The report of Fiber Optic Sensor Market by Type (Extrinsic Optical Sensor, Intrinsic Optical Sensor), Application (Industrial, Medical, Biometric, Automotive, Consumer Electronics, Other Applications), Sensor Type (Fiber Optic Sensor, Image Sensor, Photoelectric Sensor, Ambient Light and Proximity Sensor, Other Sensor Types), and Region (North America, Asia Pacific, Europe, South America, and Middle East & Africa) is expected to reach US$ XX Mn by 2027, at a CAGR of XX% during the forecast period.
Strong Demand from the Oil & Gas Sector Drive the Fiber Optic Sensors Market
Fiber optic sensing has developed as a prevalent technology across numerous industries, including healthcare, automotive, aerospace, civil & manufacturing, and energy. These sensors are capable of measuring an extensive variety of parameters, including strain, temperature, internal and applied loads, deflection, fluid level and more. Nowadays, fiber optic sensors can be used to measure over 60 parameters with a wide range of application areas. The fiber optic sensors are low-cost, lightweight, robust, immune to electromagnetic interference and capable of operating in harsh environments.
Intrinsic Fiber Optic Sensors to Remain the Largest Segment
According to the type, in 2018, the intrinsic fiber optic sensors segment led the overall market favorable above 2/3rd of the global market value. The main reason behind the dominance of intrinsic sensors is the early adoption of these sensors in the oil and gas industry and are more sensitive as compared to the extrinsic counterparts. These sensors have an all-fiber design, which further reduces the problems related to the connection. Moreover, intrinsic fiber optic sensors are more versatile and robust as compared to extrinsic sensors, making them chosen in the majority of the severe environment applications. Therefore, despite the higher cost, the intrinsic fiber optic sensors segment would continue dominating the market during the estimated period.
North America Is expected to hold the largest market share of the market during the forecast period
Region-wise, North America is expected to hold the largest market share & dominate the fiber optic sensor market throughout the forecast period followed by Europe. The North American market further classified into its major countries U.S. and Canada. The companies in the region are focusing on increasing their production and improving their distribution network. As well, the demand for handheld devices in the smart control system of factory automation is expected to push the market growth of the fiber optic sensor in the region. Furthermore, Asia-Pacific is expected to be the fastest-growing market in the fiber optic sensor market thanks to the demand for fiber optic sensors in the oil & gas, and construction industry in the region. Also, increasing the need for handheld devices and electronic systems is expected to boost the growth of the fiber optic sensor market in the region in the future.
Key players operating in the Fiber Optic Sensor Market are ROHM Co. Ltd, Rockwell Automation Inc., SICK AG, Vishay Intertechnology Inc., Honeywell International Inc., On Semiconductor Corporation, IFM Efector Inc., Keyence Corporation, Pepperl+Fuchs GmbH, ROHM Co. Ltd, STMicroelectronics NV, ABB Ltd., AFL Group, AP Sensing GmbH, Deltex Medical Group PLC, Finisar Corporation, Fiso Technologies Inc., Halliburton CO, Luna Innovations Inc., OmniSens S.A., OMRON Corporation, Opsens Inc., OptaSense (QinetiQ Company), Petrospec Engineering Inc., Schlumberger Ltd., SCHOTT AG, Sumitomo Electric Industries Ltd., TE Connectivity, and Ziebel AS.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Fiber Optic Sensor Market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the Global Fiber Optic Sensor Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain Global Fiber Optic Sensor Market positioning of competitors.
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