U.S. Market for Fiber Optic Sensors Worth $1.6 Billion in 2014
October 21, 2008
Wellesley, Mass—According to a new technical market research report, FIBER OPTIC SENSORS (IAS002D) from BCC Research, the U.S. market for fiber optic sensors (FOS) was worth $235.0 million in 2007 and an estimated $330.0 million in 2008. This will increase to $430.0 million in 2009 and $1.6 billion in 2014, for a compound annual growth rate (CAGR) of 30.0%.
The market is broken down into extrinsic and intrinsic fiber optic sensors. Intrinsic FOS have the larger share of the market, generating $170.0 million in 2007 and an estimated $238.0 million in 2008. This segment is expected to generate $306.0 million in 2009 and $1.4 billion in 2014, for a CAGR of 35.0%.
The extrinsic FOS segment was worth $65.0 million in 2007 and an estimated $92.0 million in 2008. This should increase to $124.0 million in 2009 and $219.0 million in 2014, for a CAGR of 12.0%.
U.S. MARKET FOR FIBER OPTIC SENSORS, BY TYPE, 2007-2014
Source: BCC Research
Fiber optic sensors are an enabling technology that adds value to larger systems. FOS make it possible to measure strain, temperature and pressure in conditions under which other sensor technologies fail.
FOS are an important part of systems designed to monitor optical networks, oil reservoirs and the condition of pipelines and bridges. FOS also allows geologists to create three dimensional maps of underground rock formations and reservoirs.
Defense and oil and gas services are the largest current markets for fiber optic sensors. Perimeter security for critical installation and monitoring options for borders are a growing market. Biomedical applications are a developing future market, if the new devices can perform as promised and if they win regulatory approval.
The cost to performance ratio remains a limitation to the adoption of the technology because the high price must be justified for the new proposed uses. One new challenge on the horizon is the variety of new wireless technologies that offer the potential to provide some the bandwidth advantages at lower cost and with higher flexibilities.
Fiber Optic Sensors( IAS002D )
Publish Date: October 2008
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