North America Fiber Optic Sensor Market Key Players and Forecast by 2028

The North America fiber optic sensor market is expected to reach US$ 2,144.7 million by 2028 from US$ 1,267.0 million in 2021. The market is estimated to grow at a CAGR of 7.8% from 2021–2028.

The actual time monitoring of underground well conditions is becoming increasingly vital in the oil & gas vertical. To gain a comprehensive picture of underground conditions, operators are using downhole fiber-optic sensors to accurately measure parameters such as temperature and pressure along the length of the wellbore in real time. The useful information about well condition and operation obtained from the sensor data helps the well operators in fine tuning of conditions, thus achieving maximum production. The collection of fiber optic sensor data and analysis of the same reduce uncertainty, enabling better operational decisions that can significantly reduce environmental impact of operations, in addition to increasing well production. Moreover, these sensors are used to real-time leakage detection and predictive maintenance in the oil & gas plants. Such as, AFL provides optimized fiber optic cables for the oil & gas sector. Thus, with the increasing importance of fiber optic sensors in the oil & gas industry, the demand of these sensors is on rise, thus fuelling the market growth.

According to the American Institute of Architects (AIA), the construction sector in the US has been hit hard by the COVID-19 outbreak. The construction activity declined in 2020 and the trend is prevailing in the 2021. The construction activities are declined by approximately 20% which negatively impacted the fiber optic sensor market. The oil & gas industries that install higher volumes of sensors have been hit at various levels of degree by the COVID-19 pandemic. The Canadian and Mexican fiber optic sensor market also witnessed and are experiencing similar tremors owing the widespread of COVID-19 virus. The infrastructure and power & utilities sector in the two countries have been witnessing significant shocks. Apart from oil & gas and manufacturing sector in Canada and Mexico also observed decline in sales owing to the concerns over rapid spread of the virus under cooler environments.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the fiber optic sensor market. The North America fiber optic sensor market is expected to grow at a good CAGR during the forecast period.

 

North America Fiber Optic Sensor Market Segmentation

By Vertical

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

By Application

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

By Country

• North America

US

Canada

Mexico

Companies Mentioned

1. AOMS Technologies
2. Davidson Instruments
3. Omnisens SA
4. Solifos AG
5. Baumer Holding AG
6. Keyence Corporation
7. OMRON Corporation
8. Luna Innovations Inc.
9. SICK AG
10. Yokogawa Electric Corporation

North America Fiber Optic Sensor Report Scope