Press release
Distributed Fiber Optic Sensor Market Will Reach $1.9 Billion by 2023 and Is Growing at a CAGR of 15% During 2018 – 2023
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The optical fiber is light weighted, manageable, available at low-price, and unaffected to electromagnetic interference, which makes it an economical and flexible sensor medium. The benefits associated with distributed fiber optic sensors are likely to spur the growth of this market. Some of the factors like increasing adoption of distributed fiber optic sensors in oil and gas and soaring demand from the civil engineering vertical are expected to propel the growth of global distributed fiber optic sensor market.
Based on application, distributed fiber optic sensor market can be classified into temperature sensing, acoustic sensing, strain sensing, pressure sensing and others. Temperature sensing application segment is likely to spearhead the application category with maximum revenue contribution. However, acoustic sensing application is expected to register highest growth during the forecast period. Between single mode and multi-mode, multi-mode fiber based sensors led the global distributed fiber optic sensor market, and is expected to be the largest market throughout the forecast period. Multi-mode fiber based sensors are used for shorter distance (up to 2 km) applications, whereas, single mode fiber based sensors are employed for long distance. Based on scattering process, Raman scattering process is expected to lead the global distributed fiber optic sensor market throughout the forecast period, whereas, Rayleigh scattering process is expected to register the highest growth during the forecast period.
Geographically, North America has been the largest market for distributed fiber optic sensors. The oil and gas industry contributed largest revenue to the distributed fiber optic sensor market in the region. The U.S. is considered as the largest petroleum consumer across the globe and it is also producing oil faster than other countries in the world.
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The key players in the distributed fiber optic sensor market include Schlumberger Limited, Halliburton Company, Yokogawa Electric Corporation, Weatherford International plc, QinetiQ Group plc, Luna Innovations Incorporated, OFS Fitel LLC, Bandweaver, OmniSens S.A., Brugg Kabel AG, AP Sensing GmbH, AFL and Ziebel AS.
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