Global Free Space Optics Market Report, published by Variant Market Research, forecast that the global market is expected to reach $1223.1 Million by 2024 from $101.9 Million in 2016, growing at a CAGR of 36.4% from 2016 to 2024. By geography, Asia Pacific and North America are expected to grow at a CAGR of 38.1% and 36%, respectively, during the forecast period.
The ever expanding telecommunication industry and rising demand for data streaming and multimedia service fuels the growth of the market. Moreover, increasing applications of free space optics into military and healthcare and high penetration of 3G and 4G in emerging economies also boosts the growth of the free space optics market.
By component segment, transmitter and receiver accounted for 28.6% and 26.7% respectively, in the year 2016. Moreover, in applications, data transmission holds the highest share of 21.52% due to high penetration of internet, followed by defense with 20.39%, due to increasing budget allocation for the military.
Asia Pacific is the fastest growing region in the global Free Space Optics market is expected to continue this trend due to increasing expenditure by government, heavy investments on infrastructure, development of smart cities and emergence of technology start-up companies. North America accounts the largest share of the market followed by Europe in the year 2016.
The key market players include Panasonic Corp., Trimble Hungary Ltd., Anova Technologies, Wireless Excellence Ltd., General Electronics Co., Fujitsu Ltd., Lightbee Corp., Harris Corporation, Outstanding Technology, LightPointe Communications, Inc., pureLiFi Ltd., and Koninklijke Philips N.V. among others.