Fiber Optic Sensor Market 2022 Top Countries Data with Future Scope, Size, Definition, Opportunities with Strategic Growth and Top Key Players Analysis and Forecasts to 2027

According to our latest market study by The Insight Partners on "Fiber Optic Sensor Market - COVID-19 Impact and Global Analysis - by Application and Vertical," the market 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. These services are based on fiber optic solutions for the collection and processing of data on vehicle movement. Further, the Smart Cities Mission of Indian government focused on promoting sustainable and inclusive cities that offer essential infrastructure and give a decent quality of life.

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 major companies operating in the fiber optic sensor market. 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.

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Various governments are taking initiatives to propel the development of smart cities in their respective economies. In March 2021, Optromix, Inc. announced that the fiber optic sensors can be installed as a component of smart transport. The company is engaged in providing intelligent traffic analysis and route planning services in large cities. These services are based on fiber optic solutions for the collection and processing of data on vehicle movement.

Further, the Smart Cities Mission of Indian government focused on promoting sustainable and inclusive cities that offer essential infrastructure and give a decent quality of life, along with a sustainable and clean environment with the application of smart solutions. The initiative of green and smart cities by the Indian government is providing impetus to the present fiber optics industry in the country for the development of energy-efficient and economical fiber optics systems. These government efforts are gathering significant focus of the fiber optics market players to Indian market, thereby making India a global hub for fiber optics manufacturing. Thus, the increase in developing smart cities is propelling the growth of the fiber optic sensor market players.

Fiber Optic Sensor Market: Key Insights - Future Trend
Optical fiber sensing is a technology used to measure chemical changes, strain, temperature, electric and magnetic fields, pressure, displacement, rotation, radiation, liquid level, flow, light intensity, and vibrations. The optical sensors are capable of linear and seamless sensing rather than distributed sensing; moreover, in communications applications, they serve as sensors and no electricity is needed for the sensing operations.

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The fiber optic sensors can also be used in high-voltage, high-temperature, or corrosive environments. Further, these sensors are capable of remote sensing. They are found in applications of oil & gas, manufacturing, infrastructure, power and utilities, automotive, and healthcare sectors, among others. In June 2019, Luna entered into a license agreement with Meggitt. This agreement is aimed at supplying fiber optic components and technology for aircraft fire and overheat detection equipment.

Fiber Optic Sensor Market: Segmental Overview
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

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 advantages, the light source is easily accessible and offers greater freedom of design.

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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 Organisation Internationale des Constructeurs d'Automobiles (OICA), ~91.3 million vehicles were sold across the world in 2019. Further, the rising disposable incomes, mainly in emerging countries in APAC, promotes the sales of passenger vehicles, in turn, will fuel the adoption of fiber optic sensors. Thus, the rising annual automotive sales are a significant factor contributing to the growth of the fiber optic sensor market

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