With 9.4% CAGR, Distributed Fiber Optic Sensor Market Growth to Surpass USD 1.9 billion

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%. Rising demand for oil and gas is growing due to increasing population in different regions which in turn give rise to increased application areas in the same industry. Key players in the distributed fiber optic sensor market are grabbing opportunities by indulging in partnerships and acquisitions. Product development and expansions were a few of the other strategies adopted by companies in this market to strengthen their market position.

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Multimode fiber-based distributed fiber optic sensors capture a larger share of the market. This is due to the use of multimode fiber-based sensors in the oil & gas vertical, which requires greater accuracy with fast and reliable transmission. Also, they are preferred in the oil & gas vertical as the systems have been tested and used for a long period primarily because of their ability to operate reliably in harsh conditions. A few of the other advantages of multimode fiber systems include the capability of operating with substantial optical power over moderate distances inexpensively, utilizing the multiplicity of propagation modes within the fiber for sensing purposes, providing a means of sensing spectral signature changes over considerable wavelength ranges; and relatively large dimensions so improving tolerances with respect to end effects and interconnections. Preference for multimode fibers in the oil & gas industry drives the growth of the market

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India is expected to grow with highest CAGR during the forecast period. The major factors contributing to the market growth are the rapid expansion of the power transmission network and the growth of the building & construction vertical. According to the EIA, in 2021, India consumed 4.79 million barrels of oil daily and became the world's third-largest consumer. The country also has a 16,800 km-long natural gas pipeline network; according to its Ministry of Petroleum and Natural Gas, India plans to develop an additional 14,300 km of pipelines to complete the National Gas Grid. This grid is expected to ensure the easy availability of natural gas across all regions of the country and potentially help achieve uniform economic and social progress across India.

News also Covered: https://www.prnewswire.com/news-releases/distributed-fiber-optic-sensor-market-worth-1-9-billion-by-2028---exclusive-report-by-marketsandmarkets-301789297.html

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