Fibre Optics Sensors market is flourishing owing to the major use in transportation infrastructure and mining industries. APEJ region is continuously showing steady improvement and might stand on the pedestal in terms of consumption and growth.
DUBAI, UAE / ACCESSWIRE / October 8, 2020 / The distributed fiber optic sensors market earned a major part of revenue from mining and oil and gas industries and covered a major part of the market in the past. Though there can be a decline owing to lower economic development yet Asia Pacific region will present lucrative opportunities through 2026. Manufacturers are continuously working on product innovation and revenue generation strategies. The market will therefore expand in terms of value and revenue, thereby, paving a path for opportunities in the market.
"With the noticeable expansion of mining, oil and gas and transportation industry, there has been a tremendous surge in demand for distributed fibre optics sensor across the globe. Enhanced public awareness has caused a reliance on better cost-efficient sensors. On the basis of application, temperature sensing segment will see a promising growth again," says the FMI Analyst.
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Distributed Fibre Optic Sensors Market - Key Highlights
- Temperature sensing application accounts for highest market share and will create an incremental opportunity surpassing US$ 518.2 million by 2026.
- By vertical, oil and gas segment will exhibit a CAGR of 12.5%, showing proper dominance.
- Global fibre optics sensors market will witness an expansion, registering a rise in CAGR of 10.4% through 2026.
- On the basis of region, North America will see proper promotion and will dominate the market like before; while APEJ region to present Y-o-Y growth rate.
Distributed Fibre Optic Sensors Market - Driving Factors
- Due to increased use in telecom, railways, heavy industries demand for fibre optic sensors is rising globally.
- Innumerable use in mining sector due to advanced technology used in fibre optic sensors, is helping the market grow steadily.
- Government is relying on fibre optic sensors to reduce unending cost of big projects and to balance demand-supply approach, thereby, paving a path for opportunities.
- Oil and gas segment and transportation infrastructure requires a great deal of these sensors which again propels market growth.
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Distributed Fibre Optic Sensors Market - Key Restraints
- Expensive materials and high cost factor hinders market growth.
- Limited knowledge and slower economic development in this sector will cause a decline in production and use.
Expected Impact on Market by Coronavirus Outbreak
Strict lockdown and social distancing has definitely reduced the production. Key producers and players are likely to shift towards a cost-efficient approach, product innovation and environmental friendly products helping the environment to remain clean and safe. Market will soon revive as the unlocking happens, due to necessity and high demand in major industries.
Competitive Landscape
Key players in the market include FISO Technologies Inc., Brugg Kabel AG, OSENSA Innovations Corp., Sensor Highway Ltd., Omnisens S.A., AFL Global, Lockheed Martin Corporation, and QinetiQ Group plc.
Companies are planning to take up unique strategies to expand their market and gain profit. For an instance, key players and manufacturers have planned to expand product portfolio and operations expansion. They are also investing in better renewable technologies.
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More on the report
This report presents an analysis on the basis of segments including technology (Rayleigh Scattering Based Distributed Sensor, Raman Scattering Based Sensors), (Oil and gas, security, energy and utility) application (strain sensing, temperature sensing, Pressure Sensing) and region (North America, Europe, Latin America etc.)
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