The fiber optic sensor market size is projected to reach US$ 7.16 billion by 2031 from US$ 3.55 billion in 2023. The market is expected to register a CAGR of 9.16% during 2023–2031. Integration of advanced technologies such as intelligent Distributed Acoustic Sensor (iDAS) is likely to remain a key trend in the market.
Fiber optic sensing technology is currently utilized in a range of industries, such as automotive, healthcare, aerospace, civil engineering, manufacturing, and energy. Fiber optic sensors are affordable, light, durable, immune to electromagnetic interference, and able to function in challenging environments. Fiber optic sensors can measure over 60 parameters, such as strain, temperature, internal and applied loads, deflection, and liquid level, enabling various applications. Fiber optic sensors can be placed near significant EMI sources and structures at risk of lightning strikes, unlike conventional electrical sensors. Therefore, the demand for fiber optic sensors is projected to increase in the coming years, particularly in situations where traditional electrical sensors struggle due to harsh weather conditions.
Optical fiber sensing technology is utilized for measuring various parameters such as chemical changes, strain, temperature, pressure, electric and magnetic fields, displacement, rotation, radiation, liquid level, flow, light intensity, and vibrations. Additionally, they can be employed in high-temperature, high-voltage, or corrosive environments and are competent in remote sensing. Furthermore, they find applications in various sectors, including oil & gas, manufacturing, infrastructure, power and utilities, automotive, and healthcare. These sensors are not only capable of linear and seamless sensing, but they also function as sensors in communication applications without the need for electricity.
The fiber carries cold light, providing a secure option compared to sealed beam or halogen lighting. Fiber optic sensors are utilized in lighting applications within the automotive industry. In addition to the safety benefits, the light source is conveniently located and allows for more creative design possibilities. The sensors are utilized in cars for onboard safety features, including airbag operation, traction control devices, and safety systems. The use of fiber optics also enables the division of light source and destination, offering advanced lighting choices that require less space, making them ideal for challenging and limited access areas. Additionally, the increasing disposable incomes, particularly in emerging countries in APAC, stimulate the sales of passenger vehicles, which in turn will drive the usage of fiber optic sensors. Therefore, the increasing annual sales in the automotive industry play a crucial role in driving the expansion of the fiber optic sensor market.
The escalating power and energy industry drives the increasing demand for the fiber optic sensor market. This is due to the essential role of optic fiber sensors in surviving high temperatures, a crucial factor in the oil and gas industries. The booming oil and gas industry in the upcoming years is further fueling the demand for fiber optic sensors, as their extraction procedures often involve working at high temperatures unsuitable for human intervention. In these situations, the fiber optic sensor stands as a suitable solution.
Key segments that contributed to the derivation of the fiber optic sensor market analysis are application and vertical.
The geographic scope of the fiber optic sensor market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The North American market is growing significantly owing to the advancement of fiber-based sensors in healthcare and automotive industries. Moreover, the major companies are prioritizing expanding their distribution channels to increase market expansion. Europe is expected to experience consistent growth due to the ongoing need for precise fiber optic temperature sensors in industrial settings. In addition, the steady growth in European countries is being supported by the presence of manufacturers such as Proximion AB, Calex Electronics Limited, Scaime, Althen sensors & control, and others.
The regional trends and factors influencing the Fiber Optic Sensor Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Fiber Optic Sensor Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 3.55 Billion |
| Market Size by 2031 | US$ 7.16 Billion |
| Global CAGR (2023 - 2031) | 9.16% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Application
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Fiber Optic Sensor Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Fiber Optic Sensor Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The fiber optic sensor market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the fiber optic sensor market are listed below:
(Source: Luna, Company Website, December 2023)
The “Fiber Optic Sensor Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The market is anticipated to record a CAGR of 9.16% during 2023–2031.
The market is expected to reach a value of US$ 7.16 billion by 2031.
AOMS Technologies, Davidson Instruments, Omnisens SA, Solifos AG, Baumer Holding AG, Keyence Corporation, OMRON Corporation, Luna Innovations Inc, SICK AG, and Yokogawa Electric Corporation are major players in the market.
Integration of advanced technologies such as intelligent Distributed Acoustic Sensor (iDAS) are key trends in the market.
Increasing needs in the automotive industry and increasing investments in R&D activities are driving the market.