New York, September 29, 2021 (GLOBE NEWSWIRE) – Fiber Optic Sensors Market: Key Insights
According to our new research study on ‘Optical Sensors Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application, Vertical and Geography’, the Fiber Optic Sensors Market Size 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.
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), 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.
In the automotive industry, 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. In addition to the safety benefit, the light source is easily accessible and offers greater design freedom. Deployment of optical fiber also allows separation of light source and outlet location, providing high performance lighting options with reduced physical space requirements, making them suitable for difficult and tight locations of access. Sensors are also used in automobiles in on-board safety devices and systems, such as airbags, traction control devices, and safety systems. According to the International Organization of Automobile Manufacturers (OICA), around 91.3 million vehicles were sold worldwide in 2019. In addition, the increase in disposable income, mainly in the emerging countries of the APAC, favors passenger vehicle sales, which in turn would fuel the adoption of fiber optic sensors. Thus, the rise in annual auto sales is an important factor contributing to the growth of the fiber optic sensors market.
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Impact of the COVID-19 pandemic on the fiber optic sensors 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. The disruption of raw material suppliers, the temporary shutdown of manufacturing units, limited funding and weak customer demand have negatively impacted electronics and semiconductor manufacturers.
According to the Electronic Components Industry Association (ECIA), the COVID-19 outbreak has resulted in delayed product releases and disruption of supply chain events and other industry activities. Several manufacturers have temporarily shut down manufacturing units due to lower demand for the products due to lockdown measures and limited manufacturing resources. In addition, manufacturers of various electronic and semiconductor products, including sensors, have experienced a substantial delay in delivery times. During the first quarter of 2020, many Chinese manufacturers temporarily shut down their manufacturing facilities, showing a drop in the supply and demand of electronic and semiconductor products around the world. These factors have negatively impacted the fiber optic sensor market.
AFSM technologies; Baumer Group; Davis Instruments; Keyence Company; Omnisens SA; OMRON Company; Halliburton Energy Services, Inc .; and Luna Innovations Incorporated are among the leading manufacturers of fiber optic sensors. In May 2021, Halliburton Company collaborated with TGS-NOPEC Geophysical ASA; Through this collaboration, the companies aim to provide oil and gas plant operators with better information to decide their reservoir potential for oil and gas production or carbon storage. Additionally, Luna Innovations unveiled a new measurement solution enabled with enhanced fiber optic sensing technology; the solution is optimized for greater accuracy and authentic high definition distributed temperature measurements. Luna’s Optical Distributed Sensor Interrogator (ODiSI) platform is the industry’s high definition fiber optic temperature measurement system capable of eliminating impacts causing mechanical stress errors on fiber optic temperature sensors. Thus, with more such developments, the demand for fiber optic sensors would increase in the years to come.
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Fiber Optic Sensors Market: Overview of Types
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.
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