Fiber Optic Sensor Market Analysis, Trends, and Industry Size will grow USD 7.2 billion by 2030 | Finisar Corporation, Yokogawa Electric, Deltex Medical Group PLC
Research Reports
Mar 15, 2023
Fiber Optic Sensor Market Insights
According to MRFR analysis, the global Fiber Optic Sensor Market is expected to register a CAGR of ~ 11.5% from 2022 to 2030 and hold a value of over ~USD 7.2 billion by 2030.
The fiber optic sensor continues at higher temperatures; owing to this, these are higher in demand in the oil and gas industries. The power and energy businesses are also demanding fiber optic sensors. The essential for these industrial verticals is driving the Fiber Optic Sensor Market. The oil and gas extraction procedures happen at high temperatures; therefore, the fiber optic cable sensor is appropriate in these situations. Oil and gas are majorly rushing the market. The augmented rate of civil engineering services is another vital driving factor in the market. Fibre optic sensors are applied for complex tasks in the civil engineering verticals. The increasing need for cost-effective monitoring devices fuels the optic fiber sensor industry. The fiber optic sensor is considered reliable in such a stimulating environment. The sensing parameters of the fiber optic sensor in civil and oil and gas injuries are serving the market emerge. Hence, the fiber optic market will acquire its projected value based on these growth opportunities and driving factors. The Covid 19 has had a huge impact on many industries. The fiber optic sensor is cast-off many in consumer electronics and gas-oil industries. The closure of these industries has caused a downfall in the Fiber Optic Sensor Market. Owing to the governmental restriction on several industries, there is a disturbance in the supply-demand chain. However, the Fibre Optic Sensing Market is recommencing and it is experiencing a steady upsurge in demand. This steady-demand trend post covid 19 will remain till 2022.
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Key Players
Some of the key market players are-
- AFL Group (U.S.)
- Luna Innovations Incorporated (U.S.)
- Yokogawa Electric Corporation (Japan)
- ABB Ltd. (Switzerland)
- OmniSens S.A. (Switzerland)
- Finisar Corporation (U.S.)
- Deltex Medical Group PLC (UK)
- AP Sensing GmbH (Germany)
- Sumitomo Electric Industries Ltd. (Japan)
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Regional Analysis
In North America, Canada and the US are the main contributors to the market. The well-established players perform numerous Fiber optic sensor applications. The growth in America is a multipurpose market with plenty of end-users. The acceptance of the fiber optic sensor is happening at an exponential pace in the imminent years. The Asia Pacific is the second largest fiber optic sensor market. The heaving demand in construction and oil-gas verticals is the major demand-driving factor in this region.
The Asia Pacific will involve the fastest market growth in the estimated period of 2022. Also, Europe and the middle-east are experiencing high demand for fiber optic sensor systems owing to oil and gas factories. These four regional players are responsible for the huge market growth in 2022.
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Market Segmentation
The global Fiber Optic Sensor Market has been segmented into type, end-user, and component
Based on the Type, The global Fiber Optic Sensor Market has been segmented into Intrinsic, Extrinsic
Based on the End-User, The global Fiber Optic Sensor Market has been segmented into Transportation, Medical, Defense, Industrial, Energy & Power
Based on the Component, The global Fiber Optic Sensor Market has been segmented into Receiver, Transmitter, Fiber optic cable, Optical amplifier
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