Fiber Optic Sensors Market Expected to Reach US $ 5,506.24 Million, Globally, by 2028 at 9.16% CAGR: The Insight Partners


The development of smart cities on a global scale provides growth opportunities for the fiber optic sensors market during the period 2021-2028

NEW YORK, UNITED STATES, November 16, 2021 / – According to our last market study on “Fiber Optic Sensors Market Forecast to 2028 – COVID-19 Impact and Global Analysis – By Application and Vertical ”, the market is expected to reach US $ 5,506.24 million by 2028 compared to US $ 2,980.47 million in 2021; it is expected to register a CAGR of 9.16% from 2021 to 2028.

Strategic perspectives

Report Coverage: Details
Market Size Value in: US $ 2,980.47 Million in 2020
Market size value of: US $ 5,506.24 million by 2028
Growth rate: 9.16% CAGR from 2021-2028
Forecast period: 2021-2028
Baseline year: 2021
Number of pages: 158
Number of tables: 62
Number of graphs and figures: 76
Historical data available: Yes
Segments covered: Application and Vertical
Regional scope: North America; Europe; Asia Pacific; Latin America; AEM
Country: United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report Cover Revenue Forecast, Company Rank, Competitive Landscape, Growth Factors & Trends

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The demand for oil continues to increase across the world. For example, global oil demand would reach 5.7 Mb / day in 2019-2025, at an average annual rate of 950 kb / day. Despite a difficult start in 2020 (-90 kb / day) due to the appearance of COVID-19 in the world, growth rebounded to 2.1 Mb / day in 2021; however, it is likely to decelerate to 800 kb / day by 2025, with expected stagnation in demand for transport fuels.

The weak growth in oil demand is due to the rising preference for diesel and gasoline in internal combustion engine vehicles and the rapid commercialization of electric vehicles. According to a 2020 IEA (International Energy Agency) report, petrochemical raw materials, including LPG or ethane and naphtha, account for nearly 50% of the total increase in demand for products. tankers, which is attributed to the growing demand for plastics. and inexpensive natural gas liquids.

Impact of the COVID-19 pandemic on the fiber optic sensor market

The COVID-19 pandemic has created enormous disruption in all industries, including electronics and semiconductors. Every phase of the business model has undergone a radical change, including manufacturing units, capital spending, R&D, demand, supply chain, production decisions, and mergers and acquisitions (M & M & A ). Over the past few months, the COVID-19 outbreak has seriously tested electronics and manufacturers in strategizing. Disruptions among raw material suppliers, temporary shutdowns of manufacturing units, limited funding and weak customer demand have negatively impacted electronics and semiconductor manufacturers.

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Real-time monitoring of good underground conditions is becoming increasingly vital in the oil and gas vertical. To get a complete picture of underground conditions, operators use downhole fiber optic sensors to accurately measure parameters such as temperature and pressure along the wellbore in real time. Useful information about well conditions and operation obtained from sensor data helps well operators to fine tune conditions, thus achieving maximum production. The collection and analysis of data from fiber optic sensors reduces uncertainty, enabling better operational decisions that can significantly reduce the environmental impact of operations and increase well production. Additionally, these sensors are used for real-time leak detection and predictive maintenance in oil and gas plants, as AFL provides optimized fiber optic cables for the oil and gas industry. Thus, with the increasing importance of fiber optic sensors in the oil and gas industry, the demand for these sensors is increasing, thus fueling the growth of its market.

Application-based market overview

Based on the applications, 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.

Fiber Optic Sensors Market: Competitive Landscape and Key Developments

AOMS Technologies, Baumer Holding AG, Davidson Instruments, Keyence Corporation, Omnisens SA, Omron Corporation, OptaSense Ltd, SICK AG, Solifos AG and Yokogawa Electric Corporation are some of the major players in the global fiber optic sensor market. Leading companies focus on expanding and diversifying their market presence and acquiring new customers, thereby exploiting existing business opportunities.

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In April 2020, AOMS Technologies and PCL Construction entered into a partnership to make “smart construction” compatible with IoT 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 which combines chirped pulse laser technology with Omnisens techniques on programmable chirp coding and modulation.

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