CHICAGO, April 4, 2023 /PRNewswire/ -- The global distributed fiber optic sensor market size is expected to grow from USD 1.2 billion in 2023 to USD 1.9 billion by 2028, at a CAGR of 9.4% according to a new report by MarketsandMarkets. There are significant opportunities in the oil & gas vertical due to the increasing adoption of distributed sensors for measurement and monitoring purposes and the detection of leakage and fault locations in pipelines.
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Distributed Fiber Optic Sensor Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $1.2 billion |
Estimated Value by 2028 | $1.9 billion |
Growth Rate | Poised to grow at a CAGR of 9.4% |
Market Size Available for | 2020-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Fiber Type, Application, Vertical, and Region. |
Geographies Covered | North America, Europe, Asia Pacific, and RoW |
Key Market Challenge | High cost of distributed fiber optic sensor systems |
Key Market Opportunities | Growing demand for data base analysis |
Key Market Drivers | Surging demand for infrastructure vertical |
Temperature Sensing is estimated to have largest market size in application type in the said market during the forecast period
The temperature sensing application is estimated to lead the distributed fiber optic sensor market in size in 2028. Distributed sensors for temperature sensing are primarily used in oil and gas production in permanent downhole monitoring, coil tubing optical-enabled deployed intervention systems, and slackline optical cable deployed intervention systems. They are also used in the power cable and transmission line and temperature monitoring in plant and process engineering, including transmission pipelines. The surging demand for data-based decision-making and the cost-effectiveness of distributed fiber optic sensors drive the market.
Infrastructure vertical is estimated to be the fastest-growing market during the forecast period
The oil & gas vertical is estimated to lead the distributed fiber optic sensor market in size during the forecast period. Distributed sensors are used for continuous, real-time downhole monitoring to optimize the operational and economic performance of the assets in the oil & gas vertical. The market for infrastructure vertical is expected to develop at the highest CAGR during the forecast period. Distributed fiber-optic sensors for the infrastructure vertical are primarily used for structural health monitoring. Distributed strain, acoustic, pressure, and temperature sensing are equally important for structural health monitoring-based applications for commercial buildings, government buildings, and enterprises.
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North America is expected to have largest market size during the forecast period
North America held the largest share in 2022. The companies in this region focus on boosting their production capabilities and widening their distribution networks, and the manufacturers are utilizing new technologies in their operations. A few of the major players based in North America, which are operating across the Americas, are Halliburton Company (US) and, Schlumberger (US), OFS (US), among others.
Major players in the distributed fiber optic sensor market include Schlumberger (US), Halliburton (US), Yokogawa Electric (Japan), Weatherford International (US), Luna Innovations (US), OFS (US), Bandweaver (UK), Omnisens (Switzerland), AP Sensing (Germany) and DarkPulse (US) among others.
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