Jul 22, 2020 8:11 PM ET
iCrowd Newswire – Jul 22, 2020
Market Research Future published a research report on “Fiber Optic Sensor Market Research Report- Forecast to 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
As per the latest report published by Marker Research Future (MRFR), the global 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 growing demand for various high-end industrial applications coupled with sophisticated functions. Fiber optic sensors have a higher tolerance capacity for extreme temperature conditions. Thus, the need for these fiber optic sensors is estimated to strengthen over the next couple of years, especially in applications that have severe environmental situations where the electrical sensors basically fail to function effectively. Some application sectors with extreme temperature conditions are the manufacturing and oil and gas sectors. Fiber optic sensors are gaining substantial traction across several industries as they are relatively more durable and reliable than their counterparts and predecessors. The adoption of power-efficient and ultra-miniaturized sensors is anticipated to contribute to the growth of the market significantly over the review period, and further have a positive impact over the next couple of years.
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The global fiber optic sensors market is greatly benefitted by the rapid pace of technological advancements and the introduction of ultra-miniature and power-efficient fiber optic sensors. The massive demand for fiber optic sensors is also predicted to rise in the near future owing to the increasing need for durable and reliable sensors, therefore, bringing about a considerable change in the manufacturing processes deployed and the materials used in the manufacturing of fiber optic sensors. As a result of these market trends, the global fiber optic sensors market has witnessed an encouraging change over the past couple of years and is poised to grow significantly over the foreseeable future.
Some of the major players in Global Fiber Optic Sensor Market includes ABB Ltd. (Switzerland), Yokogawa Electric Corporation (Japan), OmniSens S.A. (Switzerland), Deltex Medical Group PLC (UK), Finisar Corporation (U.S.), AP Sensing GmbH (Germany), Sumitomo Electric Industries Ltd. (Japan), AFL Group (U.S.), Luna Innovations Incorporated (U.S.), and, others.
Fiber Optic Sensor Global Market – Segmentation
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.
Fiber Optic Sensor Global Market – Regional Analysis
Geographically, the market has been analyzed in four major regions, namely, Europe, the Asia Pacific (APAC), North America, and the Rest of the World (RoW).
North America is poised to lead the fiber optic sensor market over the review period, followed by Europe. The North American market is segmented into its major countries U.S., Canada, and Mexico. The major companies in the region are expected to focus on increasing their production and improving their distribution network. Also, the growing demand for handheld devices in the smart control system of factory automation is slated to propel the market growth of fiber optic sensors in the region.
Asia-Pacific is expected to be the fastest-growing market in the fiber optic sensor market owing to the growing demand for advanced fiber optic sensors in the oil & gas and construction industry in the region. Also, the rising need for handheld devices and electronic systems in the region is expected to fuel the growth of the fiber optic sensor market in the region by the end of the forecast period.
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