Frost & Sullivan has released a new report titled, ‘World Fiber Optic Sensors Markets’. According to the report, the global fiber optics market gained $656.4 million of revenue in 2010 and is expected to earn $3.31 billion in 2017.
Several features of fiber optic sensors include dielectric properties, dispersed sensing, radio frequency interference and resilience to electromagnetic interference. These advanced features have made them the primary option among sensor manufacturers for several applications involving elevated voltage and tough environments. The advantages of fiber optic sensors have favored their utilization in present and future applications of oil and gas segment for drilling unexplored and tough oil resources and undersea oil field set up.
Fiber optic sensors are also deployed in other applications such as safety, defence, civil, industrial, energy and monitoring of structural health.
V. Sankaranarayanan, Industry Analyst of Frost & Sullivan, stated that compact size and total resistance to electromagnetic interference of fiber optic sensors have enabled their utilization in medical field. He added that the assured competency of fiber optic sensors in several environments and the probability of including dispersed sensors along an optical fiber covering huge distance make them suitable for civil engineering operations.
In order to adopt the fiber optic sensors extensively and commercially, the firms manufacturing these sensors must establish strategies to reduce high initial costs of their sensor systems. The cost involved in developing, planning and setting up an fiber optic sensor system is so high, particularly in some retrofit applications, where the prevailing lines need to be excavated for placing the fibers.
Sankaranarayanan added that the fiber optic sensors are likely to serve a major role in determining the future of the international sensors market with the help of end users awareness, reduced costs and improved fiber optic technology.
The report I apart of the Sensors & Instrumentation Growth Partnership Services program that features research reports in markets such as Sensors Market in Medical Applications and World Flow Sensors & Transmitters Markets. The reports offer extensive information on market prospects and industry trends. The data was collected after conducting detailed interviews with leading competitors of sensor market.
Source: http://www.frost.com