ElectroniCast: Fibre-optic sensors worth $3.38B in 2016
The global consumption of fibre optic sensors will increase to reach $5.98 billion in 2026, up from $3.38 billion in 2016, according to the latest market forecast and analysis from ElectroniCast Consultants.
The study considers both distributed continuous sensors and point (local) fibre-optics sensors. The market share in terms of value is segmented according to region and application category, which include manufacturing, civil engineering, military and aerospace, petrochemical and energy, and biomedical/scientific applications.
The Europe, Middle East, Africa region (EMEA) held a very slight lead in relative market share last year, while the Americas was not far behind. However, the Asia Pacific region (APAC) is projected to take-over the leadership position during the forecast period.
The report also digs deep into technology, and segments the market according to sensor type: such as mechanical strain, temperature, pressure, chemical, vibration (e.g. acoustic and seismic sensors), acceleration, electric current and magnetic field sensors, and rotation sensors, such as fibre-optic gyroscopes (FOGs).
The EMEA region is forecast to have a strong role in the use of distributed fibre-optic systems, driven by the region’s use of such systems in aviation, as well as in the petrochemical, natural resources, energy/utility application categories.
The Americas region is expected to maintain the market share lead in point sensors throughout the first half of the forecast period (2016-2021), mostly led by the use of fibre-optic gyros in military and aerospace applications. Fibre-optic gyros are the most common type of point sensor, with 65 per cent of the global market share in 2016.
“All regions, thanks mainly to increases in the use in aviation and military critical mission applications – unmanned aerial vehicle/UAV and missile guidance, navigation, north finding/tracking, robotics, aviation and aeronautics and other – are forecast to show an impressive increase in consumption quantity and values for the FOG systems,” said Stephen Montgomery, Director of the Fiber Optics Components group at ElectroniCast Consultants.
ElectroniCast notes that each point fibre-optic sensor is considered as one unit; however, distributed fibre-optic sensors are counted as one system unit, with correspondingly more value. Each distributed sensor systems may have hundreds of sensing elements in a continuous line and also include the optical fibre, the cable (fibre jacket), optoelectronic transmitter/receiver, connectors, and other related components.
ElectroniCast’s 10-Year Forecast for Fiber Optic Sensors is available now.