The fiber optic sensor consists of a fiber optic cable that is connected to a remote sensor or an amplifier. It can convert light energy into an electrical signal. We have published and released a research report about the global fiber optic sensor market that extrapolates massive enhancement for this market at 11% CAGR (Compound Annual Growth Rate) between 2016 and 2022.
Analyzing the market structure, this report offers insights about factors affecting the market growth. Estimating the market size and forecasting the revenue, this reports covers and observes the competitive developments of market players that include joint ventures, mergers and acquisitions, new product developments, research and developments (R&D), and strategic alliances.
The key factors on which the growth of the global fiber optic sensor market is thriving include many of its advantages. Fiber optic is a bad conductor of electricity, and it possesses immune characteristics for electromagnetic interference. It can be used in places that have high voltage electricity or any flammable material. Fiber optic sensors offer various advantages over conventional sensors that include ideal for microwave, and harsh & hostile environment, wide-range monitoring of physical & chemical parameters and thin glass wire that have higher refractive index than its surrounding region. This allows light to propagate through single or multimode fiber.
The global fiber optic sensor market has been segmented on the basis of component, end users, type, and lastly, region. The component-based segmentation segments this market into fiber optic cable, optical amplifiers, receivers, transmitters, and others. Based on end users, the market has been segmented into defense, energy & power, medical, transportation, industrial and others. By type, the market segmentation covers intrinsic and extrinsic fiber optic sensors.
The regional segmentation of the global fiber optic sensor market has segmented the global market into regional markets known as North America, Asia Pacific, Europe, and the Middle East & Africa (MEA). North America holds the largest market share in the global market. The factors contributing to the growth of the market in this region include technological advancement, increasing production and improving distribution network by many key players based in this region. Other reasons for the market growth in North America include increasing demand for handheld devices in the smart control system of factory automation. The pivotal country-specific markets in this region are the USA, Canada, and Mexico.
Europe is the second largest regional market because it has a high density of population, the presence of many key market players, the best technological advancement after North America and many reasons same as North America. In this region, the extensive country-specific markets are France, Germany, and the UK, followed by the remaining countries of Europe.
Asia Pacific region has been anticipated to emerge as the fastest growing regional market due to the growing demand for fiber optic sensors in oil & gas and construction industry in this region. The rising need of electronic systems and handheld devices is also expected to fuel the market growth in this region at the time of the forecast period. The ideal country-specific markets in this region are China, India, Japan, and South Korea, followed by the remaining countries of Asia Pacific.
The MEA region shows a limited market with slow and steady growth due to the lack of technological development, lack of infrastructure, lack of education, lack of awareness, and political instability.
Key Players
The key players in the global fiber optic sensor market include ABB Ltd. (Switzerland), AFL Group (USA), AP Sensing GmbH (Germany), Deltex Medical Group PLC (UK), Finisar Corporation (USA), Luna Innovations Incorporated (USA), OmniSens S.A. (Switzerland), Sumitomo Electric Industries Ltd. (Japan), and Yokogawa Electric Corporation (Japan).
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