The global distributed fiber optic sensor market is projected to reach $1,970.1 million by 2023, growing at a CAGR of 15.0% during 2017 - 2023.
Global distributed fiber optic sensor market worth $745.8 million in 2016
As per the research, the global distributed fiber optic sensor market is likely to reach $1,970.1 million by 2023, growing at a CAGR of 15.0% during the forecast period. Distributed fiber optic sensors overcome the built-in constraints of traditional technologies such as thermocouples and strain gauges. Distributed fiber optic sensors enable monitoring solutions with exceptional benefits for the safety of society and critical assets, especially when monitoring in inhospitable environments or remote locations. These sensors substitute integration of thousands of sensors with single optical fiber system. Moreover, the optical fiber is light weighted, manageable, available at low-price, and unaffected to electromagnetic interference (EMI), which makes it an economical and flexible sensor medium. The benefits associated with distributed fiber optic sensors are likely to spur the growth of this market. Some of the factors like increasing adoption of distributed fiber optic sensors in oil and gas and soaring demand from the civil engineering vertical are expected to propel the growth of global distributed fiber optic sensor market in near future.
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Insights on market segments
As per the findings of research, oil and gas has been the largest user of distributed fiber optic sensors. In oil and gas applications, these sensors are being used for specific monitoring of well-temperature and for obtaining an authentic picture of physical parameters of wellbore. However, the market is expected to register the highest growth in civil engineering vertical, during the forecast period.
Based on application, distributed fiber optic sensor market can be classified into temperature sensing, acoustic sensing, strain sensing, pressure sensing and others. Temperature sensing application segment is likely to spearhead the application category with maximum revenue contribution. However, acoustic sensing application is expected to register highest growth during the forecast period.
Between single mode and multi-mode, multi-mode fiber based sensors led the global distributed fiber optic sensor market, and is expected to be the largest market throughout the forecast period. Multi-mode fiber based sensors are used for shorter distance (up to 2 km) applications, whereas, single mode fiber based sensors are employed for long distance. Based on scattering process, Raman scattering process is expected to lead the global distributed fiber optic sensor market throughout the forecast period, whereas, Rayleigh scattering process is expected to register the highest growth during the forecast period.
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North America stand as the largest distributed fiber optic sensor market
Geographically, North America has been the largest market for distributed fiber optic sensors. The oil and gas industry contributed largest revenue to the distributed fiber optic sensor market in the region. The U.S. is considered as the largest petroleum consumer across the globe and it is also producing oil faster than other countries in the world. Uninterrupted demand and production of oil and energy in the region are the major factors propelling the demand of distributed fiber optic sensors in the region.
Increasing applications in oil and gas vertical bolsters market growth
The key factors propelling the growth of global distributed fiber optic sensor market include the escalation in global demand of oil and gas, power and utility and safety and security. Distributed fiber optic sensors have ability to operate and optimize resources of oil and gas industry more effectively. Several factors including focus of government in various countries on improving oil recovery, across the globe and rise of expensive multi-lateral hydraulic fracturing are the major factors supporting the growth of global distributed fiber optic sensor market. In traditional tank monitoring systems, sensing element is being considered as a physical device and commonly implemented at the end of copper line. Unlike traditional tank monitoring devices, distributed fiber optic sensing technology use the entire length of glass fiber and turn it into thousands of sensing points to provide more accurate and efficient results. The benefits associated with these sensors are one of the major factors for their increasing adoption in oil and gas vertical.
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Key players account for major market share
The key players in the distributed fiber optic sensor market include Schlumberger Limited, Halliburton Company, Yokogawa Electric Corporation, Weatherford International plc, QinetiQ Group plc, Luna Innovations Incorporated, OFS Fitel LLC, Bandweaver, OmniSens S.A., Brugg Kabel AG, AP Sensing GmbH, AFL, and Ziebel AS.
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