Transparency Market Research (TMR) has published a new report on the global fiber optic connectors market, indicating that the market for these connectors is predicted to reach $4.4 billion by 2021, nearly double its value of $2.7 billion in 2014.

TMR’s report, ‘Fiber Optic Connectors Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021,’ states that the global fiber optic connectors market is expected to expand at a 7.40% CAGR from 2015 to 2021 owing to the increasing demand for high bandwidth and the increasing applications of fiber optic connectors, especially in medical applications.

Preview or purchase the entire report here.

The growth will most likely be attributed to technological advancements, large-scale production of optic connectors, and economic growth in emerging markets. However, factors such as the high cost of fiber optic connectors, low level of automation of fiber optics, and growth in wireless networking systems are predicted to hamper the growth of the global fiber optic connectors market in the years to come.

Globally, North America and Asia Pacific are the largest markets for fiber optic connectors, with Amphenol (U.S.), Arris Group (U.S.), Hitachi (Japan), Diamond SA (Switzerland), Furukawa Electric Co. Ltd. (Japan), 3M (U.S.), TE Connectivity Ltd. (Switzerland), Avago Technologies (Singapore), and Sumitomo Electric Industries (Japan) leading current and future developments.

Driving their expansion is the growing demand for higher bandwidth in telecom applications, as well as increasing demand for optical interconnections in datacenter networks and technical advancements in fiber optic components.