According to the new market research report “Fiber Optic Cables Market for Military and Aerospace by Application (Avionics, Cabin Interiors, Flight Management Systems, IFE Systems, Communication Systems, Radar Systems, Electronic Warfare), End Use, Type, and Region – Global Forecast to 2023“, published by MarketsandMarkets™, the market for military and aerospace is projected to grow from USD 1.82 billion in 2018 to USD 2.00 billion by 2023, at a CAGR of 1.93% from 2018 to 2023.
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Rise in demand for bandwidth and reliability and airframers & operators installing fiber optic cables in new and upgraded aircraft are the major factors driving the fiber optic cables market for military and aerospace.
Based on application, the radar systems segment is projected to grow at the highest CAGR during the forecast period
Based on application, the radar systems segment of the fiber optic cables market for military and aerospace is projected to grow at the highest CAGR during the forecast period. New modern warfare military technologies include the use of network-centric warfare systems and electronic warfare systems. The radar is an important component of these warfare systems. It improves the efficiency of such systems by tracking and identifying objects accurately as well as improving surveillance capabilities and situational awareness.
Based on end use, the space segment is estimated to witness the highest growth during the forecast period
Based on end use, the space segment of the fiber optic cables market for military and aerospace is projected to grow at the highest CAGR during the forecast period. Growth of this segment can be attributed to the increasing requirement for Situational Awareness (SA) in military operations and rising use of geospatial intelligence. Intelligence is considered a crucial military competency as it acts as a force-multiplier by providing advanced situational awareness to armed forces.
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Based on type, the single-mode segment is projected to grow at a higher CAGR during the forecast period
Based on type, the single-mode segment of the fiber optic cables market for military and aerospace is projected to grow at a higher CAGR than the multi-mode segment during the forecast period. The anticipated higher growth rate of the single-mode segment is due to changing demographic trends and increasing demand for connected devices, which are expected to contribute to the growth of the single-mode segment.
The Asia Pacific market is expected to witness considerable growth during the forecast period
Among regions, the Asia Pacific fiber optic cables market for military and aerospace is projected to witness considerable growth during the forecast period. Factors responsible for the growth of the fiber optic cables market for military and aerospace in the Asia Pacific include the growing demand for new aircraft and defense systems. Increasing investments towards the development of defense products, and growing focus of both, international and domestic players on the region are expected to lead to the growth of the market during the forecast period.
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Major companies profiled in the fiber optic cables market for military and aerospace report are Amphenol (US), Rockwell Collins (US), Carlisle Companies (US), Corning (US), Finisar (US), W.L. Gore & Associates (US), OFS Fitel (US), AFL Global (US), Optical Cable Corp. (US), TE Connectivity (Switzerland), Radiall (France), and Prysmian Group (Italy), among others.
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