According to MRFR, the global optical switches market is slated to expand from USD 3.98 billion in 2018 to USD 8.61 billion by 2024, at a CAGR of 14.05%, during the review period.
The rising data traffic and the consequent rise in demand for high data transfer rates and a decrease in energy consumption drive the industry demand for optical switches. Owing to driving factors such as increased demand for high bandwidth and data transfer rates, the optical switches market is expected to grow during the forecast period. Related benefits such as lower energy consumption along with high scalability and versatility are likely to fuel optical switch market growth. The high cost of optical switches, however, is constraining market growth. In addition , high costs and budget constraints could impede market growth over the forecast period. At the other hand, the growing number of data centers creates substantial opportunities for market players operating in the global optical switch market to expand.
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The global optical switches market has been segmented based on sales channel, type, application, and region.
The market was segmented by type into optical acousto switches, optical liquid crystal switches, optical bubble switches, optical fiber-based Bragg grating switches, mechanical optical switches, magneto-optical switches and others. Due to its increased deployment in mechanical keyboards the mechanical optical switches segment is expected to dominate the market during the forecast period. Razor Inc., for example, launched two new mechanical keyboards in 2018—the Huntsman and the Huntsman Elite featuring the company's opto-mechanical switches. The switch offers faster movement and better responsiveness.
The market was segmented into original equipment producers (OEMs), offline distributors, and online distributors by sales channel. In 2018, OEMs are set to dominate the market. The offline distributor segment is expected to record the highest CAGR over the forecast period, however.
The market was segmented by application into optical switching, fiber restoration and optical component testing, optical add-drop multiplexing, optical cross-connections (OXC), signal monitoring and others. The optical switching segment is slated to dominate the market for optical switches during the forecast period due to its increasing adoption in data centers to facilitate oth controlling traffic and providing protection switching between the networks. On the other hand, the fiber restoration and optic component testing segment is slated to register the highest CAGR during the forecast period.
During the review period from 2018 to 2024 the global demand for optical switches is expected to rise at a significant pace. The optical switches market is geographically studied for North America, Europe , Asia-Pacific and the rest of the world.
Asia-Pacific is expected to dominate the optical switch market from 2018 to 2024 due to the increasing automation across various vertical industries requiring the use of optical switches for optical component testing. In addition, the high concentration of market players in the region and low-cost raw material availability promote mass production of low-cost optical switches. Due to the growing number of data centers in the world, North America is expected to hold a significant share of the optical switches market. In addition, the high concentration of industry players and easy availability of professional technical expertise also drive the region 's demand for optical switches.
The key players acknowledged in the optical switches market are Keysight Technologies Inc. (China), Juniper Networks (US), HP Enterprises (US), ON Semiconductor (US), ZTE Corporation (China), Fujitsu Ltd. (Japan), Yokogawa Electric Corporation (Japan), Huawei Technologies (China), Omron Corporation (Japan), NEC Corporation (Japan), Emcore Corporation (US), D-Link Corporation (Taiwan), DiCon Fiberoptics, Inc. (US), Cisco Systems, Inc. (US), and OPTEK Technology, Inc. (US).
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