- Rapid technological advancements are a key driver for the market. Improved micro-fabrication technologies will continue to improve sensor performance, functionality, and reliability. Typical applications include biomedical instrumentation, automobile power, and acceleration measurement, etc.

- Fiber-optic plasmonic sensor is also an advancement in technology, with the utilization of optical fibers in plasmon-based sensing, which will provide several advantages in sensing of various physical, chemical, and biochemical parameters.

- Easy deployment with high stability is driving the market, as fiber optic pressure sensors are lightweight with low profile (typically 145μm in diameter with a polyimide coating) and are corrosion resistant and multiple sensors are easily multiplexed into a single fiber. Fiber optic pressure sensor does not have any disturbance from EMI (Electromagnetic Interference) and RFI (Radio Frequency Interference), which gives an added advantage to the sensor.

- However, the higher cost of the product is a major restraint for the market. In the field of biomedical and biomechanical applications cost is a critical issue, as high cost associated with optoelectronic and miniaturized is challenging the market growth in this sector.

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Key Market Trends

Oil and Gas Expected to Drive the Market Growth

- Due to the increasing number of projects approved in the oil and gas sector, the demand for fiber optic pressure sensor equipment is increasing. To meet the need for measurements, in high temperature and high pressure in an oil and gas well, an optical fiber pressure sensor, based on extrinsic Fabry Perot (F-P) cavity, is used . This measures long-term operation stability and high-temperature resistance.

- Opsens Solutions OPP series fiber optic pressure transducers are designed to provide accurate pressure measurement in the most adverse conditions. The OPP-M is designed for pressure measurement that requests very small sensors of 0.250mm OD with outstanding repeatability and demonstrates high-fidelity pressure measurement with no phase delay in oil and gas well.

- Moreover, FiberPoint sensors from Pinnacle are some of the most precise measuring tools that are designed to enter into some of the most hostile environments on the Earth. Unlike traditional sensors, FiberPoint sensors have no internal electronics that can fail in extreme environments. This opens new possibilities for measurements in a much broader range of downhole conditions, which will give an opportunity to grow the market.

North America to Account for a Major Share

- North America is a significantly growing market, with the United States accounting for a major share, specifically owing to the growth in consumer electronics. Textile-integrated flexible optical fibers for electronic wearable systems are lightweight in structure, insensitive to electromagnetic fields, and water- and corrosion-resistant. Due to these benefits, optical fiber-based pressure sensors are used in numerous applications to detect chemical or physical change further stimulating adoption of consumer electronics.

- The use of optical fibers has also increased across the medical and biomedical sector, in the United States, such as control of cardiovascular assist, endoscopic imaging, etc. This includes low drift, high accuracy, and insensitivity to light loss factors along the length of the optical fiber. Advancement in technology has led to the emergence of several applications that include research and development, manufacturing, defense, medical and process control, which are driving the market growth.

Competitive Landscape

The fiber optic pressure sensors market is fragmented and the major players have used various strategies, such as new product launches, joint ventures, partnerships, and others, to increase their footprints in this market to sustain in the long run. Key players are FISO Technologies Inc., Honeywell International, Infineon Technologies, etc. Recent developments in the market are -

- May 2019 - Opsens Inc. offered an advanced optical-based pressure guidewire that aims at improving the clinical outcome of patients with coronary artery disease. Its flagship product, the OptoWire, is a second-generation fiber optic pressure guidewire designed to provide the lowest drift in the industry and excellent lesions access.

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