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Markets and Markets, the world's second largest market research institution, recently released a report that the global military and aerospace optical cable market demand will reach $1.
82 billion in 2018, and it is expected that by 2023, this data will increase to $2 billion, with a compound annual growth rate of 1.
93%.
The growing demand for bandwidth and reliability and installation of fiber optic cables on new aircraft and aircraft upgrades are the major factors
driving the military and aerospace fiber optic cable market.
Based on application, the radar systems segment is expected 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
.
Radar is an important part of
these combat systems.
It increases the efficiency of
such systems by accurately tracking and identifying objects, as well as improving surveillance capabilities and situational awareness.
Based on end-use, the space segment of the military and aerospace fiber optic cable market is expected to grow
at the highest CAGR during the forecast period.
The growth of this segment can be attributed to the increasing demand for situational awareness (SA) in military operations and the increasing
use of geospatial intelligence.
Intelligence is considered a vital military capability because it acts as a force multiplier by providing advanced situational awareness to the armed forces
.
Based on product type, the single-mode fiber optic cable segment is expected to grow
at a CAGR higher than that of the multimode segment during the forecast period.
The expected higher growth rate in the singlemode segment is due to changing demographic trends and increasing demand for connected devices, which is expected to contribute to the growth
of the singlemode segment.
Between regions, the Asia Pacific market is expected to witness significant growth during the forecast period, mainly due to the growing
demand for new aircraft and defense systems.
Increasing investments in defense product development and increasing focus on the region by international and domestic players are expected to stimulate the growth
of the market during the forecast period.
Markets and Markets, the world's second largest market research institution, recently released a report that the global military and aerospace optical cable market demand will reach $1.
82 billion in 2018, and it is expected that by 2023, this data will increase to $2 billion, with a compound annual growth rate of 1.
93%.
The growing demand for bandwidth and reliability and installation of fiber optic cables on new aircraft and aircraft upgrades are the major factors
driving the military and aerospace fiber optic cable market.
Based on application, the radar systems segment is expected 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
.
Radar is an important part of
these combat systems.
It increases the efficiency of
such systems by accurately tracking and identifying objects, as well as improving surveillance capabilities and situational awareness.
Based on end-use, the space segment of the military and aerospace fiber optic cable market is expected to grow
at the highest CAGR during the forecast period.
The growth of this segment can be attributed to the increasing demand for situational awareness (SA) in military operations and the increasing
use of geospatial intelligence.
Intelligence is considered a vital military capability because it acts as a force multiplier by providing advanced situational awareness to the armed forces
.
Based on product type, the single-mode fiber optic cable segment is expected to grow
at a CAGR higher than that of the multimode segment during the forecast period.
The expected higher growth rate in the singlemode segment is due to changing demographic trends and increasing demand for connected devices, which is expected to contribute to the growth
of the singlemode segment.
Between regions, the Asia Pacific market is expected to witness significant growth during the forecast period, mainly due to the growing
demand for new aircraft and defense systems.
Increasing investments in defense product development and increasing focus on the region by international and domestic players are expected to stimulate the growth
of the market during the forecast period.
