San Jose, CA--Global Industry Analysts (GIA) announced the release of a comprehensive global report called Fiber Optic Sensors: A Global Strategic Business Report that says although the recent world economic recession cancelled optimistic expectations and heady growth patterns of yesteryear, the global market for fiber-optic sensors is projected to reach $2.3 billion by 2015. High-end applications, such as the use of fiber-optic sensors in sub-sea pipelines and in biomedical applications will largely help uphold growth in the market. Additionally, in the telecommunication, and automotive industries, falling component prices will help fiber-optic sensors displace conventional sensors in applications including magnetic field measurement, chemical measurements, temperature, pressure, and vibration measurement among others.
As fiber-optic sensors embody the core of telecommunications, automotive, petrochemicals, electronics, industrial, construction/civil infrastructure and industrial process control among other application areas, the recent volatility in these end-use industries has had a bearing on the sensor industry. The year 2009 was especially a challenging year for telecommunications, automotive, petrochemical and industrial process industries, due to which growth momentum in the fiber-optic sensors market slowed. The sharp downturn in the global economy, uncertainty over the development of end use-markets, high inventory levels, and pricing pressures made the business environment tough for players in the market. Weakening momentum in most industrialized economies, and tight credit conditions cancelled out heady growth patterns of yesteryears and optimistic expectations in the global fiber-optic sensors market.
With recession at its tail end, a quick resurgence in growth fundamentals such as softening of interest rates, improvement in infrastructure spends, increased investments on product developments, and recovery in key end-use markets such as automotive, and telecommunications, is expected to drive steady gains for fiber-optic sensors in the post recession period. Technological refinements in terms of improved efficiency and performance will re-emerge to drive growth in the marketplace stimulating world market for fiber-optic sensors. The ongoing technological advancements in the areas of telecommunications and in Local Area Networks are expected to boost market opportunities for fiber optic sensors over the next few years. Growth in the market post recession will also be driven by growing needs in homeland security, and oil & gas industry. Growing application of fiber optic sensors in generation of alternative energy sources such as wind power, and in developing smart infrastructure is also expected to drive the market in the next few years. Government funding for various research and development activities will additionally boost the market further for fiber-optic sensors in the next few years.
SOURCE: Global Industry Analysts (GIA); www.strategyr.com/PressRelease.asp
Posted by:Gail Overton
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