Development of Smart Cities Globally Provide Growth Opportunities for Fiber Optic Sensor Market During 2021–2028

NEW YORK, UNITED STATES, November 16, 2021 /EINPresswire.com/ -- According to our latest market study on “Fiber Optic Sensor Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application and Vertical,” the market is projected to reach US$ 5,506.24 million by 2028 from US$ 2,980.47 million in 2021; it is expected to register a CAGR of 9.16% from 2021 to 2028.

Strategic Insights

Report Coverage: Details
Market Size Value in: US$ 2,980.47 Million in 2020
Market Size Value by: US$ 5,506.24 Million by 2028
Growth rate: CAGR of 9.16% from 2021-2028
Forecast Period: 2021-2028
Base Year: 2021
No. of Pages: 158
No. Tables: 62
No. of Charts & Figures: 76
Historical data available: Yes
Segments covered: Application and Vertical
Regional scope: North America; Europe; Asia Pacific; Latin America; MEA
Country scope: US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Get Exclusive Sample Pages of Fiber Optic Sensor Market at https://www.theinsightpartners.com/sample/TIPTE100000943/

Oil demand is increasing continuously across the world. For instance, the global oil demand would rise to 5.7 Mb/day during 2019–2025, at an average annual rate of 950 kb/day. Despite a difficult start in 2020 (-90 kb/day) due to the onset of COVID-19 worldwide, growth rebounded to 2.1 Mb/day in 2021; however, it is likely to decelerate to 800 kb/day by 2025, with projected stagnancy in the demand for transport fuels.

The slow growth in oil demand is due to the rise in preference for diesel and gasoline from internal combustion engine vehicles and the rapid commercialization of electric vehicles. According to a report by the IEA (International Energy Agency) of 2020, petrochemical feedstock, including LPG or ethane and naphtha, would account for nearly 50% of the total rise in demand for oil products, which is attributed to the increasing demands for plastics and cheap natural gas liquids.

Impact of COVID-19 Pandemic on Fiber Optic Sensor Market

The COVID-19 pandemic created enormous disruption across industries, including electronics and semiconductors. Every phase of the business model has witnessed a drastic change, including the manufacturing units, capital expenditures, R&D, demand, supply chain, production decisions, and mergers and acquisitions (M & M&A). Over the past several months, the COVID-19 outbreak had severely challenged the electronics and manufacturers in strategy making. The disruption among raw material suppliers, temporary closure of manufacturing units, limited funding, and weak demand from customers have showcased adverse impacts on the electronics and semiconductor manufacturers.

Download the Latest COVID-19 Analysis on Fiber Optic Sensor Market Growth Research Report at https://www.theinsightpartners.com/covid-analysis-sample/TIPTE100000943

The actual time monitoring of underground good conditions is becoming increasingly vital in the oil & gas vertical. To gain a comprehensive picture of underground conditions, operators are using downhole fiber-optic sensors to accurately measure parameters such as temperature and pressure along the length of the wellbore in real-time. The useful information about well conditions and operation obtained from the sensor data helps well operators in fine-tuning of conditions, thereby achieving maximum production. The collection and analysis of fiber optic sensor data reduce uncertainty, which enables better operational decisions that can significantly reduce the environmental impact of operations and increase well production. Moreover, these sensors are used for real-time leakage detection and predictive maintenance in the oil & gas plants, such as AFL provides optimized fiber optic cables for the oil & gas sector. Thus, with the increasing importance of fiber optic sensors in the oil & gas industry, the demand for these sensors is rising, thereby fueling its market growth.

Application-Based Market Insights

Based on application, the fiber optic sensor market is segmented into temperature sensing, pressure sensing, acoustic sensing, strain sensing, and others. The temperature sensing segment held the largest market share in 2020.

Fiber Optic Sensor Market: Competitive Landscape and Key Developments

AOMS Technologies, Baumer Holding AG, Davidson Instruments, Keyence Corporation, Omnisens SA, Omron Corporation, OptaSense Ltd, SICK AG, Solifos AG, and Yokogawa Electric Corporation are among the key players in the global Fiber Optic Sensor market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

Order a Copy of Fiber Optic Sensor Market Shares, Strategies, and Forecasts 2021-2028 Research Report at https://www.theinsightpartners.com/buy/TIPTE100000943/

In April 2020, AOMS Technologies and PCL Construction entered a partnership to make IoT-enabled "Smart Construction" a new reality. This partnership is expected to further enhance Job Site Insights (JSI) and PCLS's cloud-based construction platform.

In May 2020, Omnisens SA announced the release of ODAS, its new family of Distributed Acoustic Sensing (DAS) interrogators that combines chirped pulse laser technology with Omnisens' techniques on programmable chirp coding and modulation.

Browse Related Reports and Get a Sample copy

Smart Sensors for Aerospace Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Fiber Optic Sensor, MEMS Sensor, Nano Sensor, Ultrasonic Sensor, Acoustic Sensor, Imaging Sensor, Temperature Sensor, Others); Aircraft Type (Commercial, Military) and Geography - https://www.theinsightpartners.com/reports/smart-sensors-for-aerospace-market

Optical Sensor Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Intrinsic Sensors, Extrinsic Sensors); Sensor Type (Fiber Optic Sensor, Image Sensor, Photoelectric Sensor, Ambient Light, and Proximity Sensor, Others); End-User (Industrial, Automotive, Consumer Electronics, Medical, Biometric, Others) and Geography - https://www.theinsightpartners.com/reports/optical-sensor-market

Aerospace Fiber Optic Sensors Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Temperature Sensor, Strain Sensor, Pressure Sensor, Others); Application (Health Monitoring, Engine, Avionics) and Geography - https://www.theinsightpartners.com/reports/aerospace-fiber-optic-sensors-market

About Us:

The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us:

If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi

E-mail: sales@theinsightpartners.com

Phone: +1-646-491-9876

Press Release: https://www.theinsightpartners.com/pr/fiber-optic-sensor-market
More Research:  https://www.openpr.com/news/2424702/fiber-optic-sensor-market-size-to-outstrip-5-506-24mn-by-2028

Sameer Joshi
The Insight Partners
+91 96661 11581
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.