Free Space Optics Market is estimated to reach $1223.1 Million by 2024 with CAGR of 36.4% between 2016 and 2024. Free space optics, also called as free space photonics, is a line of sight technology that propagates infrared beams or light through the outer space or atmosphere to obtain broadband communications. A technology that can be installed without a license worldwide.
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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.
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Some of the major drivers of global free space optics market are increasing demand for data streaming and multimedia service, growing applications of free space optics into military & healthcare and high penetration of 3G and 4G in emerging economies also boosts the growth of the free space optics market.
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The global free space optics market has been bifurcated into component, application and geography.
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Component includes transmitter, receiver, demodulator, modulator, encoder & decoder and others. Transmitter dominated the segment over the forecast period.
Additionally, application comprises security, healthcare, airborne application, storage area network, defense, data transmission, disaster recovery, last mile access and others. Data transmission accounted the highest market share over the forecast period, owning to increasing budget allocation for the military.
North America, Europe, Asia-Pacific and RoW are the key region covered in the global free space optics market. Asia Pacific is the fastest growing region in the global Free Space Optics.
The growth is attributed to heavy investments on infrastructure, increasing expenditure by government, development of smart cities and emergence of technology start-up companies. North America accounted the largest share of the market.
The key market players include Panasonic Corp., Trimble Hungary Ltd., Anova Technologies, Wireless Excellence Ltd., General Electronics Co., Fujitsu Ltd., Harris Corporation, Lightbee Corp., Outstanding Technology, pureLiFi Ltd., LightPointe Communications, Inc., and Koninklijke Philips N.V. among others.
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