The global market for fiber optic sensors is buoyed by the growing demand for various high end industrial applications along with sophisticated functions. Fiber optic sensors have a high tolerance capacity for extreme temperature conditions. Thus, the demand for these fiber optic sensors is expected to intensify over the next couple of years, especially in applications that have extreme environmental situations where the electrical sensors basically fail to function effectively. Some examples of applications with extreme temperature conditions are the manufacturing and oil and gas sector. Fiber optic sensors are gaining traction across several industries as they are more durable and reliable than their counterparts and predecessors. The deployment of power-efficient and ultra-miniaturized sensors is anticipated to significantly contribute to the growth of the market and further have a positive impact over the next couple of years.
The research report is a comprehensive review of the growth trajectory in terms of current, historical, and future prospects of the global fiber optic sensors market. It offers an evaluation of the aspects that are anticipated to impact the growth of the market and the chief trends have also been stated in the research study. The study further offers a diverse lookout on the competitive landscape of the market through Porter’s five forces analysis. The publication provides references of mergers and acquisitions, the research and development projects, details on licensing and collaborations. The report delves into the strategies related to marketing, shares, and product portfolio of the key participants in the global fiber optic sensors market.
The global fiber optic sensors market is highly benefitted by the fast pace of technological advancements and the introduction of ultra-miniature and power efficient fiber optic sensors. The demand for fiber optic sensors is also expected to rise in the near future owing to the mounting need for durable and reliable sensors, thus bringing about a significant change in the manufacturing processes employed and the materials used in the manufacturing of fiber optic sensors. As a result of these trends, the global fiber optic sensors market has experienced a positive change over the last couple of years and is expected to grow significantly over the forthcoming years. The market has also been propelled by applications in concrete made structure such as crack monitoring. In comparison to the other monitoring technologies, fiber optic sensors are widely preferred for their capability to identify structural damage up to 0.15 mm and cracks in the concrete structure.
Advantages of fiber optic sensors include high sensitivity, less power consumption, and high resistance to electromagnetic interference. Besides the use of fiber optic sensors in the telecommunications sector and in LAN operations, they are also employed largely in the oil and gas industry, smart buildings homeland security service operations, and generation of wind energy. However, the growth of the market is likely to be negatively impacted by the high cost of fiber optic sensors and the expensive deployment cost as well. But, this negative scenario is expected to change with the rising investments and initiatives by the governments to propel research and development.
Region-wise the global market for fiber optic sensors is classified into Europe, North America, Asia Pacific, and the Rest of the World. In terms of consumption, North America is expected to emerge as a promising market for vendors to capitalize on owing to the high adoption rate of fiber optic sensors across several end-use industries.
The leading vendors in the market are Ocean Optics Inc., Davidson Instruments, Avantes B.V., Intelligent Fiber Optic System Corp., OMRON Corp., Honeywell Sensing and Control and Agilent Technologies Inc. among others.