Research Nester has released a report titled “Distributed Fiber Optic Sensors Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global distributed fiber optic sensors 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 sensors 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 34.15% in the year 2018, is anticipated to hold the largest market share and attain a CAGR of 10.2% during the forecast period, i.e. 2020-2027. Factors such as rising demand for distributed fiber optics from oil & gas industry on the back of the sensors having a wide range of application in energy, defense, industries, transportation, and security systems, along with the sensors having a greater amount of capability for tolerating harsh conditions which includes high temperature, are anticipated to drive the growth of the segment in the global distributed fiber optic sensors market during the forecast period.
The global distributed fiber optic sensors market was valued at USD 845.9 million in the year 2018 is anticipated to attain a CAGR of 10.6% over the forecast period and reach USD 2287.3 million in the year 2027. The distributed fiber optic sensors are used across numeric end user industries and are designed to monitor several variables which include temperature, strain, acoustic perturbations and others. These sensors are deployed in regions with issues in high voltage electricity.
Regionally, the global distributed fiber optic sensors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is anticipated to hold the largest market share owing to the high adoption rate of fiber optic sensors in the manufacturing industry and the availability of huge reserves which is resulting in an increase in the drilling activities. Further, the distributed fiber optic sensors market in North America held the largest market share of 35.46% in the year 2018 is anticipated to grow at a CAGR of 9.5% over the forecast period. Additionally, in Europe, the distributed fiber optic sensors market is anticipated to reach a value of USD 714.8 million by the end of 2027.
Growing Demand From End User Industries
The global distributed fiber optic sensors market is primarily driven by factors such as increasing investment in the infrastructure, growth in the manufacturing industry along with the increasing use of fiber optic sensors in the smart well which are developed to produce oil. Several vendors and governments are indulging themselves in the exploration and drilling activities on the back of the concerns for the depleting sources of conventional oil reserves resulted due to the increase in the consumption of oil and gas around the globe. Moreover, with several advanced characteristics of distributed fiber optic sensors over electronic sensors, the latter is replaced by the former. Such factors are anticipated to raise the demand for distributed fiber optic sensors which in turn is projected to drive the growth of the market.
However, concerns regarding the instability in the price observed in the oil industry and the strict environmental regulations deployed around the world by several governmental bodies are some of the factors anticipated to limit the growth of the global distributed fiber optic sensors market.
This report also provides the existing competitive scenario of some of the key players of the global distributed fiber optic sensors 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 sensors 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.