With a highly fragmented vendor landscape and different types of sensors on offer, the Global Fiber Optic Sensor market is expected to post a CAGR of 9.6 percent from 2014-2019.
Even as the market is witnessing limited product portfolios and geography specific vendor presence, there’s an ongoing demand for optic sensors from Manufacturing, Security and Oil and Gas industries, who have traditionally been its primary customers.
Key Observations Made by Market Analysts
Bringing their insights on market trends, TechNavio analysts observe:
The emergence of micro-technology was one of the key factors that led to the innovation and development of Fiber Optic Sensors. Currently, sensors are being used in limited applications, but market perceptions indicate that it will find growing usage in newer areas. This is expected to foster steady growth of the Fiber Optic Sensor market during the forecast period.
Where Are Fiber Optic Sensors Being Deployed?
The Fiber Optic Sensor is a device that employs optical fiber technology to transmit signals to amplifiers for processing. The qualities of these sensors such as distributed sensing and the ability to withstand high voltage and critical environment conditions help end-users improve the quality of operations and save costs.
These benefits have led to increased adoption of fiber optic sensors across industries such as Oil and Gas (for drilling oil reserves in extreme terrains), Automotive, Aircraft and Shipbuilding, Manufacturing, Electronics, Infrastructure, Security, and Packaging and Logistics.
Future of the Fiber Optic Market
The Fiber Optic market is expected to penetrate new industries, such as Medical, Military, and Transportation. In future, the application for fiber optic sensors involving high temperatures is expected to further drive growth.
Advances in electronics technology, declining average sale price, miniaturization, and enhanced communication capabilities will further spread its outreach.
Leading vendors are expected to increase their investment in the R&D of smart sensors in the near future. This would be a move to attain technologically advanced sensors with added features, which will thereafter increase their customer base.
