Global market for fiber-optic sensors to reach $2.2 billion by 2018
Wellesley, Mass. – BCC Research reveals in its new report, FIBER OPTIC SENSORS: GLOBAL MARKETS, the global market for fiber optic sensors (FOS) is expected to reach $2.2 billion by 2018, registering a five-year compound annual growth rate (CAGR) of 4.5% from 2013 to 2018. Medical and defense are the two markets where optics have a distinct advantage over competing electronic options.
Defense remains the largest market for FOS because performance demands for military applications justify the higher costs. Due to cuts in defense spending in the U.S., growth in the next five years is anticipated to be negative. Growth of the market value for extrinsic FOS worldwide is expected to be stronger registering a CAGR of 10.4%, with new products projected for the medical market. Medical applications of FOS offer the greatest potential for growth in the next five years, but that growth depends on the devices obtaining the requisite approval for use in humans.
“FOS found a lucrative niche in the oil and gas market, as they opened an entire new revenue stream for service providers,” says BCC Research analyst Lori Weisenbach Cornett. “However, improvements in sensor robustness will be required for FOS to realize their potential in this market.”