Global free space optics market report published by Accurize Market Research forecast that the global market is expected to reach $1.2 billion by 2024; growing at a CAGR of 36.2% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.

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Ever-expanding telecommunication industry and rising demand for data streaming and multimedia services to drive the growth of the market

The ever-expanding telecommunication industry and rising demand for data streaming and multimedia services fuel the demand for the global free space optics market. Moreover, increasing applications of free space optics into healthcare & military and high penetration of 3G and 4G in emerging economies also boosts the growth of the market.

Market Segmentation

The global free space optics market has been bifurcated on the basis of component, application, and geography. By component type, it is further segmented into a transmitter, receiver, modulator, demodulator, encoder & decoder, and others. Furthermore, the application is segmented into security, airborne application, healthcare, storage area network, data transmission, defense, disaster recovery, last-mile access, and others.

By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers the U.K., Italy, France, Germany and Rest of Europe. Asia-Pacific covers China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, the Middle East, and Africa.

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“Transmitter and receiver accounted for the largest market share in the component segment", says Accurize

By component segment, transmitter and receiver accounted for 28.6% and 26.7% share respectively, in the year 2017. Moreover, in the application segment, data transmission holds the highest share of 21.52% due to high penetration of internet, followed by the defense with 20.39%, due to increasing budget allocation for the military.

“North America dominated the global market with the highest market share over the forecast period", says Accurize

In 2017, North America accounts for the largest share of the market followed by Europe. The Asia Pacific is the fastest-growing region in the global free space optics market and is expected to continue this trend due to increasing expenditure by government, heavy investments in infrastructure, development of smart cities and emergence of technology start-up companies.

Top players in the market

The key market players include Wireless Excellence Ltd., General Electronics Co., Fujitsu Ltd., Lightbee Corp., Panasonic Corp., Harris Corporation, Outstanding Technology, LightPointe Communications, Inc., pureLiFi Ltd., Trimble Hungary Ltd., Anova Technologies, and Koninklijke Philips N.V. among others.