The global lithium niobate modulator market is predicted to witness noteworthy growth in the forecast period, 2022–2030. The growing demand for lithium niobate modulators for remote monitoring in industries is boosting the growth of the market. The 20 GHz sub-segment, 1550 NM sub-segment, phase keyed optical communications sub-segment, and IT & telecom sub-segment are estimated to dominate the market. The North America market is predicted to be in the leading position in the forecast period.
New York, USA, Feb. 23, 2023 (GLOBE NEWSWIRE) — Research Dive has published a new report on the global lithium niobate modulator market. According to the report, the global market is projected to surpass $6,542.6 million and grow at a CAGR of 6.74% in the estimated period, 2022–2030. This all-inclusive report delivers a comprehensive overview of the current and future situation of the lithium niobate modulator market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Lithium Niobate Modulator Market
The outburst of the COVID-19 pandemic in 2020 has had a positive impact on the growth of the global lithium niobate modulator market. The internet ecosystem has been vital all around the world. High-speed serial modulators and transmitters, which form the backbone of networks like the internet, are utilized in communication systems, servers, and other electronic systems. Additionally, the COVID-19 pandemic’s broad implementation of work-from-home regulations has resulted in a significant rise in the demand for lithium niobate modulators.
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Factors Impacting the Lithium Niobate Modulator Market Growth
The key factor boosting the growth of the global lithium niobate modulator market is a significant increase in the demand for lithium niobate modulators from the aerospace & defense and IT & telecom sectors. Furthermore, the adoption of 5G technology and the developments in the communication sector are estimated to unlock lucrative opportunities for market growth in the forecast period. However, the high cost of lithium niobate modulator is anticipated to deter the market’s growth.
The report segments the global lithium niobate modulator market into type, wavelength window, application, end-use, and region.
20 GHz Sub-Segment to Grab a Foremost Share of the Market
The 20 GHz sub-segment of the type segment is expected to observe leading growth and garner $2,235.1 million by 2030. This growth is mainly owed to the widespread use of a 20 GHz modulator in microwave devices, television broadcasting, and satellite radio services.
1550 NM Sub-Segment to Witness Rapid Growth
The 1550 NM sub-segment of the wavelength window segment is predicted to grow enormously and hit $2,591.8 million by 2030. This growth is mainly due to the increase in the use of the 1550 NM modulator in infrared absorption, rayleigh scattering, and digital communication.
Phase Keyed Optical Communications Sub-Segment to be Most Beneficial
The phase keyed optical communications sub-segment of the application segment is predicted to witness leading growth and hit $1,622.0 million by 2030. The growth is due to the widespread use of lithium niobate modulators in phase-keyed optical communication equipment in the aerospace sector.
IT & Telecom Sub-Segment to Have the Largest Market Share
The IT & telecom sub-segment of the end-use segment is foreseen to observe leading growth and garner $2,394.9 million by 2030. This growth is mainly owed to the growing use of optical fibre modulators based on lithium niobate in mobile networks and wireless local area network services.
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North America Region to Perceive Maximum Growth
The report analyzes the global lithium niobate modulator market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the North America market is projected to observe significant growth and hit $2,492.7 million in 2030. This growth is mostly due to the rise in the usage of lithium niobate modulator in the optical fiber market for good compatibility and higher data rates in this region.
Key Players of the Global Lithium Niobate Modulator Market
The report states some of the foremost players operating in the global lithium niobate modulator market including
- Gooch & House plc
- iXblue Group
- Fujitsu Optical Components Ltd.
- Fabrinet Inc.
- EOSPACE, Inc.
- Beijing Panwoo Integrated Optoelectronic Inc.
- Lumentum Operations LLC
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
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For instance, in February 2022, Xinlun Cai, a professor at the school of electronics and information technology, at Sun Yat-sen University, launched an innovative thin-film lithium niobate DP-IQ modulator, an encoding method for next-generation optical networks that greatly lowers power consumption and cost.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Lithium Niobate Modulator Market:
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