Press release
Fiber Optic Sensor Market to Grow at a CAGR of 9.16% to reach US$ 5,506.24 Million by 2028
Fiber Optic Sensor Market
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.
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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 Company Profiles:
AOMS Technologies
Davidson Instruments
Omnisens SA
Solifos AG
Baumer Holding AG
Keyence Corporation
OMRON Corporation
Luna Innovations Inc
SICK AG
Yokogawa Electric Corporation
The global fiber optic sensor market has been segmented as mentioned below:
By Application:
Temperature Sensing
Pressure Sensing
Acoustic Sensing
Strain Sensing
Others
By Vertical:
Oil & Gas
Manufacturing
Infrastructure
Power and Utilities
Others
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.
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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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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, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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