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New Study from StrategyR Highlights a $4.4 Billion Global Market for Fiber Optic Sensors by 2026
SAN FRANCISCO, Sept. 21, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Fiber Optic Sensors - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 16; Released: September 2021
Executive Pool: 3484
Companies: 173 - Players covered include Advantest Corporation; Autonics Corporation; Baumer Group; Datalogic SpA; Honeywell International, Inc.; Horiba Ltd.; Keyence Corporation; Keysight Technologies, Inc.; Luna Innovations, Inc.; Northrop Grumman Corporation; and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Intrinsic, Extrinsic); End-Use (Oil & Gas, Manufacturing, Infrastructure, Security, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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ABSTRACT-
Global Fiber Optic Sensors Market to Reach US$4.4 Billion by the Year 2026
Fiber optic sensors are characterized by the capacity of high tolerance under extreme temperature conditions. Growth in the global market is being driven by increasing demand for different kinds of high-end applications with sophisticated functions in various industries. Demand is expected to become more intense in the following years, particularly for applications in extreme environmental conditions in which electrical sensors fail to function as effectively. Examples of such applications include the oil ≈ gas and manufacturing sectors. Another major driving factor is increase in the exploration of unconventional energy resources across the world. Deployment of ultra-miniaturized and power-efficient sensors is predicted to contribute significantly to market growth. The market is also driven by applications such as crack monitoring in concrete-based structures. The preference for fiber optic sensors in these applications is due to their capability to identify cracks and damages in concrete structures, which is not possible with many of the existing monitoring technologies. Fiber optic sensors present potential for faster and efficient means for identifying structural damages in civil constructions and aircrafts, detecting intrusion in secured premises and identifying presence of oil in oil reservoirs, and therefore has and will continue to remain in focus of global R&D and commercialization efforts in these segments.
Amid the COVID-19 crisis, the global market for Fiber Optic Sensors estimated at US$2.7 Billion in the year 2020, is projected to reach a revised size of US$4.4 Billion by 2026, growing at a CAGR of 8.6% over the analysis period. Intrinsic, one of the segments analyzed in the report, is projected to grow at a 9.1% CAGR to reach US$3.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Extrinsic segment is readjusted to a revised 7.2% CAGR for the next 7-year period. This segment currently accounts for a 31.4% share of the global Fiber Optic Sensors market. Extrinsic sensors employ the fiber for guiding the light to the sensing region, the point at which the optical signal exits the waveguide and modulates into another medium. In contrast, in intrinsic sensors, the light continues to reside within the waveguide and measures the optical signal's impacts while moving down the fiber.
The U.S. Market is Estimated at $746.8 Million in 2021, While China is Forecast to Reach $539.5 Million by 2026
The Fiber Optic Sensors market in the U.S. is estimated at US$746.8 Million in the year 2021. The country currently accounts for a 25.99% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$539.5 Million in the year 2026 trailing a CAGR of 10.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.1% and 7.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.2% CAGR while Rest of European market (as defined in the study) will reach US$605.3 Million by the end of the analysis period. The utilization of distributed fiber optic sensors in North America's oil wells is enabling growth in the region. Growth in Asia-Pacific will primarily be driven by increased uptake of aviation in nations such as Thailand, Malaysia, Australia, New Zealand, Indonesia, Singapore, China and India. More
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]
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SOURCE Global Industry Analysts, Inc.
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