December 29, 2016
Wellesley, Mass., Dec 29, 2016 – Manufacturer emphasis on product quality is boosting demand for high-quality fiber optic products and optical test equipment, which is helping increase the demand for fiber optic sensors. BCC Research reveals in its new report that with trends shifting toward fast, easy and simple solutions, the demand for fiber optic sensors is expected to increase considerably in the future.
Fiber optic sensors are sensors that incorporate optical fiber in design and function. They can be categorized in various ways, depending on their design. Fiber optic sensors can be categorized as extrinsic or intrinsic, and further as point, multiplexed or distributed. Types of sensors covered in this report include Fabry-Pérot (FP)-based, coated fibers, fiber optic gyroscopes (FOG), fiber Bragg gratings (FBG), Brillouin-based and Raman-based.
The global fiber optic sensors market should reach $2.0 billion and $3.2 billion by 2016 and 2021, respectively, growing at a five-year compound annual growth rate (CAGR) of 9.9%. The fiber optic sensors market for defense should reach $999 million by 2021, up from $687 million in 2016, demonstrating a five-year CAGR of 7.8%. The fiber optic sensors market for medical should total $395 million by 2021 from $205 million in 2016, reflecting a five-year CAGR of 14%.
Defense remains the largest market for fiber optic sensors because of performance demands for military applications. An increase in investments in the defense structure by the military forces across the globe should fuel significant demand in this sector.
Technological advances like acoustic sensing are evolving to meet growing needs for efficiency. The fiber optic sensor market in the energy sector, valued at $382 million in 2015, is expected to total $701 million in 2021, increasing at a five-year CAGR of 10.4%.
The application of fiber optic sensors in the medical industry holds a huge potential in the coming years. Fiber optic sensors have numerous applications in the medical sector, such as analyzing temperature, pressure, calibration of accelerometers, strain, liquid level, pH, chemical analysis, concentration, density, refractive index of liquids etc.
"The fiber optic sensor market is expected to witness robust growth during the forecast period. Rising demand for R&D, increasing application of fiber optics, increasing application in medical diagnosis and computer-aided design and computer-aided manufacturing (CAD/CAM), among others, are some of the major factors driving the growth of fiber optic sensors market globally,” says BCC Research analyst Guarav Bhushan.
Fiber Optic Sensors: Global Markets (PHO010B) analyzes the Information on regulations affecting these markets, market trends, and competitive structures within these markets. The report also examines key application areas such as telecommunications, oil and gas exploration and drilling, medical, and industrial markets. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
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Fiber Optic Sensors: Global Markets( PHO010B )
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