Specialty Optical Fibers Market Size, Share, Growth And Industry Analysis By Type (Multi-Mode Specialty Optical Fiber, Single-Mode Specialty Optical Fiber) By Application (Military, Medical, Energy / Rail Transit, Electric Power System, Communication / Devices), Regional Forecast To 2031

Updated On: 08 April 2024

Specialty Optical Fibers Market REPORT OVERVIEW

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The global specialty optical fibers market size was expected to be USD 1434.1 million in 2021 and the market is projected to touch USD 3153 million by 2031, exhibiting a Compound annual growth rate (CAGR) of 8.2% during the forecast (2024-2031). In the market study, our analysts have considered specialty optical fibers players such as Fujikura (Japan), Furukawa (Japan), HengTong (China), iXblue Photonics (U.S.), Fiberguide (U.S.) and FiberHome (U.S.)

There has been an evolution in use of specialty optical fibers from the past till today. These were just common transport waveguide which were used for communication applications. Later on, they became vital optical components with several other important parts. These have a lot of applications in various fields and they find their use in many industries.

There have been several developments and discoveries in this field. These discoveries have given rise to many growth opportunities. Specialty optical fibers are finding greater demand and application in the market worldwide. They also have many new components that have improved the quality of this product. One such component is the optical amplifier. These are identified as the newest and the latest trend in the market. New types of optical fibers are being launched these days that have various applications in different fields.

The specialty optical fibers are increasingly being adopted in the military and aerospace industry. They offer a larger bandwidth; they would also provide 40Gbps and are long lasting. These acts as the factors driving the market growth.

COVID-19 impact: Decline in Military and Aerospace Industry Impacted the Market Growth

COVID-19 was one such deadly disease that affected the entire world and all the industries. The specialty optical fibers industry also became a victim of the pandemic. During COVID-19 there were many restrictions and lockdowns that were imposed. This was one of the major reasons for the decrease in the market share.

The optical fibers are directly dependent on the military and aerospace industry. The fall of this industry during the pandemic brought down the specialty optical fibers market share. The disruption in the supply chain and the unavailability of raw materials was also a crucial reason for the downfall of the market. However, post the pandemic the market recovered quickly and is anticipated to grow well in the upcoming years.

LATEST TRENDS

"Introduction Of Optical Amplifiers to Increase the Market Growth"

Many creative and innovative changes are being witnessed in the above market recently. New types of optical fibers are being launched these days that have various applications in different fields. The newly introduced specialty optical fibers are biodegradable, much more efficient and very accurate. They also have many new components that have improved the quality of this product. One such component is the optical amplifier.

These fibers are finding greater demand and application in the market worldwide. Chromatic dispersion, compensators, and polarizers are also other components that have improved the quality of these fibers. These specialty fibers are now getting high demand and are latest trend in the market.

Specialty Optical Fibers Market SEGMENTATION

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• By Type:

The market can be divided on the basis of type into the following segments:

Multi-mode specialty optical fiber, single-mode specialty optical fiber. The multi-mode specialty optical fiber segment is anticipated to dominate the market during the forecast period.

• By Application:

Classification based on application into the following segment:

Military, medical, energy / rail transit, electric power system, communication / devices. The military segment is predicted to dominate the market during the research period.

DRIVING FACTORS

"Increasing Usage of These Optical Fibers in Military and Aerospace Industry to Fasten the Market Growth"

The optical fibers industry has seen a robust growth and expansion in the recent days especially after the pandemic period. Many reasons have contributed to this expansion. The major factor being the extensive use of specialty optical fibers for commercial purpose. There has been a rising global demand for these products recently.

The specialty optical fibers are increasingly being adopted in the military and aerospace industry. New kinds of optical fibers are being introduced increasing their scope of usage.  This acts as a major factor driving the market growth.

"Improvised features of these specialty optical fibers to Propel Market Growth "

Apart from being used in the aerospace industry this product also has increasing demand from other industries. This has been one of the major reasons for the specialty optical fibers market growth in the recent years.

The specialty optical fibers also have certain improvised features that can amplify their market growth. They offer a larger bandwidth; they would also provide 40Gbps and are long lasting. All of these factors are prone to bring vast growth opportunities for the market in the upcoming years.

RESTRAINING FACTOR

"Fragility Of These Optical Fibers To Decrease The Market Growth"

These optical fibers are very handy. They can be used very easily. They also have a lot of demand in various industries. However, even with all these advantages, these films are considered very fragile.

This can be considered as one of the major restraining factors for the specialty optical fibers market share. The fragility of these fibers can cause them to break very easily. This can be considered as a major factor restraining the industrial growth of the product.

Specialty Optical Fibers Market Regional Insights

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"North America to Dominate Market Share in The Upcoming Years"

The region that predominantly dominates the market is North America. It holds the largest market share generating high revenue and profits. After North America Asia Pacific occupies the next position in the market share. North America accounts for more than one-fourth of the market.

Many reasons have contributed to the growth of the market in this region. The most important factor is the growth of the military and aerospace industry in the region.  The huge investments coming in from the key industry players has also made this region the leading market.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Fujikura (Japan)
• Furukawa (Japan)
• HengTong (China)
• iXblue Photonics (U.S.)
• Fiberguide (U.S.)
• FiberHome (U.S.)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations

Specialty Optical Fibers Market Report Coverage

REPORT COVERAGE	DETAILS
Market Size Value In	US$ 1434.1 Million in 2021
Market Size Value By	US$ 3153 Million by 2031
Growth Rate	CAGR of 8.2% from 2021 to 2031
Forecast Period	2024-2031
Base Year	2023
Historical Data Available	Yes
Regional Scope	Global
Segments Covered	Types & Application