Fiber Optic Sensor Market to hit US$ 5,506.24 Million, Globally, by 2028 at 9.16% CAGR: The Insight Partners

According to our new research study on “Fiber Optic Sensor Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application, Vertical, and Geography,” the Fiber Optic Sensor Market Size is projected to reach US$ 5,506.24 million by 2028 from US$ 2,980.47 million in 2021; it is expected to register a CAGR of 9.16% from 2021 to 2028.

In the automotive sector, fiber optic sensors are used in lighting applications. The fiber transmits cold light, making it a safe alternative to traditional sealed beam or halogen lighting. Apart from the safety advantage, the light source is easily accessible and offers greater freedom of design. The deployment of fiber optics also allows  the separation of light source and output location, thereby providing high-performance lighting options with reduced physical space requirements, making them suitable for difficult and restricted access locations. The sensors are also used in automobiles in onboard safety devices and systems, such as operating airbags, traction control devices, and safety systems. According to the Organization international des constructers automobiles (OICA), ~91.3 million vehicles were sold across the world in 2019. Further, rising disposable incomes, mainly in emerging countries in APAC, promotes the sales of passenger vehicles, which, in turn, would fuel the adoption fiber optic sensors. Thus, the rising annual automotive sale is a significant factor contributing to the growth of the fiber optic sensor market.

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According to Electronic Components Industry Association (ECIA), the outbreak of COVID-19 resulted in a delay in product releases and disruption in supply chain events and other industry activities. Several manufacturers have temporarily halted the manufacturing units due to lesser demand for the products due to lockdown measures and limited manufacturing resources. Additionally, the manufacturers of various electronic and semiconductor products, including sensors, have been experiencing a substantial delay in lead times. During the first quarter of 2020, numerous Chinese manufacturers had temporarily shut down their manufacturing facilities, thereby showing a decline in supply and demand for electronics and semiconductor products worldwide. These factors have negatively impacted the fiber optic sensor market.

AOMS Technologies; Baumer Group; Davis Instruments; Keyence Corporation; Omnisens SA; OMRON Corporation; Halliburton Energy Services, Inc.; and Luna Innovations Incorporated are among the prominent manufacturers of fiber optic sensors. In May 2021, Halliburton Company collaborated with TGS-NOPEC Geophysical ASA; through this collaboration, the companies aim to offer oil & gas plant operators with improved insights to decide their reservoir potential for oil and gas production or carbon storage. Further, Luna Innovations unveiled a new measurement solution enabled with the improved fiber-optic sensing technology; the solution is optimized for greater precision and authentic high-definition distributed temperature measurements. The Optical Distributed Sensor Interrogator (ODiSI) platform of Luna is the industry’s high-definition fiber optic temperature measurement system capable of eliminating error-causing impacts of mechanical strain on fiber optic temperature sensors. Thus, with more such developments, the demand of fiber optic sensors would increase in the coming years.

Impact of COVID-19 Pandemic on Fiber Optic Sensor Market:

The COVID-19 pandemic created enormous disruption across industries, including electronics and semiconductors. Every phase of the business model has witnessed a drastic change, including the manufacturing units, capital expenditures, R&D, demand, supply chain, production decisions, and mergers and acquisitions (M & M&A). Over the past several months, the COVID-19 outbreak had severely challenged the electronics and manufacturers in strategy making. The disruption among raw material suppliers, temporary closure of manufacturing units, limited funding, and weak demand from customers have showcased adverse impact on the electronics and semiconductor manufacturers.

Fiber Optic Sensor Market Forecast to 2028 - Latest COVID-19 Analysis at https://bit.ly/3ydXlbF

Fiber Optic Sensor market: Application

Based on application, the fiber optic sensor market is segmented into temperature sensing, pressure sensing, acoustic sensing, strain sensing, and others. The temperature sensing segment held the largest market share in 2020.

Fiber Optic Sensor market: Type Overview

Based on application, the fiber optic sensor market is segmented into temperature sensing, pressure sensing, acoustic sensing, strain sensing, and others. The temperature sensing segment held  the largest market share in 2020.

Fiber Optic Sensor Market: Competitive Landscape and Key Developments

AOMS Technologies, Baumer Holding AG, Davidson Instruments, Keyence Corporation, Omnisens SA, Omron Corporation, OptaSense Ltd, SICK AG, Solifos AG, and Yokogawa Electric Corporation are among the key market players in the global fiber optic sensor market. The leading companies are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

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The players operating in the fiber optic sensor market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

In April 2020, AOMS Technologies and PCL Construction entered a partnership to make IoT-enabled "Smart Construction" a new reality. This partnership is expected to further enhance Job Site Insights (JSI) and PCLS's cloud-based construction platform.

In May 2020, Omnisens SA announced the release of ODAS, its new family of Distributed Acoustic Sensing (DAS) interrogators that combines chirped pulse laser technology with Omnisens' techniques on programmable chirp coding and modulation.

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