London, 28 November 2014 – According to TechNavio, a tech-focused research firm, the Global Fiber Optic Sensor Market is expected to grow at a CAGR of 9.6 percent from 2015-2019.
Fiber optic sensors are primarily used in the oil and gas, manufacturing, security and infrastructure sectors, but deployment of these sensors is also growing in other industries like medical, military and transportation.
About the Report
According to the latest report by TechNavio, the increasing demand for sophisticated functionalities in industrial applications of fiber optic sensors is reulting in rapid advances in technology. Ultra-miniaturized and power-efficient sensors that can be deployed in various industrial applications are expected to contribute significantly to positive market projections over the next four years.
“Fiber optic sensors are becoming more reliable and robust than their predecessors, which will surely drive the market during the forecast period,” says Faisal Ghaus, Vice President of TechNavio.
The Global Fiber Optic Sensor Market is also witnessing an increase in R&D spending on sensors. The leading vendors are expected to increase their investment in the development of smart sensors over the projected period.
“Increased investments will enable vendors to innovate and develop technologically advanced sensors with added features, thus increasing their customer base and market share in the coming years,” says Ghaus.
Key Information Covered in the Report:
Market segmentation, size and forecast through 2019
Market Growth Drivers:
- Increased Use in Critical Applications
- For a full detailed list, view our report.
Market Challenges:
- High Cost
- For a full detailed list, view our report.
Market Trends:
- Advances in Technology
- For a full detailed list, view our report.
Key Vendors:
- Banner Engineering Corp.
- ifm Efector Inc.
- OMRON Corp.
- Sick AG
Other Prominent Vendors:
- Honeywell Sensing and Control
- Micron
- Sensotec
https://www.technavio.com/%3Cp%3E%3Ca%20href%3D%22http%3A//www.technavio….
