New York, Sept. 29, 2021 (GLOBE NEWSWIRE) -- Fiber Bragg Grating Market: Key Insights
According to our new research study on "Fiber Bragg Grating Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, Industry, and Geography," the Fiber Bragg Grating Market Size is projected to reach US$ 7,435.3 million by 2028 from US$ 1,500.6 million in 2021; it is expected to grow at a CAGR of 25.7% from 2021 to 2028.
Fiber Bragg Grating Market: Competitive Landscape and Key Developments
FBGS Technologies GMBH, HBM Fibersensing S.A., ITF Technologies, Ixblue Photonics, and Micron Optics (Luna Innovations) are among the key players profiled during the study of the fiber bragg grating market. In addition, several other essential market players were also studied and analyzed to get a holistic view of the market and its ecosystem.
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In June 2021, FBGS Technologies added a new member, FBG-Scan 915-EP, to its flagship series of spectrometer-based optical engines. This upgrade offers 15 channels in a single device without fewer sensing points per channel.
Fiber bragg grating is changing at an exponential rate. The production cost of fiber bragg grating is high, which restricts its production. Hence, need to develop advanced technologies offering lower production costs is important. Therefore, to overcome the challenges faced by traditional production methods indulging the high cost of fiber bragg grating, automated systems are developed. To fulfill the requirement of flexible manufacturing of high-quality, cost-effective, and consistent fiber bragg grating on a production basis, Sweden-based Northlab Photonics developed an automated fabrication system. The company's NORIA tool combines a Coherent ExciStar XS excimer laser operating at 193 nm, up to 16 Ibsen Photonics phase masks, beam-conditioning optics, automated mechanics, and control software to provide pushbutton fiber bragg grating manufacture. The new automated system allows essentially pushbutton fiber bragg grating production, which assists in decreasing the unit cost for fiber bragg grating production and gives fiber bragg grating an exceptional unit-to-unit quality and consistency. Hence, the new automated system simplifies the activity of a system integrator and is projected to ease the fabrication procedure of fiber bragg grating.
APAC is anticipated to be the highest revenue-generating region in the global fiber bragg grating market during the forecast period. China holds the largest market share. APAC is home to numerous SMEs, which capitalize heavily on advanced technologies, and this factor is favoring the fiber bragg grating market in the region. China, India, Japan, South Korea, Singapore, Taiwan, and Malaysia are among the continuously growing economies in this region. Manufacturers have a significant opportunity to expand their business by tapping into different geographies. As one of the world's fastest-growing economies, Asia Pacific has enormous growth potential.
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In comparison with other regions, this area has a higher population density. As a result, there has been a surge in initiatives to improve communication through fiber lines. This factor is boosting the growth of the fiber bragg grating market in the region. China held the largest share in 2020. With the rapid advancement of optical fiber sensing technology, its application in slope internal displacement monitoring has garnered much interest in China. For example, during the construction of the Hulan River Bridge in China, FBG sensors were employed in the box girders.
FBGs are being increasingly adopted across numerous applications, owing to their advantages such as direct absolute measurement, unique wavelength multiplexing capability, and nonconductivity. Moreover, they are electrically passive and immune to EMI-induced noise. The fiber bragg grating sensors mounting is like conventional gages. Also, they are available in different mounting options and form factors. When fiber bragg grating is used with a high-power tunable laser, they can conduct measurements over long distances with minimal or no loss in signal integrity. In addition, every optical channel can measure dozens of fiber bragg grating sensors, unlike electrical sensing systems. This, in turn, lowers the size, complexity, and weight of measurement systems. Moreover, as fiber bragg grating provides direct absolute measurement compared to old, conventional electric & alternative fiber sensors, these are being used in medical, aircraft, research & development, industrial, and telecommunication applications. Hence, due to the advantages of fiber bragg grating, their adoption rate is booming, which is another driving factor for the market.
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Fiber Bragg Grating Market: Industry Overview
Based on industry, the fiber bragg grating market is categorized into telecommunication, aerospace, energy and utilities, transportation, and others. The aerospace segment is expected to grow at the fastest CAGR. For aerospace applications, fiber bragg grating sensors are developed with a rugged package to withstand harsh environments. The growing commercial aviation, owing to the rise in consumer income among masses and the emergence of low-cost carrier airlines, is subsequently boosting the growth of the aerospace industry, thereby driving the fiber bragg grating market.
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