PUBLISHER: BIS Research | PRODUCT CODE: 1424285
PUBLISHER: BIS Research | PRODUCT CODE: 1424285
The Global Hollow Core Optical Fiber Market Expected to Reach $897.6 Million by 2032
Introduction to Hollow Core Optical Fiber Market
The demand for hollow core optical fiber is anticipated to grow with the increasing demand from end-user industries such as telecommunications, information technology, medical devices, and aerospace and defense. Furthermore, it is anticipated that during the forecast period 2023-2032, the increasing adoption of hollow core optical fibers in the telecommunications industry and growing information technology products in several emerging economies, including China, India, and others, are expected to further fuel the advancement of the global hollow core optical fiber market. The increasing demand for 5G mobile networks is also contributing to the growth in the hollow core optical fiber market. The increasing use of smart technologies, as well as the rapid development of high-speed mobile communication standards, such as LTE or 5G, are driving demand for hollow core optical fiber. However, one major challenge associated with the widespread adoption of hollow core optical fibers is their high installation cost. Furthermore, the shortage of skilled workforce in the optics industry is acting as a challenge to the growth of the hollow core optical fiber market.
KEY MARKET STATISTICS | |
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Forecast Period | 2023 - 2032 |
2023 Evaluation | $127.4 Million |
2032 Forecast | $897.6 Million |
CAGR | 24.23% |
Market Lifecycle Stage
The global hollow core optical fiber market is in the growth phase. Increased investment and research and development activities are expected to boost the market. Furthermore, due to high demand from end-user industries and rising need for high-speed and large-capacity data transmission, the growing adoption of smart electronic devices globally is expected to increase the demand for optical fibers, thereby bolstering the growth of the global hollow core optical fiber market. Moreover, the market is expected to benefit from the growing implementation of advanced and efficient telecommunication technologies such as 5G, which promotes market expansion.
Industrial Impact
Impact of COVID-19
COVID-19 had an immediate and significant impact on the global hollow core optical fiber market because of country-wide shutdowns of manufacturing sites, labor shortages, and disruptions in supply and demand chains globally, which distorted the market. The lockdowns imposed by the governments significantly reduced raw material productivity due to a shortage of operations in many regions throughout the world. The telecommunications, medical, aerospace and defense, information technology, and other end-user sectors have been in a slowdown for the last couple of years. The global demand for hollow core optical fibers has been severely impacted by these market downturns in the end-user industries. However, the market is anticipated to recover and is expected to rise gradually over the forecast period.
Market Segmentation:
Segmentation 1: by End User
The telecommunications industry is one of the prominent end user segments in the global hollow core optical fiber market.
Segmentation 2: by Material Type
The global hollow core optical fiber market is estimated to be led by the glass segment in terms of material type.
Segmentation 3: by Region
In the hollow core optical fiber market, North America is anticipated to gain traction in terms of hollow core optical fiber production, owing to the continuous growth in the adoption of advanced telecommunications technologies such as 5G and the presence of key manufacturers in the regions.
Recent Developments in the Global Hollow Core Optical Fiber Market
Demand - Drivers and Limitations
The following are the demand drivers for the global hollow core optical fiber market:
The market is expected to face some limitations as well due to the following challenges:
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different hollow core optical fibers and various material types, i.e., glass and plastic, involved in the production of hollow core optical fibers. Additionally, the study provides the reader with a detailed understanding of the global hollow core optical fiber market based on the end user (telecommunications, medical, aerospace and defense, and information technology, among others). Hollow core optical fibers are gaining traction in end-user industries on the back of high-speed and large-capacity data transmission requirements and are also being used in developing highly efficient sensors and laser products.
Growth/Marketing Strategy: The global hollow core optical fiber market has seen major developments by key players operating in the market, such as business expansions, partnerships, collaborations, mergers and acquisitions, and joint ventures. The favored strategies for the companies have been product developments, business expansions, and acquisitions to strengthen their position in the global hollow core optical fiber market.
Competitive Strategy: Key players in the global hollow core optical fiber market analyzed and profiled in the study involve hollow core optical fiber manufacturers and the overall ecosystem. Moreover, a detailed competitive benchmarking of the players operating in the global hollow core optical fiber market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, acquisitions, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts, analyzing company coverage, product portfolio, and market penetration.
The global hollow core optical fiber market has been segmented by different material types, among which glass material accounts for around 84% and plastic material holds around 16% of the total demand in 2022 in terms of value.
Some of the prominent established names in this market are:
Company Type 1 (by Material Type): Glass
Company Type 2 (by Material Type): Plastic
Companies that are not a part of the previously mentioned pool have been well represented across different sections of the report (wherever applicable).