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Fiber Optic Sensor Market is expected to reach US$ 5,506.24 Million by 2028

07-21-2022 10:00 AM CET | IT, New Media & Software

Press release from: The Insight Partners

/ PR Agency: The Insight Partners
The Insight Partners

The Insight Partners

According to the new research report published by The Insight Partners, titled "Fiber Optic Sensor Market Forecast to 2028 - 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.

Development of Smart Cities Globally Provide Growth Opportunities for Fiber Optic Sensor Market During 2021-2028

Sample PDF showcases the content structure and the nature of the information included in the report which presents a qualitative and quantitative analysis -

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.

Companies Mentioned are: AOMS Technologies, Baumer Holding AG, Davidson Instruments, Keyence Corporation, Omnisens SA, Omron Corporation, OptaSense Ltd, SICK AG, Solifos AG, and Yokogawa Electric Corporation

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. 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.

Have a 15-minute-long discussion with the lead analyst and author of the report in a time slot decided by you. You will be briefed about the contents of the report and queries regarding the scope of the document will be addressed as well -

Fiber Optic Sensors: Market Insights
Escalating Demand in Automotive Sector Fuels Growth of Fiber Optic Sensors Market
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. 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 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

The global fiber optic sensor market has been segmented as mentioned below:
By Application
Temperature Sensing
Pressure Sensing
Acoustic Sensing
Strain Sensing

By Vertical
Oil & Gas
Power and Utilities

Global Fiber Optic Sensor Market by Region
North America
Asia Pacific
Middle East and Africa
South America

Moreover, key companies contributing to Fiber Laser market valuation are studied thoroughly. The study entails a list of these companies along with exhaustive information regarding their offerings, strategic decisions such as partnerships, product launches, mergers & acquisitions and SWOT analysis.

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Sameer Joshi
Phone: +1-646-491-9876

The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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