Global Fiber Optic Sensor Market Overview
As per the latest report published by Marker Research Future (MRFR), the global fiber optic market for fiber optic sensors is predicted to reach a significant market value of USD 3 billion by 2023 at a moderate CAGR of 11% over the review period (2016 to 2022).
Drivers and Restraints
The global Fiber Optic Sensors Market is sustained by the increasing demand for different high-end industrial applications coupled with sophisticated functions. Fiber optic sensors have an improved resistance to high temperature conditions. Thus, it is estimated that the need for these fiber optic sensors will increase over the next few years , particularly in applications that have severe environmental situations where the electrical sensors are essentially failing to work effectively. Manufacturing and the oil and gas industries are some application areas with extreme temperature conditions.
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Since they are comparatively more robust and accurate than their contemporaries and predecessors, fiber optic sensors are gaining significant traction across several industries. Adoption of power-efficient and ultra-miniaturized sensors is expected to significantly contribute to market growth over the review period, and will also have a positive effect over the next few years. The rapid speed of technological developments and the launch of ultra-miniature and power-efficient fiber optic sensors are greatly benefiting the global fiber optic sensors industry. It is also expected that the huge demand for fiber optic sensors will increase in the near future due to the growing need for rugged and reliable sensors, resulting in a major shift in the manufacturing processes used and the materials used in the manufacture of fiber optic sensors. As a result of these industry dynamics, the global demand for fiber optic sensors has seen an promising shift over the past couple of years and is on track to expand significantly in the near future.
Segmental Analysis
The global market for fiber optic sensors can be segmented on the basis of the type, component, and end-user.
The fiber optic sensors market segmentation on the basis of Type has been bifurcated into Intrinsic and extrinsic fiber optic sensors.
Based on the components, the market has been segmented into receivers, Transmitters, optical fiber optic cables, amplifiers, and others.
The end-use industry verticals that deploy fiber optic sensors are energy & power, Defense, transportation, medical, industrial, and others.
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Regional Analysis
The market has been geographically examined in four major regions, namely Europe, Asia Pacific (APAC), North America, and the Rest of the World (RoW).
Over the analysis era, North America is expected to lead the market for fiber optic sensors followed by Europe. The North American market is segmented into the U.S., Canada and Mexico, its major countries. The region's biggest companies are expected to concentrate on increasing their output and expanding their distribution network. In addition , the increasing demand for handheld devices in the factory automation smart control system is expected to boost the region's market growth of fiber optic sensors. Asia-Pacific is projected to be the fastest-growing fiber optic sensor market due to the rising demand for advanced fiber optic sensors in the region's oil & gas and construction industry. In addition, the region 's growing need for handheld devices and electronic systems is expected to drive the growth of the region's fiber optic sensor market by the end of the forecast period.
Competitive Analysis
the major market players identified by MRFR in the Global Fiber Optic Sensor Market includes Yokogawa Electric Corporation (Japan), ABB Ltd. (Switzerland), OmniSens S.A. (Switzerland), Finisar Corporation (U.S.), Deltex Medical Group PLC (UK), AP Sensing GmbH (Germany), AFL Group (U.S.), Luna Innovations Incorporated (U.S.), Sumitomo Electric Industries Ltd. (Japan), and, others.
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