Distributed Fiber Optic Sensor System Market
Research Nester has released a report titled “Distributed Fiber Optic Sensor System Market – Global Demand Analysis & Opportunity Outlook 2027″ which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The system to monitor fiber optic systems, generally used for monitoring variables such as temperature, strain and acoustic perturbations amongst others are referred to as distributed fiber optic sensor systems. The demand for distributed fiber optic sensor system is rising on the back of several factors including the growing investment in the deployment of distributed fiber optic sensor infrastructure in smart wells in the oil & gas industry along with the growing manufacturing industry, which in turn is promoting towards the growth of the global distributed fiber optic sensor system market. Additionally, as these sensor systems are technologically advanced than the conventional electronic systems which were earlier used in the end user industries is also considered as one of the key drivers towards the growth of the global distributed fiber optic sensor system market.
The global distributed fiber optic sensor system market is anticipated to grow at a CAGR of 11.0% over the period of forecast i.e. 2020-2027 and reach a value of USD 19403.8 million by the end of 2027 from USD 6967.7 million in the year 2018. The distributed fiber optic sensor system helps to analyze the status and performance of distributed fiber optic sensor network in end user industries. The global distributed fiber optic sensor system market is segmented by application into oil & gas, geothermal energy, wind energy, aerospace, military and others. Among these segments, oil & gas segment is anticipated to hold the largest market share on the back of increasing demand for distributed fiber optics from oil and gas industry and reach a CAGR of 10.6% throughout the forecast period.
The segment held a market share of 34.06% in the year 2018 and is predicted to grow from USD 2373.0 million in the year 2018 to USD 6426.3 million in the year 2027 with a growth rate of 2.71x. Additionally, the oil & gas segment is also expected to register an incremental $ opportunity of USD 503.7 million in the year 2027 as compared to the previous year and also gain an absolute $ opportunity of USD 4053.3 million during the assessment period.
Geographically, the global distributed fiber optic sensor system market is segmented by five major regions into North America, Europe, Middle East & Africa, Asia-Pacific and Latin America region, out of which, Europe, which held the largest market share of around 36.32% in the year 2018, is anticipated to grow with a CAGR of 10.9% over the forecast period and reach a value of USD 7009.9 million in the year 2027. Additionally, the region is predicted to flourish by attaining an absolute $ opportunity of USD 3608.9 million during the forecast period with a growth rate of 2.77x from the year 2018.
However, concerns for the overall impact on the deployment of distributed fiber optic sensor systems affected by the fluctuations in price in the oil industry along with the strict environmental regulations of the government are some of the factors estimated to act as a barrier to the growth of the global distributed fiber optic sensor system market.
This report also studies existing competitive scenario of some of the key players of the global distributed fiber optic sensor system market, which includes profiling of several players who are making various efforts to expand their business by both product mix and product line so as to meet the increased demand and achieve the desired growth of their organization.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Distributed Fiber Optic Sensor System Market – Global Demand Analysis & Opportunity Outlook 2027″, analyses the overall distributed fiber optic sensor system industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global distributed fiber optic sensor system market in the near future.
