Fiber Optic Sensor Market Dynamics and Trends by 2028

The fiber optic sensor market is projected to reach US$ 5,506.24 million by 2028 from US$ 2,980.47 million in 2021; it is estimated to register a CAGR of 9.16% during 2021-2028.

Optical fiber sensing is a technology used to measure chemical changes, strain, temperature, electric and magnetic fields, pressure, displacement, rotation, radiation, liquid level, flow, light intensity, and vibrations. The optical sensors are capable of linear and seamless sensing rather than distributed sensing; moreover, in communications applications, they serve as sensors and no electricity is needed for the sensing operations. The fiber optic sensors can also be used in high-voltage, high-temperature, or corrosive environments. Further, these sensors are capable of remote sensing. They are found in applications of oil & gas, manufacturing, infrastructure, power and utilities, automotive, and healthcare sectors, among others. In June 2019, Luna entered into a license agreement with Meggitt. This agreement is aimed at supplying fiber optic components and technology for aircraft fire and overheat detection equipment.

Impact of COVID-19 Pandemic on Fiber Optic Sensor Market

The COVID-19 pandemic created enormous disruption across industries, including electronics and semiconductors. Every phase of the business model has witnessed a drastic change, including the manufacturing units, capital expenditures, R&D, demand, supply chain, production decisions, and mergers and acquisitions (M & M&A). Over the past several months, the COVID-19 outbreak had severely challenged the electronics and manufacturers in strategy making. The disruption among raw material suppliers, temporary closure of manufacturing units, limited funding, and weak demand from customers have showcased adverse impact on the electronics and semiconductor manufacturers.

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Fiber Optic Sensors: Market Insights
Escalating Demand in Automotive Sector Fuels Growth of Fiber Optic Sensors Market

In the automotive sector, fiber optic sensors are used in lighting applications. The fiber transmits cold light, making it a safe alternative to traditional sealed beam or halogen lighting. Apart from the safety advantages, the light source is easily accessible and offers greater freedom of design. The deployment of fiber optics also allows the separation of light source and output location, thereby providing high-performance lighting options with reduced physical space requirements, making them suitable for difficult and restricted access locations. The sensors are also used in automobiles in onboard safety devices and systems, such as operating airbags, traction control devices, and safety systems. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), ~91.3 million vehicles were sold across the world in 2019. Further, the rising disposable incomes, mainly in emerging countries in APAC, promotes the sales of passenger vehicles, in turn, will fuel the adoption of fiber optic sensors. Thus, the rising annual automotive sales are a significant factor contributing to the growth of the fiber optic sensor market.

Application-Based Market Insights

Based on application, the fiber optic sensor market is segmented into temperature sensing, pressure sensing, acoustic sensing, strain sensing, and others. The temperature sensing segment held the largest market share in 2020.

Vertical-Based Market Insights

Based on vertical, the fiber optic sensor market is segmented into oil & gas, manufacturing, infrastructure, power and utilities, and others. The oil & gas segment held the largest market share in 2020.

The players operating in the fiber optic sensor market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

• In April 2020, AOMS Technologies and PCL Construction entered a partnership to make IoT-enabled "Smart Construction" a new reality. This partnership is expected to further enhance Job Site Insights (JSI) and PCLS's cloud-based construction platform.
• In May 2020, Omnisens SA announced the release of ODAS, its new family of Distributed Acoustic Sensing (DAS) interrogators that combines chirped pulse laser technology with Omnisens' techniques on programmable chirp coding and modulation.

Fiber Optic Sensor

Published Report - Fiber Optic Sensor Market Report Scope

Published Report - Fiber Optic Sensor Market Players Density: Understanding Its Impact on Business Dynamics

The Published Report - Fiber Optic Sensor Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

The global fiber optic sensor market has been segmented as mentioned below:

By Application

• Temperature Sensing
• Pressure Sensing
• Acoustic Sensing
• Strain Sensing
• Others

By Vertical

• Oil & Gas
• Manufacturing
• Infrastructure
• Power and Utilities
• Others

By Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • Italy
  • UK
  • Russia
  • Rest of Europe
• Asia Pacific (APAC)
  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of APAC
• Middle East & Africa (MEA)
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA
• South America (SAM)
  • Brazil
  • Argentina
  • Rest of SAM

Company Profiles

• AOMS Technologies
• Davidson Instruments
• Omnisens SA
• Solifos AG
• Baumer Holding AG
• Keyence Corporation
• OMRON Corporation
• Luna Innovations Inc
• SICK AG
• Yokogawa Electric Corporation

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Frequently Asked Questions

1 At what CAGR is the Fiber Optic Sensor market expected to grow during the forecast period?

The Fiber Optic Sensor market is expected to grow at a CAGR of 9.16% during the forecast period. Factors such as surging applications in the oil & gas sector, and growing demand in the automotive sector are fueling the fiber optic sensor market growth. However, the difficulties associated with the installation of fiber optic sensors is restraining the market growth. Moreover, the development of smart cities and growing developments of fiber optic sensors are providing opportunities for the future growth of the market players.

2 Which segment by vertical is expected to grow at the fastest CAGR during the forecast period?

By vertical, the Infrastructure segment is expected to grow at the fastest CAGR during the forecast period. Every type of public infrastructure, including bridges, pipelines, tunnels, foundations, roadways, and dams, is subject to malfunction due to factors such as deterioration, seismic activity, or improper construction methods. Thus, optical fiber strain gauges based on fiber Bragg gratings (FBGs) serve the purpose of detection and recording. In addition, the FBGs are sensitive to temperature, which allows their use in temperature monitoring; this also signifies it is a good practice to combine a temperature sensor with a strain sensor to allow for the compensation of the effect of temperature on the strain sensor.

3 Which are the five key companies in the global Fiber Optic Sensor market?

AOMS Technologies, Omnisens SA, Omron Corporation, OptaSense Ltd. (Luna Innovations), and Solifos AG are the five key players in the global Fiber Optic Sensor market. These companies have shown consistent growth in revenue and larger volumes of sales. In addition, the well-established top five players are offering a comprehensive product portfolio and have a prominent presence in terms of share in the global market.

4 Which segment by application led the Fiber Optic Sensor market?

The temperature segment led the end user segment. The temperature sensor applications can be installed in motors, surface plates, home applications, computers, industrial equipment, warning electric radiators, motorsport vehicles’ exhaust gas systems, and alcohol breathalyzers, among other application bases. The temperature sensors also find applications in transit, power and utilities, calibration and instrumentation, heat exchangers, industrial processes, drilling, heating/cooling systems, laboratory, and energy sector. Further, with the ongoing proliferation of power & utilities and other manufacturing industries, the adoption of temperature sensors would also increase in the future.

5 Which region is leading the Fiber Optic Sensor market in 2020?

North America is the largest revenue generator in the Fiber Optic Sensor market compared to the other regions. North America is one of the leading region in terms of manufacturing. The availability of efficient infrastructure in countries such as the US, Canada, and Mexico has enabled manufacturing companies to explore the limits of science, technology, and commerce. The US is a technologically and economically developed country with elevated standards of living, modern infrastructure, and so on. Technological advancements have led to a highly competitive market in North America.

6 Which primary factor is driving the Fiber Optic Sensor market?

Oil demand is increasing continuously across the world. For instance, the global oil demand would rise to 5.7 mb/d during 2019–2025, at an average annual rate of 950 kb/d. Following a difficult start in 2020 (-90 kb/d) due to the onset of COVID-19 worldwide, growth has rebound to 2.1 mb/d in 2021, while it is likely to decelerate to 800 kb/d by 2025, with projected stagnancy in the demand for transport fuels. The slow growth in oil demand is ascribed to the rise in preference for diesel and gasoline in internal combustion engine vehicles and rapid commercialization of electric vehicles. According to a report by the IEA, petrochemical feedstock, including LPG or ethane and naphtha, would account for nearly 50% of the total rise in demand for oil products, which is attributed to continuously increasing demands for plastics and cheap natural gas liquids.