Fiber Optic Sensor Market Size, Share, Sales, Analysis, Forecast, Industry Competition & Player Profiles 2023-2032
The fiber optic sensor market is on its way to register robust growth in the global commercial landscape, thanks to growing demand for Oil & Gas extraction, Power generation, and in the Transport sector. The fiber optic sensors overcome conventional challenge of electromagnetic interference, which expands in application in new areas like MRI scans in healthcare, near high-flammable material such as jet fuel, and in weighing loads for transport. Moreover, International Energy Agency predicts that the demand for oil will rise at nearly 1 million barrels per day during 2019-2025. Moreover, the demand will grow to 5.7 million barrels per day through 2025, as countries like China, and India continue to display a boundless hunger for energy. Moreover, fiber optic sensor technology has the potential to revolutionize the oil & gas drilling unlike few other alternatives. This technology promises cost-effective installations, sense a wide variety of measurements including temperature, chemical composition, pressure, strain, and acoustic. This will lead to greater safety, efficiency, and ultimate recovery of valuable oil & gas resources. Furthermore, the application of fiber sensor optics in oil and gas wells is effective with both techniques including fiber bragg gratings, and Rayleigh scattering, promising expanding application of the fiber optic sensors market.
Rising Demand from Aviation and Electric Vehicles Remains a Major Driver for Growth
According to a Guardian news report, the high-income individuals are expected to purchase over 8,000 new private jets over the next decade. This will result in major demand for jet fuel, and subsequently fiber optics to ensure a myriad of facilities on personal aircrafts including entertainment systems, WiFi-sensors, IoT devices, automated engineering, among others. Moreover, the freighter fleet is also witnessing a growing demand for new aircraft purchases. According to forecast by World Air Cargo, the demand for e-commerce, and growing world trade will drive 60% grow in purchases of freighter fleets, with over 3,000 planes joining the current fleet.
The demand for fiber optic sensors also remains in road transport. International Energy Agency estimated that over 9 million American consumers have delayed their purchase in 2019. One of the major reasons for the delay is the horizon of electric vehicles, which is set to take road travel by storm. Moreover, fiber optic sensor promise to solve one of the biggest challenge in evolution of automated vehicles. The technology currently falls short of full-automated driving due to lack of adequate night vision. Various modes of technology have been tried, and tested to make it safer, and fiber optic sensor remain the most promising guiding light for evolution of electric vehicles. The rising demand for electric vehicles, feature-dependent (like automation) appeal of electric cars, and advancement in sensor-based technology will drive major growth for players in the fiber optic sensors market.
Growing Demand for IoT to Drive Growth of 5G Technology, and Fiber Sensor Optic Market
The COVID-19 pandemic was a setback for digital revolution like advent of 5G. However, the European Union has promises to infuse a 914 billion of its recovery fund into the 5G infrastructure to drive growth of digital revolution. The digital revolution will guide many key sectors including transportation, healthcare, communication, and manufacturing. It is key to capture advancement through advancements like automated driving, manufacturing, interconnected cities, applications, among others. Moreover, according to OECD statistics, there is plenty of room for fiber optic penetration even among most developed countries in the world. According to the 5G observatory, the Europe has 191 cities with advanced 5G infrastructure, while future-roadmap in place for 138 cities in March 2020. In a race to conquer the next-gen technologies like automation, AI, machine learning, among others, and major demand for connectivity through both households, and industries, will be a major boost for fiber optic sensors market.
Some key players in the fiber optic sensors market are Halliburton Company (US), Schlumberger Limited (US), Weatherford International Plc (Switzerland), Yokogawa Electric Corporation (Japan), QinetiQ Group Plc (UK).
The Fiber Optic Sensor Market is Segmented as Below:
By End Use Industry
- Aerospace and Defence
- Utilities
- Oil and Gas
- Medical
- Construction
- Consumer Electronics
- Others (Chemicals, Transportation, and Marine)
By Application
- Pressure and Strain Sensing
- Temperature Sensing
- Geological Survey
- Biochemical
- Biometric and Ambience
- Others (Radiation Sensing, Flow Sensing, and Partial Discharge Detection)
By Region
- North America
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- Rest of APAC
- South America
- Brazil
- Rest of South America
- Middle East & Africa
- UAE
- South Africa
- Saudi Arabia
- Rest of MEA
