The fiber optic sensor market is projected to reach US$ 5,506. 24 million by 2028 from US$ 2,980. 47 million in 2021; it is estimated to register a CAGR of 9. 16% during 2021-2028. Factors such as surging applications in the oil & gas sector and growing demand in the automotive sector are fueling the fiber optic sensor market growth.
New York, Oct. 21, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fiber Optic Sensor Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application and Vertical" - https://www.reportlinker.com/p06176785/?utm_source=GNW
Moreover, the growing development of smart cities is providing lucrative opportunities for the future growth of the market players.
However, the difficulties associated with the installation of fiber optic sensors are restraining the market growth.
The fiber optic sensor market is segmented into application, vertical and geography.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.Based on vertical, the fiber optic sensor market is segmented into oil & gas, manufacturing, infrastructure, power and utilities, and others.
The oil & gas segment held the largest share in 2020.Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
In 2020, North America dominated the fiber optic sensor market.
According to Electronic Components Industry Association (ECIA), the outbreak of COVID-19 resulted in a delay in product releases and disruption in supply chain events and other industry activities.Several manufacturers have temporarily halted the manufacturing units due to lesser demand for the products due to lockdown measures and limited manufacturing resources.
Additionally, the manufacturers of various electronic and semiconductor products, including sensors, have been experiencing a substantial delay in lead times.During the first quarter of 2020, numerous Chinese manufacturers had temporarily shut down their manufacturing facilities, thereby showing a decline in supply and demand for electronics and semiconductor products worldwide.
These factors have negatively impacted the fiber optic sensor market.
The fiber optic sensor market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the Fiber Optic Sensor market with respect to all the segments.It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the fiber optic sensor market.
A few major players operating in the global fiber optic sensor market are AOMS Technologies, Davidson Instruments, Omnisens SA, Solifos AG, Baumer Holding AG, Keyence Corporation, OMRON Corporation, Luna Innovations Inc, SICK AG, and Yokogawa Electric Corporation.
Read the full report: https://www.reportlinker.com/p06176785/?utm_source=GNW
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