The telecom sector has witnessed tremendous technological transformation in recent years where fiber optic has emerged as a major gainer. According to a report published by Market Research Future (MRFR), the global fiber optic sensor market will surge at a double-digit CAGR of 11% during the forecast period (2016-2022).
Fiber optic sensor is viewed as a revolutionary technology. It includes cables that are connected to remote sensor (or an amplifier), which collectively function to convert light energy into electrical signal. These sensors can sense movement, pressure, temperature, vibration among others.
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Fiber optic sensor find tremendous application in remote sensing. Their shift towards fiber optic sensor for remote sensing requirement as it help in reducing usage of electrical power. Moreover, high efficacy and compactness make fiber optics sensor extremely desirable. The fact that fiber optic sensors are a bas conductor of electricity and have innate immune characteristics towards electromagnetic interference makes them suitable for use in application that involve flammable materials and high voltage electricity. There is a slew of advantages of fiber optic sensors over traditional alternatives, which makes them suitable for microwave applications, use in harsh & hostile environment.
The global market for fiber optic sensor is also benefiting from the increased application fiber optic sensor in the oil & gas industry. Characteristics such as high tolerance capacity and durability make fiber optic sensors a sought-after material in various industrial verticals. Furthermore, increased popularity of fiber optic sensors in military applications, smart buildings, healthcare is expected to provide an impetus to the market during the forecast period. Nonetheless, high cost associated with installation and maintenance somewhat hinders the market potential.
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 report includes a comprehensive segmental analysis of the market based on type, component, end-user and region.
On the basis of type, the market has been segmented into extrinsic fiber optic sensors and intrinsic fiber optic sensors. On the basis on component, the market has been segmented into receivers, transmitters, fiber optic cable, optical amplifiers and others. On the basis of end-user, the market has been segmented into energy & power, transportation, defense, industrial, medical and others.
Fiber Optic Sensor Global Market – Regional Analysis
On the basis of region, the market has been segmented into North America, the Middle East & Africa (MEA), Europe, Asia Pacific (APAC) and South America. Among these, North America has emerged as the largest market for fiber optic sensors. During the forecast period, the US, Mexico and Canada are expected to make significant contribution to the North America market in terms of revenue. Market players operating in the region are placing emphasis on the product innovation as well as adopting robust growth strategies. In addition, the rising popularity of wireless devices along with the increased automation in industrial verticals is anticipated to support the market growth in the region.
The market in APAC is also expected to register a healthy growth over the next couple of years. The APAC fiber optic sensor market is driven by the pacey expansion of end-use industries such as construction and oil & gas. Moreover, the booming economy of the region is also fostering the APAC market.
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