Fiber Optic Sensors market is projected to reach US$3.5 billion by 2020, driven by expanding application possibilities in traditional end-use markets such as aerospace and defence, oil & gas exploration, infrastructure development and telecom industries, and emerging opportunities in new application areas.
Fiber optic sensors (FOS) are a result of years of research and development efforts geared towards finding solutions that can help measure mechanical strain, pressure and temperature with high level of precision. Initially designed to measure and monitor functioning of optical networks in telecom industry, fiber optic sensors are now being used in a wide range of application areas including oil & gas, civil construction, and aerospace & defense. Capable of measuring temperature, strain, pressure, displacement, flow rate, humidity, and acceleration among other measurement parameters in conditions where other sensors fail, fiber optic sensors have become indispensable tools for monitoring optical networks, oil reservoirs, and condition of bridges and pipelines, among others. Despite high initial costs, fiber optic sensors attract considerable demand given that in comparison to conventional solutions, they are highly reliable, long lasting and provide dynamic range, high sensitivity, variety in measurable parameters, and compatibility with optical data transmission and processing. Fiber optic sensors are also compact, lightweight, immune to electromagnetic interface, demand low power, and can even work in harsh environments, all of which make them suitable for use in a range of end-use applications.
Developments in traditional end-use markets will continue to drive growth in the global Fiber Optic Sensors market. Ongoing transition from 3G to 4G networks in the telecommunications industry, growing focus on smart structures and emerging role of structural health monitoring in infrastructure construction sector, adroit tapping of shale gas resources and exploration in oil & gas sector and increased process automation in industries will create significant opportunities for growth. Growth in the coming years will also be driven by expanding application possibilities for fiber optic sensors in a range of new and emerging end-use markets such as homeland security, automotive, energy particularly wind energy, and biomedical, among others. Technology developments aimed at reducing prices, increasing efficiency and ensuring conformance with standardization and miniaturization trends will also boost market prospects. Government funding for R&D will also drive considerable innovation in this space in the medium term, thereby promising a positive outlook for fiber optic sensors.
As stated by the new market research report on Fiber Optic Sensors, the United States represents the largest regional market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 12.7% over the analysis period. Growing manufacturing activity, rising automobile demand, steady infrastructure construction activity and increase in defence spending, particularly in developing markets such as China and India represent key factors driving growth in the region. Aerospace, Defense, & Security represents the largest end-use market, while Oil & Gas ranks as the fastest growing market for fiber optic sensors. Intrinsic Fiber Optic Sensors represents the largest product market accounting for a majority of global sales. Although a smaller market in terms of revenue contribution, Extrinsic Fiber Optic Sensors is forecast to emerge as the fastest growing product market.
Key players covered in the report include 3SP Group, Agilent Technologies Inc., Alstom Grid, Avantes B.V., Baumer Group, Davidson Instruments Inc., EXFO Inc., FISO Technologies Inc., Halliburton, Hitachi Cable Ltd., Honeywell Sensing and Control, Intelligent Fiber Optics Systems Corp., KVH Industries Inc., LUNA Innovations, Micron Optics Inc., Northrop Grumman Navigation Systems Division, O/E LAND Inc., Ocean Optics Inc., Optrand Inc., Photonics Laboratories Inc., Prime Photonics, Sensornet Ltd., Schlumberger Limited, Sensa, Weatherford International Ltd., and ZIEBEL AS.
The research report titled “Fiber Optic Sensors: A Global Strategic Business Report” provides a comprehensive review of market trends, drivers, issues, and recent industry activity of major players worldwide. The report provides market estimates and projections in US dollars for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, South Korea and Rest of Asia Pacific) and Latin America (Brazil, and Rest of Latin America). Key market segments analyzed at the global level include Extrinsic Sensors and Intrinsic Sensors.
Details of the new report, table of contents and ordering information can be found on Electronics.ca Publications’ web site. View the report: “Fiber Optic Sensors: A Global Strategic Business Report”