Press release
The distributed fiber optic sensor market will multiply at an impressive CAGR of 9.2% by 2023 & Top Key Players QinetiQ Group PLC, Northrop Grumman Corporation, Baker Hughes Inc., CGG, Future Fiber Technologies Ltd., Magal S3, Fotech Solutions Ltd.
The global market of distributed fiber optic sensor market is anticipated to reach significant market valuation by the end of 2023 by flourishing at a promising compound annual growth rate of 9.2% over the period 2016-2023. This can be attributed to the rapid increase in urbanization combined with increasing housing and security investments. Further, development of new technologies in emerging economies is estimated to benefit the expansion of distributed fiber optic sensor market with noteworthy revenue by the end of 2023.
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In terms of geography, North America dominated the overall distributed fiber optic sensor market followed by Asia-Pacific during 2015 owing to high adoption rate of fiber optic sensors in the manufacturing industry combined with accessibility of huge reserves resulting in augmented drilling activities. Further, the key factor that is driving the growth of fiber optic sensors throughout the world is its high tolerance for extreme temperature and other harsh conditions.
Oil & Gas Industry Reflects Significant Opportunities
The growth of the distributed fiber optic sensors market is driven by growing investment in infrastructure, mounting use of fiber optic sensors in smart wells combined with its boom in oil & gas sector due to declining production of conventional oil reserves. Further, the high tolerance of fiber optic sensors over electronic sensors is estimated to supplement the growth of the distributed fiber optic sensors market over the forecast period.
However, price instability and stringent government regulations are some of the restraining factors behind the growth of the distributed fiber optic sensors market in the near future.
The report titled “Distributed Fiber Optic Sensor Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the distributed fiber optic sensor market in terms of market segmentation by product, by technology, by end-use industry and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the distributed fiber optic sensor market which includes company profiling of QinetiQ Group PLC, Northrop Grumman Corporation, Baker Hughes Inc., CGG, Future Fiber Technologies Ltd., Magal S3, Fotech Solutions Ltd., LIOS Technology GmbH, Weatherford International and Tendeka Group.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the distributed fiber optic sensor market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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