Lucintel's latest market report analyzed that fiber optic sensor provides attractive opportunities in the transportation, medical, defense, industrial, and oil and gas industries. The fiber optic sensor market is expected to reach $2.7 billion by 2028 with a CAGR of 11%. In this market, intrinsic is the largest segment by product, whereas oil and gas is largest by end use industry.
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Based on product, the fiber optic sensor market is segmented into intrinsic and extrinsic. The intrinsic segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to because it can detect physical qualities, which includes strain, pressure, and temperature.
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The Fiber Optic Sensor Market is marked by the presence of several big and small players. Some of the prominent players offering fiber optic sensor include Finisar, Yokogawa Electric, Deltex Medical, Luna Innovations, and OmniSens.
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