Fiber Optic Cables Market for Military and Aerospace Worth $2.00 Billion by 2023

CHICAGO, September 28, 2018 /PRNewswire/ --

According to the new market research report "Fiber Optic Cables Market for Military and Aerospace by Application (Avionics, Cabin Interiors, Flight Management Systems, IFE Systems, Communication Systems, Radar Systems, Electronic Warfare), End Use, Type, and Region - Global Forecast to 2023", published by MarketsandMarkets, the market for military and aerospace is projected to grow from USD 1.82 billion in 2018 to USD 2.00 billion by 2023, at a CAGR of 1.93% from 2018 to 2023.

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Rise in demand for bandwidth and reliability and airframers & operators installing fiber optic cables in new and upgraded aircraft are the major factors driving the fiber optic cables market for military and aerospace.

Based on application, the radar systems segment is projected to grow at the highest CAGR during the forecast period 

Based on application, the radar systems segment of the fiber optic cables market for military and aerospace is projected to grow at the highest CAGR during the forecast period. New modern warfare military technologies include the use of network-centric warfare systems and electronic warfare systems. The radar is an important component of these warfare systems. It improves the efficiency of such systems by tracking and identifying objects accurately as well as improving surveillance capabilities and situational awareness.

Based on end use, the space segment is estimated to witness the highest growth during the forecast period 

Based on end use, the space segment of the fiber optic cables market for military and aerospace is projected to grow at the highest CAGR during the forecast period. Growth of this segment can be attributed to the increasing requirement for Situational Awareness (SA) in military operations and rising use of geospatial intelligence. Intelligence is considered a crucial military competency as it acts as a force-multiplier by providing advanced situational awareness to armed forces.