According to P&S Intelligence, the distributed fiber optic sensor market is projected to value $1,970.1 million by 2023, witnessing a CAGR of 15.0% during the forecast period.
Distributed fiber optic sensors are a solution to the built-in constraints of traditional technologies, such as strain gauges and thermocouples. These sensors offer monitoring solutions with numerous benefits to safeguard critical assets, especially when operated in an inhospitable environment or remote location. In these sensors, thousands of individual integrated sensors are substituted by a single optical fiber system.
Further, optical fiber is lightweight, easily manageable, available at a low price, and unaffected by electromagnetic interference (EMI)—attributes that make it a cost-effective and flexible sensor medium. Thus, owing to the advantages offered by optical fiber-based sensors, the global distributed fiber optic sensor market is expected to witness notable growth in the near future. Moreover, factors such as the increasing deployment of distributed fiber optic sensors in the oil and gas industry and the rising demand for these from the civil engineering sector are expected to boost the market growth during the forecast period.
Insights on the market segments
Based on vertical, the oil and gas industry dominated the distributed fiber optic sensor market during the historical period. These sensors are widely used in the oil and gas industry for monitoring temperature and for obtaining authentic pictures of the physical parameters of the wellbore. However, during the forecast period, the market is expected to progress with the highest CAGR in the civil engineering category.
On the basis of application, the distributed fiber optic sensor market is categorized into acoustic sensing, temperature sensing, pressure sensing, strain sensing, and others. Of these, temperature sensing is expected to lead the market during the forecast period. However, the acoustic sensing category is predicted to register the fastest CAGR during this period.
Between single-mode and multi-mode fiber sensors, multi-mode fiber sensors dominated the market during the historical period and are expected to continue leading the market in the forecast period as well. Multi-mode fiber sensors are used for applications with shorter range (up to two kilometers), while single-mode fiber-based sensors are deployed for longer distances.
On the basis of scattering process, Raman scattering is expected to hold the largest share in the distributed fiber optic sensor market during the forecast period; however, Rayleigh scattering is predicted to register the highest CAGR during this period.
North America is the largest market for distributed fiber optic sensors
Globally, North America led the distributed fiber optic sensor market during the historical period. The highest revenue in the region was contributed by the oil and gas industry. The U.S. is the largest consumer of petroleum in the world, and the production of oil in the country has increased substantially in recent years. Thus, the high demand and production of oil and energy are the key factors responsible for the increasing deployment of distributed fiber optic sensors in North America.
Increasing application in the oil and gas industry bolstering the market growth
The major factor driving the growth of the distributed fiber optic sensor market is an increase in demand for oil and gas, safety and security, and power and utility across the globe. Besides, factors such as the focus of the government on oil recovery and the rise in adoption of multi-lateral hydraulic fracturing technologies are aiding the market growth across the globe.
Distributed fiber optic sensors are capable of operating and optimizing the resources in the oil and gas industry. Traditional tank monitoring systems consist of a sensing element (a physical device) that is normally attached at the end of the copper line. However, in distributed fiber optic sensors, the entire length of the glass fiber is turned into thousands of sensing points to offer more precise measurements. The advantages offered by these sensors are among the major reasons behind their increasing adoption in the oil and gas industry.
Key players in the distributed fiber optic sensor market
Some of the major players operating in the global distributed fiber optic sensor market are Halliburton Company, Yokogawa Electric Corporation, Schlumberger Limited, QinetiQ Group plc, Luna Innovations Incorporated, Weatherford International plc, Bandweaver, OmniSens S.A., OFS Fitel LLC, AP Sensing GmbH, AFL Telecommunications LLC, Brugg Kabel AG, and Ziebel AS.
GLOBAL DISTRIBUTED FIBER OPTIC SENSOR MARKET
By Scattering Process
By Operating Principle
By Fiber Type