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(Wireless-NewsWire.Com, July 08, 2017 ) Publisher€™s market research analyst predicts the global fiber optic sensors market to grow steadily at a CAGR of about 9% during the forecast period. The fiber optic sensors capability of a higher tolerance for high temperatures is expected to drive the demand for these sensors in applications that has extreme environmental conditions and where electrical sensors fail to function properly, such as the oil and gas, and manufacturing sector.
Increased exploration of unconventional resources is another major factor expected to increase the revenues of the fiber optic sensors market during the forecast period. Fiber optic sensors are integrated into equipment used during the drilling and exploration stages. The increase in consumption of oil and gas and the decline in the production of conventional oil reserves has forced vendors and governments to indulge in exploration and drilling activities, therefore, leading to greater demand for fiber optic sensors in this industry.
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Product segmentation and analysis of the fiber optic sensors market
Intrinsic fiber optic sensors
Extrinsic fiber optic sensors
The intrinsic sensors segment dominated the market during 2015, with a market share of above 93%. Â Intrinsic sensors are used to measure physical properties such as strain, pressure, and temperature. The main reason behind the dominance of intrinsic sensors is the early adoption of these sensors in oil and gas industry.
Segmentation by end-user and analysis of the fiber optic sensors market
Oil and gas
Manufacturing
Infrastructure
Security
Others
Oil and gas accounted for nearly 31% of the market share during 2015. The high demand for equipment used for exploration and drilling activities and the ability of fiber optic sensors to measure temperatures and strain at different locations through a single fiber using multiplexing technology has been driving the growth of this segment.
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Geographical segmentation and analysis of the fiber optic sensors market
Americas
APAC
EMEA
The Americas accounted for almost 42% of the market share during 2015 and is expected to grow at a CAGR of close to 10% during the forecast period. The high adoption rate of fiber optic sensors in the manufacturing industry and the availability of huge reserves resulting in increased exploration and drilling activities are the primary drivers for the market growth in this region.
Competitive landscape and key vendors
Even though there is a colossal presence of vendors in the global fiber optic sensors market, many of these vendors have diversified portfolio and offer different types of sensors, and only a few vendors have core expertise in manufacturing fiber optic sensors, Therefore, the market offers great opportunity for vendors to bring in innovative and technologically advanced products into the market.
The leading vendors in the market are -
Banner Engineering
ifm Efector
OMRON
Sick
Other prominent vendors in the market include Honeywell Sensing and Control, Micron Optics, and Sensotec.
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