Fiber Optics Sensor Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Intrinsic Fiber-Optic Sensor, Extrinsic Fiber-Optic Sensor), By Application (Chemical Sensor, Physical Sensor, Bio-Medical Sensor), By End-User Industry (Healthcare, Oil And Gas, Defense And Aerospace, Information Communication And Technology, Others), And By Geography - Forecasts From 2022 To 2027

Published:  May 2022 Report Code: KSI061611376 Pages: 114

The global fiber optics sensor market was valued at US$2.396 billion in 2020 and is expected to grow at a CAGR of 10.37% over the forecast period to reach a total market size of US$4.782 billion by 2027.

A fiber optic sensor detects changes in temperature, strain, and other parameters by utilizing the physical properties of light. With the growing demand for high-end industrial applications and sophisticated functions, the global market for fibre optic sensors is expanding.  Extreme temperature conditions are well tolerated by fiber optic sensors. Due to this, fiber optic sensors are expected to become increasingly popular, especially for uses where electrical sensors don't perform well in extreme environments. Some examples of applications with extreme temperature conditions are the manufacturing and oil and gas sectors. Fiber optic sensors are being driven by the increases in telecommunications and civil engineering investments, as well as smart manufacturing technologies around the world. By 2025, the International Energy Agency (IEA) expects that global oil demand will grow by about 1 million barrels per day (BPD) annually, up from 97 million BPD in 2018.

In the UAE, domestic natural gas production plants are to be expanded. As part of the “Jebel Ali Project”, Dubai and Abu Dhabi aim to develop a joint gas reservoir to support the UAE economy and ensure sustainable growth. A refining expansion from 140,000 to 210,000 barrels per day is planned at Dubai and the Emirates National Oil Company (ENOC), as well as expanded production of jet fuel,  gasoline, and diesel. In February 2019, ADNOC announced it had committed $4 billion to US investment firms BlackRock and KKR for the construction of a crude oil pipeline in the UAE.

Drivers:

  • Oil and gas industry expansion:

Oil and gas demand has been increasing at an exponential rate, resulting in massive expansion and investments so that the old infrastructure can be changed. Regardless of the temperature and pressure, fiber optic sensors provide excellent optical performance. Globally, countries are continuously investing in their gas pipeline infrastructure, which is expected to boost the market for fiber optic sensors.  State-owned firms in China, such as CNPC and China National Offshore Oil Corporation, have plans to extract more natural gas at local fields, which drives pipeline demand further. An agreement between Russia and Pakistan calls for a USD 2 billion gas pipeline. India and Russia also signed an agreement regarding natural gas exports with a value of USD 40 billion. In addition to modifying the gas pipeline infrastructure, India is also upgrading its power infrastructure. The Indian government announced a pipeline project for Jammu and Kashmir in the annual budget for 2021. According to the Ministry of Petroleum and Natural Gas of India, the Petroleum and Natural Gas Regulatory Board (PNGRB) has authorized approximately 33,764 km of natural gas pipeline for the purpose of creating a national gas grid and increasing natural gas availability across India. In the near future, these large-scale projects are likely to drive growth in the pipeline industry, which will, in turn, lead to significant growth in the fiber optic sensor market.

  • Continuous infrastructure development

The other key market driver is the increasing demand for civil engineering services. In this service, fiber optic sensors are highly necessary. For the complex tasks involved in civil engineering verticals, the fiber optic sensor is an ideal solution. In the Asia-Pacific, rapid urbanization, as well as increasing industrial manufacturing activities, are expected to drive market growth. 4.2 billion people ( more than 55% of the global population)  live in cities. (Source: UN). The UAE is well known for its world-class infrastructure as well as its thriving construction industry. As part of the UAE's fiscal year 2020 budget, a zero deficit federal budget of 61.35 billion AED has been approved, 14.00% of which is dedicated to infrastructure and economic development. (Source: mof.gov). Such high-budget infrastructure projects are expected to drive the growth of the fiber optic sensor market.

Restraints

  • Complex process

The installation of this device is extremely complex. The system cannot function without a specialist. Growth is hampered by the complexity of fiber optic sensor installation. Since installing fiber optic systems takes a considerable amount of time, many audiences are hesitating to purchase them. Another major restraint of this market is the lack of awareness of fiber optic sensors. Customers are not aware on this device's exceptional features.

COVID-19 insights

COVID19 has a tremendous impact on many industries. In the gas and oil industries and in civil construction, fiber optic sensors are widely used. Fibre Optic Sensor Market has suffered from the shutdown of these industries. The supply-demand chain has been disrupted by government restrictions on various industries. After restrictions were lifted, demand for fiber optic sensors increased steadily.

Competitive Scenario:

In order to remain competitive, companies in the industry launch new products and heavily pursue research and development. As of June 2021, NEC Corporation began selling its "NEC Intelligent Optical Fibre Sensing Solutions," which enables communications service providers  (CSPs) and owners of optical fiber worldwide to use fibers as sensors. Schlumberger introduced its Optiq Schlumberger fiber-optic solutions in August 2021, which can be applied to a wide range of energy-related applications and environments. Thales Ground Transportation Systems will lead a consortium that will research and prototype fiber-optic acoustic sensing (FOAS) in September 2021 for Network Rail, UK.

Fiber Optics Sensor Market Scope:

Report Metric Details
 Market size value in 2020  US$2.396 billion
 Market size value in 2027  US$4.782 billion
 Growth Rate  CAGR of 10.37% from 2020 to 2027
 Base year  2020
 Forecast period  2022–2027
 Forecast Unit (Value)  USD Billion
 Segments covered  Type, Application, End-User Industry, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered Opsens Solutions, Omron Corporation, Banner Engineers Corp., Hamamatsu Photonics K.K., Broadcom Inc., TE Connectivity, Panasonic Corporations, TAKENAKA ELECTRONIC INDUSTRIAL CO.,LTD, Specto Technology, Sick AG
 Customization scope  Free report customization with purchase

 

Segmentation

  • By Type
    • Intrinsic Fiber-Optic Sensor
    • Extrinsic Fiber-Optic Sensor
  • By Application
    • Chemical Sensor
    • Physical Sensor
    • Bio-Medical Sensor
  • By End-User Industry
    • Healthcare
    • Oil and Gas
    • Defense and Aerospace
    • Information Communication and Technology
    • Others
  • By Geography
    • North America
      • US
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • United Kingdom
      • Germany
      • France
      • Italy
      • Others
    • Middle East and Africa
      • United Arab Emirates
      • Israel
      • Saudi Arabia
      • Others 
    • Asia Pacific
      • India
      • South Korea
      • Taiwan
      • Thailand
      • Indonesia
      • Japan
      • Others

Frequently Asked Questions (FAQs)

Q1. What will be the fiber optics sensor market size by 2027?
A1. The global fiber optics sensor market is expected to reach a total market size of US$4.782 billion in 2027.


Q2. What is the size of the global fiber optics sensor market?
A2. Fiber Optics Sensor Market was valued at US$2.396 billion in 2019.


Q3. What are the growth prospects for the fiber optics sensor market?
A3. The fiber optics sensor market is expected to grow at a CAGR of 10.37% during the forecast period.


Q4. What factors are anticipated to drive the fiber optics sensor market growth?
A4. With the growing demand for high-end industrial applications and sophisticated functions, the global fiber optics sensor market is on the rise.


Q5. How is the global fiber optics sensor market segmented?
A5. The fiber optics sensor market has been segmented by type, application, end-user industry, and geography. 

1. INTRODUCTION
1.1. Market Definition
1.2. Market Segmentation

2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Assumptions

3. EXECUTIVE SUMMARY
3.1. Research Highlights

4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis

5. FIBER OPTIC SENSOR MARKET, BY TYPE
5.1. Introduction
5.2. Intrinsic Fiber-Optic Sensor
5.3. Extrinsic Fiber-Optic Sensor

6. FIBER OPTIC SENSOR MARKET, BY APPLICATION
6.1. Introduction
6.2. Chemical Sensor
6.3. Physical Sensor
6.4. Bio Medical Sensor

7. FIBER OPTIC SENSOR MARKET, BY INDUSTRY VERTICAL 
7.1. Introduction
7.2. Healthcare
7.3. Oil and Gas
7.4. Defense and Aerospace
7.5. Information Communication and Technology
7.6. Others 

8. FIBER OPTIC SENSOR MARKET, BY GEOGRAPHY
8.1. Introduction
8.2. North America
8.2.1. United States
8.2.2. Canada
8.2.3. Mexico
8.3. South America
8.3.1. Brazil
8.3.2. Argentina
8.3.3. Others
8.4. Europe
8.4.1. Germany
8.4.2. France
8.4.3. United Kingdom 
8.4.4. Spain 
8.4.5. Others
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.5.2. UAE
8.5.3. Israel
8.5.4. Others
8.6. Asia Pacific
8.6.1. China
8.6.2. India
8.6.3. South Korea
8.6.4. Taiwan
8.6.5. Thailand
8.6.6. Indonesia 
8.6.7. Japan
8.6.8. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix

10. COMPANY PROFILES
10.1. Opsens Solutions 
10.2. Omron Corporation
10.3. Banner Engineers Corp.
10.4. Hamamatsu Photonics K.K.
10.5. Broadcom Inc.
10.6. TE Connectivity 
10.7. Panasonic Corporations
10.8. TAKENAKA ELECTRONIC INDUSTRIAL CO.,LTD
10.9.  Specto Technology
10.10. Sick AG

Opsens Solutions

Omron Corporation

Banner Engineers Corp.

Hamamatsu Photonics K.K.

Broadcom Inc.

TE Connectivity

Panasonic Corporations

TAKENAKA ELECTRONIC INDUSTRIAL CO.,LTD

 Specto Technology

Sick AG

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