Dublin, Feb. 08, 2022 (GLOBE NEWSWIRE) -- The "Fiber Optic Sensors - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Fiber Optic Sensors Market to Reach US$4.4 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for Fiber Optic Sensors estimated at US$2.7 Billion in the year 2020, is projected to reach a revised size of US$4.4 Billion by 2026, growing at a CAGR of 8.6% over the analysis period.
Demand is expected to become more intense in the following years, particularly for applications in extreme environmental conditions in which electrical sensors fail to function as effectively. Examples of such applications include the oil & gas and manufacturing sectors.
Another major driving factor is increase in the exploration of unconventional energy resources across the world. Deployment of ultra-miniaturized and power-efficient sensors is predicted to contribute significantly to market growth. The market is also driven by applications such as crack monitoring in concrete-based structures.
The preference for fiber optic sensors in these applications is due to their capability to identify cracks and damages in concrete structures, which is not possible with many of the existing monitoring technologies.
Fiber optic sensors present potential for faster and efficient means for identifying structural damages in civil constructions and aircrafts, detecting intrusion in secured premises and identifying presence of oil in oil reservoirs, and therefore has and will continue to remain in focus of global R&D and commercialization efforts in these segments.
Intrinsic, one of the segments analyzed in the report, is projected to grow at a 9.1% CAGR to reach US$3.5 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Extrinsic segment is readjusted to a revised 7.2% CAGR for the next 7-year period.
This segment currently accounts for a 31.4% share of the global Fiber Optic Sensors market. Extrinsic sensors employ the fiber for guiding the light to the sensing region, the point at which the optical signal exits the waveguide and modulates into another medium. In contrast, in intrinsic sensors, the light continues to reside within the waveguide and measures the optical signal's impacts while moving down the fiber.
The U.S. Market is Estimated at $746.8 Million in 2021, While China is Forecast to Reach $539.5 Million by 2026
The Fiber Optic Sensors market in the U.S. is estimated at US$746.8 Million in the year 2021. The country currently accounts for a 25.99% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$539.5 Million in the year 2026 trailing a CAGR of 10.5% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.1% and 7.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.2% CAGR while Rest of European market (as defined in the study) will reach US$605.3 Million by the end of the analysis period.
The utilization of distributed fiber optic sensors in North America's oil wells is enabling growth in the region. Growth in Asia-Pacific will primarily be driven by increased uptake of aviation in nations such as Thailand, Malaysia, Australia, New Zealand, Indonesia, Singapore, China and India.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of the Pandemic on Fiber Optic Sensors
- Optical Fiber Sensors Exude Great Diagnostics Potential in Fight against COVID-19
- Fiber Optic Sensors: A Prelude
- Extrinsic and Intrinsic FOS
- Types of Fiber Optic Sensors by Category
- Market Evolution over the Years
- Distributed Fiber Optic Sensors: A High Growth market
- Market Outlook
- Recent Market Activity
- World Brands
2. FOCUS ON SELECT PLAYERS (Total 173 Featured)
- Avantes B.V.
- Baumer Group
- Davidson Instruments, Inc.
- EXFO Inc.
- FISO Technologies Inc.
- Halliburton
- Honeywell International Inc.
- Intelligent Fiber Optics Systems Corp.
- Keysight Technologies, Inc.
- KVH Industries, Inc.
- LUNA Innovations Incorporated
- Northrop Grumman Corporation
- O/E LAND Inc.
- Ocean Optics, Inc.
- Optrand, Inc.
- Prime Photonics LC
- Roctest Ltd.
- Schlumberger Limited
- Sensornet Ltd.
- Sensuron
- Weatherford International Ltd.
- Ziebel AS
3. MARKET TRENDS & DRIVERS
- Rising Investments in Smart City Projects Augur Well for Market Growth
- High Demand Anticipated for 5G Optical Sensing Technologies
- Fiber Optic Sensors Augment AI-Based Analysis
- Fiber Optic Sensors Seek Role in Industry 4.0 Environments
- Progressive Developments to Spur Fiber Optic Sensors Market
- Startups Venture into Development of Promising Optical Fiber Sensor Technologies
- Aviation Technology Displays Striking Leap Forward with Fiber Optic Sensors
- Deep Dive into Primary Applications of Fiber Optic Sensors in Aerospace Industry
- Downturn in Aerospace Industry Impacts Demand
- Increasing Focus on Guidance and Control of Munitions Drive Applications in Defense Sector
- A Review of Military and Defense Spending in Select Countries Amid the Pandemic
- Defense Spending Trends Set Demand Dynamics for Military Electro Optics and Infrared Systems
- Unmanned Aerial Vehicles: Market Opportunity with Significant Potential
- Fiber Optic Sensing Systems Advantageous for Space Applications
- Fiber Optic Sensing Holds Bright Future in Oil & Gas Industry with Diverse Applications
- Distributed Fiber Optic Sensing for Kick Detection
- Amidst the COVID-19 Outbreak, Oil & Gas Sector Confronts Challenging Times
- Increasing IoT Adoption in Oil and Gas Industry Widens Opportunities
- Pipeline Monitoring: A Growing Application
- DAS Finds Increasing Adoption
- Structural Health Monitoring in Smart Structures Builds Opportunities for FOS in Civil Engineering Sector
- Resurgence in Infrastructure Investments to Boost Demand for Fiber Optic Sensing for Enhanced Efficiency in Infrastructure Monitoring
- Industrial Sector Offers Wide Opportunities
- Telecom Sector: The Traditional End-Use Application Area
- VR Ecosystem Emerges as Key Sphere for Implementation of Fiber Optic Sensors
- FO-DTS Finds Use in Environmental Applications
- Revival in the Automotive Industry to Sustain Demand for Fiber Optic Sensors
- Electric Vehicles Present Significant Scope for Implementation of Fiber Optic Sensors
- FOG-based IMUs to Make Big Gains in Autonomous Vehicles Vertical
- Energy Sector: A Growing End-Use Opportunity
- Fiber Optic Sensors Gain Demand as the World Increasingly Harnesses the Power of Wind
- Bio Medical Applications Offer Significant Opportunities
- Fiber Optic Sensors Re-Envisioning Healthcare Domain by Aiding Minimally-Invasive Procedures
- Wearable Sensors for Health Monitoring Attain Next Level with Fiber Optic Sensors
- Fiber Optic Sensors for Health Monitoring
- R&D Geared towards Product Innovation: Key for Constant Growth
- Fraunhofer IPT Offers High-end Fiber Optic Sensors for Automotive Engineering, Medical and Microsystems Technology Fields
- Gallium Arsenide Fiber Optic Temperature Sensors for MRI Scanning Application from Rugged Monitoring
- Optical Fiber Sensing Built on EWA
- Reducing Costs: A Priority for Sensor Manufacturers
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/12ecld
