New York, US, June 03, 2022 (GLOBE NEWSWIRE) -- Fiber Optic Sensor Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Fiber Optic Sensor Market” information by Type, by End-User, by Component and Region – Forecast to 2030” market size to reach USD 7.2 billion, growing at a compound annual growth rate of 11.5% by 2030.
Fiber Optic Sensor Market Scope:
Recent advances in telecommunications and fiber optic technology have significantly increased the application areas of these sensors. Besides, fiber optic sensors are increasingly used in assessing & monitoring civil infrastructures and adsorption of gases, solids, or liquid materials in O&G sectors. Optical fiber sensors find vast uses in the field of remote sensing, as they don’t require electrical power and are compact good to be fitted in tight spaces.
| Report Metric | Details |
| Market Size | USD 7.2 Billion |
| CAGR | 11.5% |
| Base Year | 2020 |
| Forecast Period | 2021 - 2030 |
| Historical Data | 2019 |
| Forecast Units | Value USD Billion |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By type, By application, By verticals, By region |
| Geographies Covered | North America, Middle East, Asia pacific, Europe |
| Key Vendors | Finisar Corporation (U.S.) Yokogawa Electric Corporation (Japan) Deltex Medical Group PLC (UK) Luna Innovations Incorporated (U.S.) OmniSens S.A. (Switzerland) Sumitomo Electric Industries Ltd. (Japan) ABB Ltd. (Switzerland |
| Key Market Opportunities | The telecommunication industry is the largest fibre optic sensor end-user |
| Key Market Drivers | The oil and gas industry is booming in the upcoming years |
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Industrial and environmental protection applications that require accuracy, stability, and resolution, such as distributed temperature sensing and measuring manufacturing volume and a host of other uses, create vast market demand. Also, fiber optic communication systems that have become crucial in transmitting data, voice, telemetry, and video-over-a-long distance offer major growth opportunities.
Market USP Exclusively Encompassed:
Fiber Optic Sensor Market Drivers
The uses of fiber optic sensors are quadrupling in environmental monitoring, which is an important aspect of ensuring adequate food supply & water quality, detecting potential airborne contaminants, and protecting structures from corrosion. Environmental monitoring is expected to expand into the areas of water safety, agriculture, transportation, smart structure protection, and biomedical monitoring.
Stringent government regulations against environmental impacts are encouraging organizations to focus on sustainability. This, as a result, will attract large investments toward sensing and monitoring devices. Sensors can save organizations significant maintenance costs, time, and efforts by protecting infrastructures from catastrophic damage and locating specific issues. Therefore, investing in fiber optic sensors makes financial sense for many companies.
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Future Applications of Fiber Optic Sensors
Considering the wide range of benefits that fiber optic sensing offers in multiple industries, it is predicted that fiber optic sensors will be used to enhance the efficacy and cost-effectiveness of various electronic products. Many of these devices and technologies would be used in smart city projects, integrating with the IoT and innovative new fiber variations specifically designed for harsh and more challenging environments.
In the next few years, fiber optic sensor technology utilization will continue to expand gradually and steadily. Fiber optic sensors will continue to fascinate researchers working in photonics. They are excited about molding new technologies and the benefits these sensors can offer to the sensing and instrumentation areas. Fiber optic-based high-power lasers enable innovative nonlinear characterization of materials.
Innovations in computing and data-handling capability will boost the demand for optical fiber sensors to help interpret data from large arrays of similar sensors and combinations of complementary sensors. There are also huge opportunities for fiber-based sensor technologies in the field of optical micro-electromechanical systems. At the same time, the research community will keep innovating new tools and seeking new opportunities to apply optical fiber sensors.
Segmentation of Market Covered in the Research:
The fiber optic sensor market report is segmented into types, applications, verticals, and regions. The type segment comprises multimode fibers and single-mode fibers. The application segment comprises acoustic sensing, temperature sensing, chemical sensing, another level sensing, and others.
The vertical segment comprises safety & security, oil & gas, power & utility, civil engineering, industrial, and others. The region segment comprises the Asia Pacific, Middle East & Africa, North America, Europe, and rest-of-the-world.
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Fiber Optic Sensor Market Regional Analysis
North America is the leading market for fiber optic sensors globally. The region witnesses huge demand for fiber optic sensors for applications involving small targets, tight areas, and harsh environments. Besides, the rapidly growing fiber optics market in this region creates huge market demand. Rising advances in distributed fiber optic sensor techniques used to measure environmental temperatures and strains boost the market size.
APAC is the second-largest market for fiber optic sensors. The adoption of the fiber optic sensor in this region is growing exponentially due to the surging demand from the construction and oil & gas industries. Additionally, increasing biomedical applications of optical fiber sensors substantiates the region’s market shares. China, Japan, and India are emerging markets for fiber optic sensors and are expected to grow at the highest CAGR in the coming years.
The fiber optic sensor market in Europe is witnessing rapid growth. The high demand for fiber optic systems in oil and gas factories is a major tailwind. Furthermore, growing application areas of fiber optic sensors, such as health monitoring, sensor instrumentation, and others, escalate the market value in the region. Also, improvements in bonding metals for aerospace and other applications define the growing landscape of the regional market.
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Competitive Landscape
The fiber optic sensor market witnesses significant strategic initiatives, such as collaboration, mergers & acquisitions, expansion, and advanced technology integration. Matured industry players make strategic investments in driving research and development activities and expansion plans. The market witnesses several innovative product launches and related technology launch each year.
Dominant Key Players in Fiber Optic Sensor Market Covered are:
- Yokogawa Electric Corporation (Japan)
- Deltex Medical Group PLC (UK)
- Luna Innovations Incorporated (US)
- OmniSens S.A. (Switzerland)
- Finisar Corporation (US)
- Sumitomo Electric Industries Ltd. (Japan)
- ABB Ltd. (Switzerland)
For instance, on April 28, 2022, Researchers from Oxford University (the UK) announced the development of a fiber optic sensor made from sapphire. The newly developed sensor can tolerate extreme temperatures, and therefore, it could be used in aerospace applications. The thin and temperature resistant material used in the sensor enables the high temperatures measurements, reduction in emissions, and improvement in the performance of jet engines.
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The telecommunication industry is the largest fibre optic sensor end-user
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
