Research Nester has released a report titled “Distributed Fiber Optic Sensor System Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global distributed fiber optic sensor system market in terms of market segmentation by sensing element, scattering, technology, application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global distributed fiber optic sensor system market is segmented by application into oil & gas, geothermal energy, wind energy, aerospace, military and others, out of which, oil & gas segment, which held a market share of 34.06% in the year 2018, is anticipated to hold the largest market share and attain a CAGR of 10.6% during the forecast period, i.e. 2020-2027. Factors such as rising demand for distributed fiber optics in the oil & gas industry is believed to promote the growth of the segment in the global distributed fiber optic sensor system market during the forecast period. The segment was valued at USD 2373.0 million in the year 2018 and is anticipated to reach USD 6246.36 million in the year 2027 with an absolute $ opportunity of USD 4053.3 million during the years 2018-2027. The segment is further anticipated to register an incremental $ opportunity of USD 503.7 million in the year 2027 as compared to the previous year.
The global distributed fiber optic sensor system market was valued at USD 6967.7 million in the year 2018 and is anticipated to attain a CAGR of 11.0% over the forecast period and reach USD 19403.8 million in the year 2027.
Regionally, the global distributed fiber optic sensor system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Europe is anticipated to grow at a CAGR of 10.09% and reach a market value of USD 7009.9 million in the year 2027 along with an absolute $ opportunity of USD 3608.9 million over the forecast period. Further, the region held a market share of 36.32% in the year 2018 and is anticipated to grow at a growth rate of 2.77x during the assessment period.
Need for Optimization of Processes in End User Industries
The global distributed fiber optic sensor system market is primarily driven by factors such as increasing investment in the deployment of distributed fiber optic sensor infrastructure in smart wells in the oil & gas industry along with the growing manufacturing industry. The distributed fiber optic systems are designed to bear harsh environments and as such they are widely used in end user industries, especially in the oil and gas industry. Increasing concern worldwide for the depletion of oil reserves is raising the need for greater number of drilling activities by oil companies around the world, which will require the deployment of distributed fiber optic sensor systems, and in turn the growth of the market. Such factors are anticipated to drive the growth of the global distributed fiber optic sensor system market.
However, concerns regarding the price fluctuations observed in the oil industry coupled with the strict environmental regulations by several governmental bodies deployed around the world are some of the factors anticipated to limit the growth of the global distributed fiber optic sensor system market.
This report also provides the existing competitive scenario of some of the key players of the global distributed fiber optic sensor system market, which includes company profiling of several players who are making various efforts to expand their business by both product mix and product line so as to meet the increased demand and achieve the desired growth of their organization. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global distributed fiber optic sensor system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.