New York, U.S., June 3, 2022 (GLOBE NEWSWIRE) — Fiber Optic Sensor Market Overview:
According to comprehensive research report by Market Research Future (MRFR), Fiber Optic Sensors Market Insights by Type, End User, Component and Region – Forecast to 2030 market size will reach 7, $2 billion, growing at a compound annual growth rate of 11.5% by 2030.
Fiber Optic Sensors Market Scope:
Recent advances in telecommunications and fiber optic technology have greatly expanded the application areas of these sensors. In addition, fiber optic sensors are increasingly used to assess and monitor civil infrastructure and the adsorption of gases, solids or liquid materials in O&G sectors. Fiber optic sensors find many uses in the field of remote sensing because they do not require a power supply and are compact and can be installed in tight spaces.
|Market size||$7.2 billion|
|Year of reference||2020|
|Forecast period||2021 – 2030|
|Forecast units||Value Billion USD|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||By Type, By Application, By Verticals, By Region|
|Geographical areas covered||North America, Middle East, Asia-Pacific, Europe|
|Main suppliers||Finisar Corporation (USA) Yokogawa Electric Corporation (Japan) Deltex Medical Group PLC (UK) Luna Innovations Incorporated (USA) OmniSens SA (Switzerland) Sumitomo Electric Industries Ltd. (Japan) ABB Ltd. (Swiss)|
|Key market opportunities||The telecommunications industry is the largest end user of fiber optic sensors|
|Key Market Drivers||The oil and gas industry is booming in the coming years|
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Industrial and environmental protection applications that require accuracy, stability and resolution, such as distributed temperature sensing and manufacturing volume measurement and a host of other uses, are creating vast demand in the market. Additionally, fiber optic communication systems that have become crucial in the transmission of data, voice, telemetry and video over long distances offer significant growth opportunities.
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Fiber Optic Sensors Market Drivers
The uses of fiber optic sensors are quadrupling in environmental monitoring, which is an important aspect of ensuring adequate food supply and water quality, detecting potential airborne contaminants, and protecting structures. against corrosion. Environmental monitoring is expected to extend to the areas of water security, agriculture, transportation, smart structure protection, and biomedical monitoring.
Strict government regulations against environmental impacts encourage organizations to focus on sustainability. This, therefore, will attract large investments in detection and monitoring devices. Sensors can save organizations significant maintenance cost, time and effort by protecting infrastructure from catastrophic damage and locating specific problems. Therefore, investing in fiber optic sensors makes financial sense for many companies.
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Future Applications of Fiber Optic Sensors
Given the wide range of benefits that fiber optic sensing offers across multiple industries, it is anticipated that fiber optic sensors will be used to improve the efficiency and cost effectiveness of various electronic products. Many of these devices and technologies would be used in smart city projects, integrating with IoT and new innovative fiber variants specifically designed for harsh and harsher environments.
Over the next few years, the use of fiber optic sensor technology will continue to expand gradually and steadily. Fiber optic sensors will continue to fascinate researchers working in photonics. They are excited about creating new technologies and the benefits these sensors can bring to the fields of sensing and instrumentation. High-power fiber optic lasers enable innovative non-linear characterization of materials.
Innovations in computing and data processing capability will drive the demand for fiber optic 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 continue to innovate new tools and seek new opportunities to apply fiber optic sensors.
Market Segmentation Covered by Research:
The Fiber Optic Sensors Market report is segmented into Types, Applications, Verticals, and Regions. The type segment includes multimode fibers and singlemode fibers. The application segment includes acoustic detection, temperature detection, chemical detection, other level detection and others.
The vertical segment includes safety and security, oil and gas, energy and utilities, civil engineering, industrial and others. The regional segment includes Asia Pacific, Middle East & Africa, North America, Europe and Rest of the World.
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Fiber Optic Sensors Market Regional Analysis
North America is the world’s largest market for fiber optic sensors. The region is seeing huge demand for fiber optic sensors for applications involving small targets, restricted areas and harsh environments. Additionally, the rapid growth of the fiber optic market in this region is creating huge demand in the market. Growing advancements in distributed fiber optic sensor techniques used to measure temperatures and environmental stresses are increasing the market size.
APAC is the second largest market for fiber optic sensors. The adoption of fiber optic sensor in this region is growing exponentially due to the growing demand from the construction and oil and gas industries. Moreover, the increase in biomedical applications of fiber optic sensors justifies the market shares of the region. 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 growing rapidly. The high demand for fiber optic systems in oil and gas plants is a major tailwind. Additionally, the growing application areas of fiber optic sensors such as health monitoring, sensor instrumentation and others are increasing the market value in the region. Additionally, improvements in bonding metals for aerospace and other applications are defining the growing regional market landscape.
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The fiber optic sensor market is witnessing significant strategic initiatives, such as collaboration, mergers and acquisitions, expansion and integration of advanced technologies. Mature industry players are making strategic investments in conducting research and development activities and expansion plans. The market witnesses several innovative product launches and related technology launches every year.
Top Key Players of Fiber Optic Sensors Market Covered are:
- Yokogawa Electric Corporation (Japan)
- Deltex Medical Group PLC (UK)
- Luna Innovations Incorporated (USA)
- OmniSens AG (Switzerland)
- Finisar Corporation (USA)
- Sumitomo Electric Industries Ltd. (Japan)
- ABB AG (Switzerland)
For example, on April 28, 2022, researchers from the University of Oxford (UK) announced the development of a sapphire fiber optic sensor. The newly developed sensor can tolerate extreme temperatures and therefore it could be used in aerospace applications. The thin, temperature resistant material used in the sensor enables high temperature measurements, reduced emissions and improved performance of jet engines.
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The telecommunications industry is the largest end user of fiber optic sensors
Revenue forecasts, competitive landscape, growth factors and trends