The market for Distributed Fiber Optic Sensor Market is expected to reach US$ 2,698.2 Mn by 2027.
The globally distributed fiber optic sensor market stood at US$ 1,027.3 Mn in 2018 and is expected to reach US$ 2,698.2 Mn by 2027, expanding at a CAGR of 11.4% during the year forecast from 2019 to 2027.Distributed fiber optic sensing is a novel technology that has gained a prominent pace in the recent past. The prime factor attributed to the market growth is its disruptive capabilities, such as real-time and continuous measurement of the physical parameters such as temperature, strain, pressure, and others. In addition, a surge in demand for real-time sensors to detect the fault and risks prior to its period to prevent damages has flourished the market growth prominently. These days, distributed fiber optic sensors are largely used for pipeline monitoring in the oil & gas industry, infrastructure monitoring, geotechnical monitoring, electric power & substation monitoring, and many others.
Scattering Process Analysis
Rayleigh Scattering Effect expected to witness a Flourishing Growth during the Forecast Period.
The Raman scattering effect led the globally distributed fiber optic sensor market in 2018 and is anticipated to follow the same trend over the forecast period. This scattering process is widely preferred because of its accuracy in the measurement of physical parameters along with its ability to uphold the balance between a range in which it senses the physical parameters. In the wake of the same, the Raman scattering effect seeks lucrative growth in civil and oil & gas applications.
On the other hand, the Rayleigh scattering effect is expected to grow at the highest rate during the forecast period. The prime factor accounting for the escalating segment growth is high sensitivity. The sensor has almost equal sensitivity for any changes in the parameters such as temperature, pressure, strain, and others. In addition, this scattering process is used to track the propagating effect, which helps in analyzing various parameters.
Oil & Gas Captured Lucrative Market Revenue Share in the year 2018.
In 2018, the oil & gas industry dominated the globally distributed fiber optic sensor market in terms of revenue share. Increasing adoption of distributed sensing technology in pipeline monitoring and infrastructure health monitoring accounts for the prime factor contributing to the significant segment growth. Furthermore, increasing research & development for pipeline monitoring and gas leakage detection is anticipated to portray the oil & gas industry as the largest user of distributed fiber optical sensors during the forecast period.
North America Acquired Maximum Revenue Share in the Global Distributed Fiber Optic Sensor Market in the year 2018.
North America acquired the largest revenue share among the globally distributed fiber optic sensor market in 2018. Increasing spending on oil & gas pipeline projects coupled with the presence of the longest oil & gas pipeline network of 2,034,065.0 km in the region contributed majorly to the significant regional growth. In addition, the proposed capital spending on North American pipelines is expected to reach US$ 232.5 Bn by 2025, raising a third of the global pipeline capacity. All the above parameters constitute the region's burgeoning oil & gas industry.
Rising Investment on Research & Development will spur the Competition among Market Players.
The globally distributed fiber optic sensor market is an emerging market with high competition. Increasing adoption of distributed fiber optic sensors across various verticals over the recent past has forced market competitors to develop new products as per consumer requirements. Today, distributed sensing technology is also used in transportation monitoring. Therefore, market players invest significantly in the research & development of their products.
This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2017 to 2027, considering 2018 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment was calculated for the forecast period from 2019 to 2027.
The market for Distributed Fiber Optic Sensor Market is expected to reach US$ 2,698.2 Mn by 2027.
The Distributed Fiber Optic Sensor Market is expected to see significant CAGR growth over the coming years, at 11.4%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
Schlumberger Limited, Weatherford International Plc, Halliburton Company, Yokogawa Electric Corporation, Luna Innovations Incorporated, are some of the major players in the global market.