Distributed Fiber Optic Sensor Market Growth Driven by Oil and Gas Industry Demand
Distributed Fiber Optic Sensor Market Growth & Trends
The global distributed fiber optic sensor market size is
expected to reach USD 2.53 billion by 2030, expanding at a CAGR of 6.5% from
2024 to 2030, according to a new report by Grand View Research, Inc. The global
industry is expected to grow exponentially over the forecast period. Factors,
such as significant demand from the civil engineering vertical and rising
adoption in the oil & gas sector, substantially boost the adoption of
distributed fiber optic sensor (DFOS). Fiber optics can withstand rough
handling, such as in pipes, streams, and reactors, where manual inspection is
not feasible. Furthermore, they help in structural health monitoring at
dangerous workplaces and can also be used for border security purposes to
prevent intrusion.
Access the Distributed Fiber Optic Sensor Market Size, Share & Trends Analysis Report
By Application, By Technology (Rayleigh Effect, Brillouin Scattering), By
Vertical (Oil & Gas, Power & Utility), By Region, And Segment
Forecasts, 2024 - 2030
Thus, its capability to work in a challenging environment is
another factor propelling the industry's growth. Increasing demand for
sophisticated infrastructure and rising per capita income is predicted to lead
to industrial automation, urban mobility, and growth in high-end residential
projects. Various governments are focusing on conserving their prevailing
infrastructure and developing new ones. They are under constant pressure to
provide the necessary infrastructure, amenities, and connectivity to people.
This has resulted in increased spending on projects, such as roads, railways,
and dams. This rapid growth in the advanced civil engineering vertical is
expected to boost the DFOS market
The growing acceptance of DFOS has promoted manufacturers
and suppliers to increase R&D expenditure to offer better products to their
customers. Service providers are trying to regulate efficiencies and optimize
their production process to capture maximum market share and eliminate all
other substitutes of the fiber optics technology. The high production &
installation price of DFOS products is promoting manufacturers to develop more
competitively priced and reliable optic inspection products. Technological
complexities, along with other challenges, raise the price of deploying fiber
optics, which further hamper industry growth.
Order your free sample copy of “Distributed Fiber Optic Sensor Market
Report 2024 - 2030, published by Grand View Research
Distributed Fiber
Optic Sensor Market Report Highlights
·
The temperature sensing application segment
dominated the industry in 2023. Temperature sensors find solicitations in the
oil & gas and civil engineering segments
·
Suppliers and manufacturers of fiber optic
equipment are looking forward to achieving higher bandwidth, 100 GBPS, by
undertaking intense research activities
·
North America dominated the global industry and
accounted for the largest revenue share in 2023
·
The growing demand for DFOS equipment can be
attributed to the ever-growing demand for efficient and optimized processes,
across enterprises and manufacturing sectors
Key Distributed Fiber
Optic Sensor Company Insights
Key distributed fiber optic companies include Halliburton,
Schlumberger Limited, Yokogawa Electric Corporation, and OFS Fitel, LLC. Rising
R&D activities and increasing investments made by service providers to
accelerate innovation and provide better service offerings offer an impetus to
market growth. This has helped users engage in data-driven decision-making and closely
administer machine systems to mitigate potential risks. Furthermore, service
providers are also engaging in partnerships and collaborations to drive
business practices and enhance revenue generation. For instance, in March 2023,
Yokogawa Electric and Otsuka Chemical announced the formation of Syncrest Inc.
This joint company would function as a contract R&D and production
organization for middle molecular medicines.
Key Distributed Fiber
Optic Sensor Companies:
·
Halliburton
·
Schlumberger Limited
·
Yokogawa Electric Corporation
·
OFS Fitel, LLC
·
Qinetiq Group PLC
·
Omnisens SA
·
Brugg Kable AG
·
Luna Innovations Incorporated
·
AP Sensing GmbH
Explore Horizon, the world’s most expansive market research database
About Grand View
Research
Grand View Research, U.S.-based market research and
consulting company, provides syndicated as well as customized research reports
and consulting services. Registered in California and headquartered in San
Francisco, the company comprises over 425 analysts and consultants, adding more
than 1200 market research reports to its vast database each year. These reports
offer in-depth analysis on 46 industries across 25 major countries worldwide.
With the help of an interactive market intelligence platform, Grand View
Research helps Fortune 500 companies and renowned academic institutes
understand the global and regional business environment and gauge the
opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Comments
Post a Comment