Oil & Gas Segment has the Largest Share of Vertical in the Middle East and Africa Fiber Optic Sensor Market during 2021–2028

According to our latest study on “Middle East and Africa Fiber Optic Sensor Market Forecast to 2028 – COVID-19 Impact and Analysis – by Vertical and Application,” the market is projected to reach US$ 291.3 million by 2028 from US$ 198.3 million in 2021; it is expected to grow at a CAGR of 5.6% from 2021 to 2028. The report highlights trends prevailing in the market, and the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the surging applications in the oil & gas sector, and growing demand in the automotive sector. However, the difficulties associated with the installation of fiber optic sensors is expected to restrict the market growth during the forecast period.

The demand for fiber optic sensors has weakened since the eruption of COVID-19 in MEA countries. This has resulted in a loss of business among the fiber optic sensors manufacturers offering their products to various industries in the region. Countries with higher manufacturing units such as Turkey, Israel, and South Africa, among others have witnessed critical scenarios in procuring various electronics and semiconductor products including sensors which showcased fall in MEA fiber optic sensors market in the region. The oil & gas activity in the region is among the rapidly growing industry. The UAE, Saudi Arabia, and Qatar represent the forerunners in the oil & gas industry globally. The outbreak of COVID-19 virus had paused several oil & gas and construction activities in the countries mentioned above, and some of the projects are still likely to remain halted. This parameter is among the key factors that have negatively impacted the above-mentioned industry and subsequently impaired the fiber optic sensors market.

Based on vertical, the Middle East and Africa fiber optic sensor market is segmented into oil & gas, manufacturing, infrastructure, power and utilities, and others. In 2020, the oil & gas segment is expected to account for the largest market share in terms of revenue. The safest and common mode of transporting oil & gas is through pipelines. The pipelines need to withstand mudslides, landslides, or any other geological disasters; they are also exposed to mechanical construction processes. Fiber optic sensors are used in the oil & gas sector to detect leakages in real time and predict upcoming conditions that can cause leakage. Fiber optics for this sector serve as links for data, control, and for sensing of various attributes. Fiber optic sensors provide a wide range of data about environmental conditions, including temperature, oil reserve levels, and equipment performance, at oil & gas plants. However, the infrastructure segment is expected to register the highest CAGR during the forecast period.

Omnisens SA, Solifos AG, Baumer Holding AG, OMRON Corporation, SICK AG, and Yokogawa Electric Corporation are among the leading companies in the Middle East and Africa fiber optic sensor market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Luna Innovations announced that its OptaSense business and Liberty Oilfield Services have entered a partnership. The strategic partnership is introducing FracSense, a diagnostic service to help engineering professionals in the oil and gas industry acquire more accurate diagnostic information, leading to optimized hydrocarbon production.

The market for fiber optic sensor market is segmented into vertical, and application. Based on vertical, the Middle East and Africa fiber optic sensor market is segmented into oil & gas, manufacturing, infrastructure, power and utilities, and others. Based on application, the fiber optic sensor market is segmented into temperature sensing, pressure sensing, acoustic sensing, strain sensing, and others. Geographically, the fiber optic sensor market is segmented into Middle East and Africa (UAE, Saudi Arabia, South Africa, Rest of Middle East and Africa).

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