In terms of revenue, the global aerospace fiber optic cables market was valued at US$ 1,924.65 million in 2019 and is expected to grow at a CAGR of 4.3% during the forecast period to reach US$ 2,645.86 million by 2027.
The commercial aviation sector has begun to adopt the fiber optic cables technology in the recent past, with limited aircraft fleet using the technology across their airframe. Since the commercial aircraft manufacturers are facing enormous orders and are delivering substantial fleet size to different airlines, the commercial sector poses a lucrative business opportunity for the aerospace fiber optic cables market players. Additionally, the MRO activities are tremendously growing across the globe, and the modification and retrofitting are among the crucial components of aircraft MRO. Thus, retrofitting of fiber optic cables on commercial aircraft fleet is expected to drive the businesses of aerospace fiber optic cables market players.
The aerospace fiber optic cables market has been segmented on the basis of mode, application, fir type, end user, and geography. Based on mode, the aerospace fiber optic cables market is segmented as single-mode and multi-mode. On the basis of end user, the market has been segmented into commercial and military. Geographically, the aerospace fiber optic cables market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Amphenol Corporation, AFL, Carlisle Interconnect Technologies, Collins Aerospace (Raytheon Technologies Corp.), Nexans S.A., W. L. Gore & Associates, Inc., Timbercon, Inc., TE Connectivity, Prysmian Group, and OFS Fitel, LLC some of the well-established aerospace fiber optic cables market players.
Impact of COVID-19 Pandemic on Aerospace Fiber Optic Cables Market
The aircraft production industry is heavily dependent on manual labor despite robotic technology. In the wake of strong lockdown regulations imposed by several countries, the aircraft-manufacturing sector is experiencing a significantly lower number of labors in respective aircraft and component manufacturing facilities. Since the aircraft-manufacturing sector is majorly concentrated in North America and Europe, the two regions are facing a tremendous challenge in maintaining its manufacturing pace with the outbreak. The European countries manufacture various aircraft components; however, increasing number of COVID-19 infected patients is posing a significant challenge to a majority of European countries. The plane makers across the globe are witnessing a severe downfall in component procurement, which is reflecting downfall in the production of aircraft.
Attributing to the fact that the aerospace fiber optic cables market players are scattered across North America, Europe, and APAC region, the outbreak across these regions has resulted in disruption in adequate manufacturing quantity of fiber optic cables and supply chain. This has negatively affected the aerospace fiber optic cables market.
Overall size of the aerospace fiber optic cables market is derived using primary and secondary sources. The research process begins with extensive secondary research using internal and external sources to obtain qualitative and quantitative information related to the aerospace fiber optic cables market. It also provides the overview and forecast for the global aerospace fiber optic cables market based on all segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate and analyze the data. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specialized in the aerospace fiber optic cables market.