The Global Market for Fiber Optic Sensors is Projected to Reach US$4.7 Billion by 2024
The Massive Yet Untapped Potential of Sensing in
Myriad Application Areas Including Aerospace/Defense and Oil & Gas to Drive the Fiber
Optic Sensors Market, According to a New Report by Global
Industry Analysts, Inc.
GIA launches comprehensive analysis of industry segments, trends, growth
drivers, market share, size, and demand forecasts on the global Fiber Optic Sensors
market. The
global market for Fiber Optic Sensors is projected to reach US$4.7 billion by
2024, driven by the growing importance of sensing in an
intelligent world as a vital need in internetworking of electronic devices and
M2M communications and the resulting expansion of applications in myriad industrial
and commercial sectors including automotive, healthcare, oil and gas and
aerospace/defense.
The field
of fiber optics experienced tremendous advancement and growth over the last 25
years. The emergence of fiber optic sensors (FOS) as an offshoot of
telecommunications was first designed with the objective of measuring the
performance and status of optical fiber networks that are used for the
transmission of voice/data signals across the world. Optical networks require
uninterrupted monitoring in order to ensure accurate transmission of these
signals along the fibers. FOS are poor conductors of electricity and highly
resistant to electromagnetic interference, and hence could be used in
applications involving high voltage electricity or flammable substances such as
jet fuel.
These sensors have become indispensable tools for monitoring optical
networks, oil reservoirs, and condition of bridges and
pipelines, among several others; and are now being used in a wide range of
application areas including oil & gas, civil construction, and aerospace
& defense. The
physical phenomena and properties that could be sensed optically using fiber
optic sensors include temperature, electric field, displacement, light
intensity, pressure, strain, rotation, electric field, magnetic field, sound,
radiation, chemical analysis, liquid level, flow and vibration. While legacy
technologies do not always provide the necessary data to understand efficiently
about the composite component’s behavior when used in real world conditions, a
fiber optic sensor with diverse capabilities provide spatially continuous data
and allow users to monitor the entire temperature gradients and strain fields
with a single sensor.
Aerospace/
Defense is a key end-use market and a major revenue generator for fiber optic
sensors. FOS have been in use for long in the defense sector for guidance and
control of munitions and highly critical area of perimeter security. Just like in
military aerospace sector, fiber optic sensors are used for monitoring
commercial aircraft in civil aviation sector in order to analyze fitness of the
aircraft and measure deflections in aircraft components. Addition of new
aircraft fleet by commercial airlines in order to serve growing passenger
traffic and airfreight volume will increase use of FOS in this segment. Use of these
sensors in Oil & Gas exploration is also increasing particularly for
monitoring health and performance of oil wells/reservoirs, downhole P/T sensing,
and seismic arrays. Steady gains in construction spending in developing
countries also augur well for market growth.
As
stated by the new market research report on Fiber
Optic Sensors, the United States represents the largest market worldwide.
Asia-Pacific
ranks as the fastest growing market with a CAGR of 11.4% over the analysis
period, led by factors such as rapid pace of industrialization and robust
investment in smart industrial/manufacturing infrastructure; growing
replacement of electronic sensors with FOS; government policy led focus on
smart cities and transportation and the ensuing expansion of opportunities in
automotive and smart home applications; growing emphasis on environment
preservation as a result of stringent regulations and the ensuing emergence of new
opportunities in environmental monitoring.
Key players in the market include Avantes B.V., Baumer Group, Davidson
Instruments Inc., EXFO Inc., Halliburton, Honeywell International Inc.,
Intelligent Fiber Optics Systems Corp., Keysight Technologies Inc., KVH
Industries Inc., LUNA Innovations Inc., Micron Optics Inc., Northrop Grumman
Corp., O/E LAND Inc., Ocean Optics Inc., Optrand Inc., Prime Photonics, Roctest
Ltd., FISO Technologies Inc., Schlumberger Ltd., Sensa, Sensornet Ltd.,
Sensuron, Weatherford International Ltd., and Ziebel AS, among others.
The research report titled “Fiber
Optic Sensors: A Global Strategic Business Report”
announced by Global Industry Analysts Inc., provides a comprehensive review of
market trends, drivers, issues, and recent industry activity of major players
worldwide. The report provides market estimates and projections in US dollars
for all major geographic markets including the United States, Canada, Japan,
Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe),
Asia-Pacific (China, South Korea and Rest of Asia Pacific), Latin America
(Brazil, and Rest of Latin America), and Rest of World. The report also analyzes
the market by Extrinsic Fiber Optic Sensors and Intrinsic Fiber Optic Sensors. Global
market is further analyzed by the end-use segments – Aerospace, Defense &
Security; Oil & Gas Exploration; Industrial; Smart Structures; and Others.
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