Global Military Electro-Optics Infrared (EO IR) Systems Market To Witness Huge Growth By 2029 With A _TOP_
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The global optical communication systems and networking market size was valued at USD 19.26 billion in 2021. The market is projected to grow from USD 20.39 billion in 2022 to USD 32.94 billion by 2029, exhibiting a CAGR of 7.09% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with optical communication systems and networking systems experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global optical communication systems and networking market share had exhibited a decline of 4.76% in 2020 as compared to 2019.
These optical systems are used for various applications, including medical, defense, and data storage, and telecommunications, industrial and commercial devices. The high demand for these networking systems for military communication devices is increasing demand these systems. Moreover, optical communication system and networking are increasingly used in portable electronic devices for cellular signals and high-speed internet. As the demand for these portable devices rises, the global optical communication systems and the networking market are expected to witness significant CAGR during the forecast period.
The complex design of these optical networking solutions has led to a high initial cost of setup and maintenance, which hinders the use of optical communication and networking systems globally. The market for optical networking solutions is being held back by the intensive computations and maintenance necessary for optical communication and networking systems. The system and installation costs change with fiber modes for optical networking solutions. For instance, single-mode optical fiber is often used for long distances, while multimode optical fiber is commonly used for short ranges. T high cost is complexity in installation and high demand of optical solutions as nothing to date can match the bandwidth and speed fiber optics offers in communications and data movement. Thus the above-stated factors are anticipated to hinder the market growth.
Asia Pacific stood at revenue share of USD 6.91 billion in 2021. The Asia Pacific dominated the market in the base year and is anticipated to remain dominant throughout the forecast period. The presence of several OEMs in China, Japan, India, South Korea, and Australia are expected to surge the market growth during 2022-2029. In addition, the growing smart city projects with high speed internet requirements and developing telecommunication, aviation, defense, healthcare, and semiconductor industries in the mentioned countries to support the market growth during the forecast period.
The competitive landscape of optical communication systems and networking market depicts the domination of selected players such as Arista Networks, Ciena Corporation, and Cisco Systems, Inc. The constant investment in R&D activities, a large focus on product innovation, and long-term contracts with government and authorized bodies will support these companies to withstand their market position. For instance, In January 2022, ADTRAN and ADVA combined the two major companies to create a leading global, scaled provider of end-to-end fiber networking solutions for communications service providers, enterprise, and government customers. Moreover, companies mapped in this report are expanding their geographic reach in the Asia Pacific in forthcoming years.
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The retail and wholesale segment accounted for highest revenue share in the global market in 2019 and is expected to witness highest g