Fibre optics sensors: Key market research findings
- Growing demand for ultra-miniaturized and power-efficient fibre optic sensors in industrial applications
- Rising demand in exploration and drilling activities
Technavio has released a new market research report on the global fibre optics sensors market, which is expected to grow at a CAGR of 9% between 2016 and 2020. The demand for fibre optics sensors is growing due to their higher tolerance for high temperatures, especially in applications that have extreme environmental conditions such as the oil and gas, and manufacturing sectors. The Americas dominate the global market for fibre optics sensors, accounting for 42% of the total market share. The high adoption rate of fibre optic sensors in the manufacturing industry and the availability of huge reserves resulting in increased exploration and drilling activities are the primary drivers for the market growth in this region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The market is witnessing miniaturization of fibre optic sensors, owing to the increasing demand for sophisticated functionalities in industrial applications. These ultra-miniaturized smart sensors can easily fit into several electronic devices such as smartphones, game console peripherals, and virtual reality sets. Samsung Galaxy Note 4, HTC Titan, Nexus 5, iPhone 5s, Nokia 808 PureView, and Sony Xperia, PlayStation 3 controller, Wii Remote, Wii MotionPlus, and Oculus Rift are some of the current electronic devices, which make use of fiber optic gyro sensors for strong direction- and motion-sensing,” says Navin Rajendra, Industry Manager, Hardware & Semiconductor, Technavio Research
Increased exploration of unconventional resources is one of the major factors propelling the demand for fibre optic sensors. Fibre optic sensors are integrated into equipment used during the drilling and exploration stages. The increase in consumption of oil and gas and the decline in the production of conventional oil reserves has forced vendors and governments to indulge in exploration and drilling activities, therefore, leading to greater demand for fibre optic sensors in this industry.
The key vendors in the global fibre optics sensors market are Banner Engineering, ifm Efector, OMRON, and Sick. Even though there is a colossal presence of vendors in the global fibre optic sensors market, many of these vendors have diversified portfolio and offer different types of sensors, and only a few vendors have core expertise in manufacturing fibre optic sensors, Therefore, the market offers great opportunity for vendors to bring in innovative and technologically advanced products into the market.
A more detailed analysis is available in the Technavio report, Global Fibre Optics Sensors Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
- Global Fiber Optic Test Equipment (FOTE) Market 2015-2019
- Fiber Optic Test Equipment (FOTE) Market in China 2015-2019
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