NEW YORK, March 13, 2019 (GLOBE NEWSWIRE) -- The global fiber optic sensor market is likely to augment from USD 3.42 billion in 2017, and is expected to reach USD 5.20 billion by 2024, witnessing a CAGR of 6.2% during the forecast period. The market growth is primarily attributed to the growing application in oil & gas vertical, rising demand for data-based analysis, and increasing research and development activities. Additionally, considerable growth in telecommunication industry is further impelling the growth of the market. However, high sensitivity of the sensors may restrain the market growth to some extent.
Fiber optic sensor is a device that measures a physical parameter on the basis of modulation on the phase, intensity, polarization, and spectrum of light travelling through an optical fiber. These sensors serve many advantages over conventional electronic sensors due to their tolerance to high temperature, remote sensing capability, are light weighted, and are safe and suitable for extreme vibration and explosive environments.
Key findings from the report:
- On the basis of type, intrinsic optical sensor segment is accounted to hold the largest market share in 2017. The market is further expected to be the fastest growing segment during the forecast period.
- On the basis of end-use, oil & gas segment is anticipated to dominate the global fiber optic sensor market over 2018-2024.
- Major players operating in the global fiber optic sensor market include Omron, FBGS Technologies GmbH, Proximion, Smart Fibres Ltd., Sensornet, IFOS, Northrop Grumman Corporation, Redondo Optics, Bandweaver, AFL, TE Connectivity Ltd., SensoPart Industriesensorik GmbH, Luna, Baumer, Micron Optics, Leviton Manufacturing Co., DSIT Solutions Ltd., and Pepperl & Fuchs Pvt. Ltd.
Growing applications of fiber optic sensors in many end-use industries
The fiber optic sensor has wide range of applications; in remote sensing it aids in reducing electrical power, and can be easily fit in small areas due to smaller size. Furthermore, key properties such as robustness, reliability, and ability to withstand in high temperatures, irradiation, and chemical attacks have made them ideal for industrial use. In addition, fiber optic sensors are currently employed in systems that examine optical networks, pipelines, and oil reserves among others. Fiber optic sensors help in detecting deviations of light in fiber optic cables. Moreover, these sensors can monitor wide range of parameters, and can operate in hostile and harsh environment as well. They offer many advantages such as absolute measurement, are immune to electromagnetic interference, are intrinsically safe, small sized and rugged, have excellent resolution, and are water and corrosion resistant.
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Global Fiber Optic Sensor Market - Regional Insight
Geographically, North America is accounted to hold the largest market share during the forecast period; the regional market includes countries such as U.S., Canada, and Mexico. Increasing adoption of the application in various verticals, and presence of major market players in the region is expected to augment the market growth in the region. Asia-Pacific is likely to register the fastest CAGR in fiber optic sensor market, owing to the increasing demand for fiber optic sensors in oil & gas industry in the region. In addition, rapid expansion of telecomm industry is further anticipated to fuel the market growth during the forecast period.
The report segments the global fiber optic sensor market on the basis of type, component, end-use, and region.
- By Type
- Intrinsic Fiber Optic Sensors
- Extrinsic Fiber Optic Sensors
- By Component
- Transmitters
- Receivers
- Optical Amplifiers
- Others
- By End-Use
- Defense
- Oil & Gas
- Healthcare
- Energy & Utilities
- Telecommunication
- Automotive and Transportation
- Industrial Manufacturing
- Others
- By Region:
- North America
- U.S
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- Taiwan
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- South America
- Middle East and Africa
- North America
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