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Fibre optic sensor market to log 9.6% CAGR from 2015-2019

Posted: 04 May 2015 ?? ?Print Version ?Bookmark and Share

Keywords:ReportsnReports.com? fibre optic? sensor? OMRON? Corning?

The global fibre optic sensor market is predicted to grow at 9.6 per cent CAGR during 2015-2019 as a result of the technological advancements and promising investments in this industry, as well as the rising demand for sophisticated functionalities in industrial applications, according to ReportsnReports.com. The growth is forecast to remain in the next four years due to the continued deployment of ultra-miniaturised and power-efficient sensors.

Fibre optic sensors are becoming more reliable and robust than their predecessors, which will surely drive the market during the forecast period. The global fibre optic sensor market is also witnessing an increase in R&D spending on sensors. The leading vendors are expected to increase their investment in the development of smart sensors over the projected period. Increased investments will enable vendors to innovate and develop technologically advanced sensors with added features, thus increasing their customer base and market share in the coming years.

To calculate the fibre optic sensor market size, the report considers revenue generated from the sales of fibre optic sensors across all the types. The report does not consider the telecommunication sector for calculating the market size as it is a wide market. It also presents the revenue contribution from the end-users segments to derive the market size. The report does not consider the following while calculating the market size: aftermarket sales of fibre optic sensors, sales of counterfeit products and revenues from the service and maintenance of fibre optic sensors.

Another report revealed that at present, all countries in the world are energetically carrying out the R&D and application of optical fibre sensing technology, among them, the U.S. due to the earliest start leads the world in technology and scale. In 2013, global optical fibre sensor sales reached $1.89 billion, up 19.6 per cent YoY, of which, the U.S. registered $1.22 billion, making up 64.6 per cent of world's total, which is expected to reach $4.33 billion in 2018.

The promising prospect of Chinese optical fibre sensor market has attracted many domestic enterprises such as Wuhan WUTOS Co. Ltd, Beiyang Optic-electronic Information Technology Co. Ltd, Pegasus (Qingdao) Optoelectronics Inc., Bandweaver Technologies Co. Ltd and Jiangsu Tongding Optic-Electronic Co. Ltd. Moreover, some foreign companies e.g. OMRON, Panasonic, Corning also have started their layout in China. In November 2013, Corning established the first R&D centre in Shanghai, committed to the localised development of optical fibre sensor and other products in China.





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