by The global fiber Optic Plates Market is estimated to be valued at US$ 1.11 Bn or Billion in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Fiber optic plates are used in various industrial and medical applications for illumination, light transfer, spectroscopy, and imaging. They provide advantages such as low insertion loss, high uniformity and flexibility in design.
Market key trends:
One of the major trends witnessed in the fiber optic plates market is the increasing demand for non-imaging fiber optic plates. These plates provide uniform illumination without any image forming properties. They are widely used as collimators or light guides in medical equipment such as endoscopes, boroscopes and various diagnostic instruments. Medical device manufacturers prefer using non-imaging fiber optic plates due to their advantages over other illumination solutions such as LEDs. Their uniform illumination helps enhance imaging quality without hotspots or shadows.
SWOT Analysis:
- Strengths: Large market player such as Corning and SCHOTT have strong distribution channels and financial resources. Fiber optic plates have high precision, durability and resistance to electromagnetic interference.
- Weaknesses: High costs associated with manufacturing of fiber optic plates limits its adoption. Dependence on a few raw material suppliers increases supply chain risks.
- Opportunities: Growing demand for fiber optic plates from avionics, aerospace and medical industries provides new growth opportunities. Technological advancements in fiber coating and material sciences will support product innovation.
- Threats: Intense competition from alternative technologies for signal transmission such as wireless. Vulnerability to trade barriers and economic slowdowns impact market demand.
Key Takeaways:
The Global Fiber Optic Plates Market Size was valued at US$ 1.11 Bn in 2023 and is expected to reach US$ 1.48 Bn by 2030, expanding at a CAGR of 4.8% during the forecast period. Increased adoption of fiber optic plates in various industries has been a major driver of market growth over the past few years.
The North America region accounted for the largest share of over 30% of the global fiber optic plates market in 2023. Presence of major players and increasing investment in telecommunications infrastructure development are supporting market growth in the region.
Some of the key players operating in the fiber optic plates market include Asahi Glass Co. Ltd. (AGC), Corning Incorporated, SCHOTT AG, Incom Inc., Hamamatsu Photonics K.K., Nippon Electric Glass Co., Ltd. (NEG), II-VI Incorporated, Hamamatsu Corporation, Saint-Gobain S.A., Asahi Kasei Corporation, Leoni AG, TDK Corporation, Mitsubishi Chemical Corporation, Furukawa Electric Co., Ltd., and GS Plastic Optics. These companies are focusing on new product launches, partnerships and expansion strategies to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
