Fiber Optic Sensor Market
Fiber optic sensors are sensors attached to optical fibers and have the capacity to sense rotation, displacement, pressure, temperature, and vibration. Its small size, resistance to electrical interference, high refractive index, and advantages over conventional sensors are likely to warrant its demand across the IT industry. The global fiber optic sensor market report by Market Research Future (MRFR) contains the categories of various fiber optic sensors in the back of the IT boom, drivers and challenges, and niche opportunities for the period of 2016 to 2022 (forecast period). The outbreak of the COVID-19 virus and its effects on the industry has been taken into account.
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Fiber Optic Sensor Market Scope
The global fiber optic sensor market size is estimated to reach USD 3 billion by 2022. It is expected to grow at a rate exceeding 11% over the forecast period.
The demand for optical sensors in the oil gas industry is expected to be the major driver of the market. Its high tolerance and environmental resistance are major factors attributed to its adoption. The rapid development of the IT industry and the need for breakneck data speeds can culminate in high demand for fiber optic sensors. Development of smart devices, data centers, and huge demand for rapid processing of information can positively impact the market growth. The ability to sense cracks in concrete as well as other structural damages can influence its integration in processes in the construction industry. Rapid rise of COVID-19 cases has led to the need for fast diagnostic techniques. New methods such as evanescent wave absorbance and localized surface plasmon resonance platform for detection of the virus can induce the demand for fiber optic sensors.
Huge installation costs can hamper the global fiber optic sensor market growth.
Fiber Optic Sensor Market Segmentation
The global fiber optic sensor market can be segmented by type, component, and end-users.
By type, it is divided into intrinsic and extrinsic fiber optic sensors. Intrinsic sensors are less sensitive and easy to multiplex and used in endoscopy. Its use in biomedical imaging and their scope in medical theaters can drive the segment growth. On the other hand, extrinsic sensors are sensitive, expensive than its counterpart, and used in applications of vibration, acoustic pressure, acceleration, and rotation. They can be used in sensing parameters in remote areas or areas with noise.
By component, it is segmented into fiber optic cable, transmitters, receivers, optical amplifiers, and others.
By end-users, it is segmented into industrial, defense, energy power, transportation, medical, and others. The energy power sector can generate heavy revenues for the global fiber optic sensor market owing to its capacity to identify hot spots in electrical enclosures. The monitoring of power to households and factories with the help of fiber optic sensors can drive the segment growth.
Geographically, North America is expected to dominate the fiber optic sensor market during the forecast period, followed by Europe. It can be attributed to the rapid expansion of the telecommunication industry. Also, increasing demand of handheld devices for controlling processes in factories is expected to propel the market growth of fiber optic sensor in the region. The airlines industry and the need for sensors to detect structural defects and save on maintenance costs can drive the market growth in the region.
APAC is estimated to be the fastest growing market in fiber optic sensor market due to growing demand of fiber optic sensors in oil gas and construction industry. In addition, rising need of handheld devices and electronic systems is expected to fuel the growth of fiber optic sensor market in the region by the end of 2022.
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Fiber Optic Sensor Market Competitive Outlook
Yokogawa Electric Corporation, Luna Innovations Incorporated, OmniSens S.A., Finisar Corporation, AP Sensing GmbH, Sumitomo Electric Industries Ltd., AFL Group, Deltex Medical Group PLC, and ABB Ltd. are key players of the global fiber optic sensor market.