As per reports, after the COVID-19 impact, the Fiber Optic Sensor Market is growing at a CAGR of 9.16%. Valued at USD 2980.47 Million in 2021, this market is all set to hit USD 5506.24 Million by 2028 as various governments, take initiatives to enhance smart cities.
In March 2021, Optromix, Inc. announced that the fiber optic sensors can be installed as a component of smart transport and the company is engaged in providing intelligent traffic analysis and route planning services in large cities. The initiative of green and smart cities by the Indian government is providing impetus to the present fiber optics industry in the country for the development of energy-efficient and economical fiber optics systems. These government efforts are gathering significant focus of the fiber optics market players to the Indian market, thereby making India a global hub for fiber optics manufacturing.
With the supply chain shortage in 2020 affecting the fiber optic sensor market, numberous Chinese manufacturers had to temporarily shut down the facilities. The disruption among raw material suppliers, temporary closure of manufacturing units, limited funding, and weak demand from customers have showcased adverse impact on the electronics and semiconductor manufacturers.
Fiber optic sensors are used in high-voltage, high-temperature, or corrosive environments and are capable of remote sensing. The fiber optic sensor market is segmented into temperature sensing, pressure sensing, acoustic sensing, strain sensing, and others. In the year 2020, the temperature sensing segment held the largest market share.