According to a new market research report published by Credence Research “Fiber Optic Sensors Market (Product Type – Intrinsic Fiber Optic Sensors, Extrinsic Fiber Optic Sensors; Material – Plastic, Glass; End-user – Industrial, Oil & Gas, Energy & Utilities, Healthcare, Automotive & Transportation and Defense) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global fiber optic sensors market is set to exhibit CAGR of 10.1% during the forecast period from 2018 to 2026.
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Fiber optic sensing has emerged as a prevalent technology across numerous industries including healthcare, automotive, aerospace, civil, manufacturing and energy. These sensors are capable of measuring a wide variety of parameters including strain, temperature, internal and applied loads, deflection, liquid level and more. Today, fiber optic sensors can be used to measure more than 60 parameters, availing wide range of application area. Fiber optic sensors are low cost, lightweight, robust, immune to electromagnetic interference and capable of functioning in harsh environments. Unlike conventional electrical sensors, fiber optic sensors can be positioned close to large EMI sources as well as structures that are prone to lightning strikes.
The overall fiber optic sensors market is segmented based on product type, material, end-user and geography. Based on the product type, the fiber optic sensors market is led by intrinsic sensors accounting for more 2/3rd of the total market value. Further, based on end-user, industrial manufacturing & processing segment leads the fiber optic sensors market. In the following years, oil & gas segment is expected to register the highest growth rate in the market. Fiber optic sensors have offered a viable solution for well and reservoir surveillance in the oil and gas industry. These sensors are being widely deployed in the oil and gas sector for measuring temperature, chemical composition, pressure, acoustics and strain. With rising subsea processing and increasing requirement of system monitoring, there has been a growing demand for optical fibers with longer transmission distances and higher bandwidth.
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On the basis of geography, North America dominated the overall fiber optic sensors market with a share of nearly 34% in the year 2017. The regional market growth is primarily governed by the presence of sophisticated industrial manufacturing & processing sector. Asia Pacific is expected to demonstrate the highest growth rate during the forecast period. The market growth in Asia Pacific is estimated to be supported by the rapidly growing industrial sector in China and India.
Some of the major companies profiled in the report include ABB Ltd., Halliburton CO, Fiso Technologies, Inc., OMRON Corporation, OmniSens S.A., Opsens Oil and Gas, Deltex Medical Group PLC, Finisar Corporation, Sumitomo Electric Industries Ltd., Luna Innovations Inc., Ziebel AS, OptaSense (QinetiQ Company), AP Sensing GmbH, Pepperl+Fuchs GmbH, Petrospec Engineering Inc., Schlumberger Ltd., AFL Group, SCHOTT AG, TE Connectivity and others.
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