data protection regulations in the region are driving key industry players to locate their data centers and critical IT infrastructure within the regulatory and judicial reach of European authorities, boosting domestic IT infrastructure demand.
This is eventually creating need for the all other ancillary component across the fiber optics value chain that would enhance the telecommunication sector infrastructure.
Who are the Key Manufacturers and Suppliers of Fiber Optic Labels?
Some of the leading manufacturers and suppliers of Fiber Optic Labels include Industrial Labelling Solution, Brady Worldwide Inc., Blue Helix Ltd., Panduit, ZipTape Label ID Systems, Marking Services Inc., Cable Label Co. Ltd., Eaton Corporation PLC, 3M Company, TE Connectivity, HellermannTyton, Legrand and others.
Globally, key market players are introducing new products and expanding their manufacturing facilities across the globe. For instance, Corning opened a new fibre optic cable production plant in Newton, North Carolina in January 2018. The recently opened manufacturing plant will assist in meeting the global market for optical fibre and cable. Furthermore, key players are aiming to strengthen their share in Fiber Optic Labels market by introducing various new product developments and utilizing organic as well as inorganic growth strategies.
An Adaptive Approach to Modern-day Research Needs
Fiber Optic Labels Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
By Product Type
By End User
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia Pacific
- ASEAN Countries
- Rest of South Asia Pacific
- Middle East and Africa
- GCC Countries
- Northern Africa
- South Africa
- Rest of MEA
The Fiber Optic Labels report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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