A new study title “Fiber Optic Sensor market size, status and forecast 2027” has been featured on market research future.
As per the latest report published by Marker Research Future (MRFR), the global fiber optic market for fiber optic sensors is predicted to reach a significant market value of USD 3 Billion by 2023 at a moderate CAGR of 11% over the review period (2016 to 2022).
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the major market players identified by MRFR in the Global Fiber Optic Sensor Market includes Yokogawa Electric Corporation (Japan), ABB Ltd. (Switzerland), OmniSens S.A. (Switzerland), Finisar Corporation (U.S.), Deltex Medical Group PLC (UK), AP Sensing GmbH (Germany), AFL Group (U.S.), Luna Innovations Incorporated (U.S.), Sumitomo Electric Industries Ltd. (Japan), and, others.
The global market for fiber optic sensors can be segmented on the basis of the type, component, and end-user.
The fiber optic sensors market segmentation on the basis of Type has been bifurcated into Intrinsic and extrinsic fiber optic sensors.
Based on the components, the market has been segmented into receivers, Transmitters, optical fiber optic cables, amplifiers, and others.
The end-use industry verticals that deploy fiber optic sensors are energy & power, Defense, transportation, medical, industrial, and others
. Regional Analysis:
The market has been geographically examined in four major regions, namely Europe, Asia Pacific (APAC), North America, and the Rest of the World (RoW).
Over the analysis era, North America is expected to lead the market for fiber optic sensors followed by Europe. The North American market is segmented into the U.S., Canada and Mexico, its major countries. The region’s biggest companies are expected to concentrate on increasing their output and expanding their distribution network. In addition , the increasing demand for handheld devices in the factory automation smart control system is expected to boost the region’s market growth of fiber optic sensors. Asia-Pacific is projected to be the fastest-growing fiber optic sensor market due to the rising demand for advanced fiber optic sensors in the region’s oil & gas and construction industry. In addition, the region ‘s growing need for handheld devices and electronic systems is expected to drive the growth of the region’s fiber optic sensor market by the end of the forecast period.
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