Bright Future Predicted for the Global Fiber Optic Sensors Market

2014-12-08
Published : Dec-2014

The global market for fiber optic sensors has been growing at a steady pace with advancement in technology and increasing demand in various application sectors. The adoption of fiber optic sensors across different industries such as automotive, electronics, aircraft and shipbuilding, packaging, oil and gas, logistics is fueling the growth of the fiber optic sensors market. In 2013, the global market for fiber optic sensors reached a value of 1.8 billion USD. The global fiber optic sensors market is growing at a compound annual growth rate of 9.6 percent during the period from 2014 to 2019. With the introduction of power-efficient and ultra-miniature fiber optic sensors with rapid advancement in technology, the global market for fiber optic sensors has witnessed rapid growth.

The global fiber optic sensor market can be segmented on the basis of type of fiber optic sensors and geographical regions. According to type, the market can be segmented as extrinsic fiber optic sensors and intrinsic fiber optic sensors. Key players in the fiber optic sensors market are Omron Corporation, ifm efector, Sick AG, Honeywell Sensing and Control, Banner Engineering Corporation, Agilent Technologies Inc., Photonics Laboratories Inc., Ocean Optics Inc., Avensys Tech, Intelligent Fiber Optic System Corp, and Avantes B.V. The global fiber optic sensor market is witnessing an increase in spending in research and development. This increased investment will enable manufacturers to innovate and come up with technologically advanced sensors with value-added features. This will in turn help in increasing the growth of the market.

There are many benefits of using fiber optic sensors in different industries. Low power consumption, high sensitivity, and resistance to electromagnetic interference are some of the major advantages of fiber optic sensors. However, fiber optic sensors are more expensive and their high deployment cost is a hindrance to the adoption of such sensors in various industries. High cost of fiber optic sensors is one of the factors limiting the market growth of the global fiber optic sensors industry. The high demand for reliable, durable and effective sensors in industries will drive the growth of the global fiber optic sensors market in the future.

Explore the latest market research reports on global fiber optic sensors market @ http://www.sandlerresearch.org/global-fiber-optic-sensors-market-2015-2019.html

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