Distributed Fiber Optic Sensor System Market Segmentation By Sensing Element (Intrinsic Fiber Optic and Extrinsic Fiber Optic); By Scattering (Brillouin, Raman and Rayleigh Scattering); By Technology (Distributed Temperature Sensing, Distributed Acoustic Sensing and Others) and By Application (Oil & Gas, Geothermal Energy, Wind Energy, Aerospace, Military and Others) - Global Industry Demand Analysis and Opportunity Assessment 2018-2027
Buy Now Report ID: 2378 | Published Date: Feb 09, 2023
By Application
The global distributed fiber optic sensor system market has been segmented by application into oil & gas, geothermal energy, wind energy, aerospace, military and others. Oil & gas segment accounted for the largest market share of 34.06% in the year 2018 and is anticipated to grow at a CAGR of 10.6% during the forecast period. The growth of the segment can be attributed to the growing demand for distributed fiber optics in the oil and gas industry. The oil & gas segment is further anticipated to reach USD 6426.3 million in the year 2027 from USD 2373.0 million in the year 2018 by growing at a growth rate of 2.71x. The segment is also anticipated to attain an absolute $ opportunity of USD 4053.3 million in-between the assessment period, i.e. 2018-2027 and gain 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 is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, Europe distributed fiber optic sensor system market held the largest share of 36.32% in the year 2018 is anticipated to grow at a CAGR of 10.9% over the forecast period. Further, the region is also anticipated to reach a value of USD 7009.9 million in the year 2027 by growing at a growth rate of 2.77x from the year 2018 and attain an absolute $ opportunity of USD 3608.9 million during the forecast period. Moreover, the distributed fiber optic sensor system market in North America is anticipated to reach a value of USD 5707.7 million by the end of 2027.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Growth Indicators
Rising investment in the deployment of distributed fiber optic sensor infrastructure in smart wells in the oil & gas industry along with the growing manufacturing industry are some of the key factors anticipated to drive the growth of the global distributed fiber optic sensor system market. The distributed optic fiber sensors are technically much advanced than conventional electronic sensors and have the characteristics to bear harsh environments. On the other hand, the oil & gas industry is rising on the back of growing demand for energy around the world and increasing consumption of oil in nations for different end use purposes. But, with the rising demand for oil and gas, there is an increasing concern for the depletion of oil reserves. Owing to such factors, oil vendors around the globe along with the interest of the governments are increasingly indulging in the drilling activities and exploration of oil reserves, which is anticipated to raise the demand for the deployment of distributed fiber optic sensors, which in turn will require the deployment of distributed optic fiber sensor systems. Such factors are anticipated to drive the growth of the global distributed fiber optic sensor system market.
Barriers
Any fluctuations in the price of oil in the oil industry affects the whole ecosystem, which in turn is estimated to lower the demand for distributed optic fiber sensor systems. Moreover, owing to several strict regulations in nations around the world, the deployment of distributed fiber optic sensor system becomes challenging, which is also anticipated to impact negatively towards the growth of the global distributed fiber optic sensor system market.
There are several key players in the global distributed fiber optic sensor system market who are into the expansion of their business to meet the increased demand. Further, these companies are also focusing on the expansion of both their product line and product mix for achieving the desired growth of the organization in the global distributed fiber optic sensor system market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: Rising investment in the deployment of distributed fiber optic sensor infrastructure in smart wells in the oil & gas industry along with the growing manufacturing industry are some of the major factors that are driving the growth of the market.
Ans: The market is anticipated to attain a CAGR of 11.0% over the forecast period, i.e. 2020-2027.
Ans: North America is predicted to show promising business opportunities for the growth of the market in the future.
Ans: Several players are putting up their efforts to expand their business so as to meet the increase in demand of distributed fiber optic sensor systems and are anticipated to contribute significantly towards the growing competition of the market in the upcom
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is majorly segmented by sensing element, scattering, technology, application and by region.
Ans: The oil & gas segment, which is a sub-segment of the application segment, held the largest market share of 34.06% in the year 2018, is anticipated to hold the largest market share in the coming years.
Ans: Instability in the price of oil industry and stringent government regulations are some of the major factors anticipated to act as a barrier towards the growth of the global distributed fiber optic sensors market.
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