Global Fiber Optic Sensing Market to Reach $4.3 Billion by 2018

Recently, market research firm ElectroniCast released its latest global fiber optic sensor and continuous distributed fiber optic sensing system market analysis and forecast report.

According to ElectroniCast's forecast, the market will grow from $1.89 billion in 2013 to $4.33 billion in 2018, representing an average annual growth rate of 18%.

In 2014, the military/aerospace/security applications segment is expected to remain the leading industry for continuous distributed fiber optic sensors, followed by the petrochemical/energy sector. Strong growth is also expected in the use of continuous fiber optic sensors for structural health monitoring in the civil engineering/construction industry, as well as in bridges, tunnels, water towers, and other structures.

In terms of applications, continuous distributed fiber optic sensors also have a smaller usage volume in the biomedical/scientific community. ElectroniCast also forecasts that the continuous distributed fiber optic sensor market will grow from $1.099 billion in 2013 to $3.096 billion in 2018, representing an average annual growth rate of 23%.