Distributed Fiber Optic Sensors Market Overview
Distributed fiber optic sensors are used to monitor a wide range of variables including temperature, strain, acoustic perturbations, and others. The fiber optic sensor is designed to analyze the status and performance of optical fiber networks which are used for the transmission of voice and data signals. Fiber optic sensors have several characteristics, the primary being poor conductors of electricity and being resistant to electromagnetic interference. As such, these sensors are used in those regions where there are issues of high voltage electricity. Moreover, distributed fiber optic sensors are also designed to withstand high temperature. Owing to such unique features fiber optic sensors are deployed in high electromagnetic interference zone where electronic sensors cannot operate, such as jet fuel, oil and gas tank and others. Distributed fiber optic sensors are also a preferable choice for many end user industries over conventional electronic sensors on account of low cost, light weight, high band, radio frequency interference immunity (RFI) and electromagnetic interference (EMI) of distributed fiber optic sensors.
Moreover, with advancements in the technologies in several nations around the globe, along with rapid urbanization and growing housing and security investments, the global distributed fiber optic sensors market is anticipated to attain a CAGR of 10.6% over the period of forecast i.e. 2020-2027. The global distributed fiber optic sensors market was valued at USD 845.9 million in the year 2018 and is anticipated to reach USD 2287.3 million by the end of 2027.
Growth Highlights based on Region during 2018-2027
The global distributed fiber optic sensors market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, North America distributed fiber optic sensors market held the largest share of 35.46% in the year 2018 is anticipated to grow at a CAGR of 9.5% over the forecast period. The expansion of the market in this region can be attributed 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. Moreover, the distributed fiber optic sensors market in Europe is anticipated to reach a value of USD 714.8 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).
Market Segmentation Synopsis
By Application
The global distributed fiber optic sensors 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 34.15% in the year 2018 and is anticipated to grow at a CAGR of 10.2% during the forecast period on the back of increasing demand for distributed fiber optics from oil and gas industry. Distributed fiber optics sensors have a wide range of application in energy, defense, industries, transportation, and security systems. The fiber optic sensors have greater amount of capability for tolerating harsh conditions, such as high temperature, which is expected to be the key factor for the wide application of distributed fiber optic sensors in the oil & gas industry in the upcoming years.
Market Drivers and Challenges
Growth Indicators
Increasing investment in the infrastructure, growth in the manufacturing industry and increasing use of fiber optic sensors in smart wells developed to produce oil are some of the key factors anticipated to drive the growth of the global distributed fiber optic sensors market. Moreover, the increase in the consumption of oil and gas around the globe and the depleting conventional oil reserves have influenced vendors and governments to indulge in exploration and drilling activities, which is also anticipated to raise the demand for distributed fiber optic sensors. Additionally, it has also been observed that electronic sensors are increasingly being replaced with distributed fiber optic sensors owing to high tolerance bearing capability which is contributing to the rising demand for distributed fiber optic sensors in the end user industries. Such factors are anticipated to drive the growth of the global distributed fiber optic sensors market.
Barriers
The instability in the price observed in the oil industry, coupled with the strict environmental regulations deployed around the world by several governmental bodies backed by the government of nations, are some of the factors anticipated to impact negatively towards the growth of the global distributed fiber optic sensors market.
Top Featured Competitive Landscape
Numerous companies in the global distributed fiber optic sensors market are making various efforts to expand their business to meet the increased demand and are focusing on expansion in both product line and product mix to achieve the desired growth of the organizations in the global distributed fiber optic sensors market. Moreover, increasing demand for distributed fiber optic sensors from end user industries across the globe is also inducing several new players to enter and participate in the competition in the global distributed fiber optic sensors market.
Author Credits: Abhishek Verma
- Report ID: 2376
- Published Date: Feb 09, 2023
- Report Format: PDF, PPT
