Increasing global energy demand fueling the distributed acoustic sensing market

As per the forecast by the International Energy Agency, global energy demand is expected to surge by 50% by 2030 end. Due to such a high demand for energy, there is an urgent need to tap new and unexplored fossil fuel resources. Presently, production and transportation of energy is taking place in highly complex situations such as soil instabilities, increasing tectonic activity, ultra deep water operations and taking care to ensure that there is no negative impact on fisheries and terrestrial fauna, human intrusion risks etc. Besides, there is a need for real-time complex LNG assets control and high temperatures employed in steam enhanced heavy oil recovery methods. Due to all these factors, distributed acoustic sensing or fiber optic sensing has emerged as a versatile and cost-effective technique to evaluate the mechanical health of large structures and perform efficient damage assessment – both of which are compulsory in order to optimize energy production and transfer. Due to this reason, there is a huge demand for distributed acoustic sensing mechanisms in the market.

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Capability of distributed acoustic sensors to withstand severe and harsh environment and temperature conditions adding to the utility of distributed acoustic sensors

Distributed acoustic sensors have the ability to detect changes at myriad intervals over long distances, which is suitable for functioning in remote and harsh environments. Both these conditions are inherent to the petroleum industry and oilfield applications. Due to these capabilities of distributed acoustic sensors, a large number of companies are utilizing them to determine flow characteristics and related physical properties inside the pipes and near the wellbore. This large use of distributed acoustic sensors can be attributed to the confluence of technological advancements in the upstream industry, which have increased the durability and reliability of downhole fiber-optic systems. In addition, technological advancements in the material sciences sector such as advancements in glass chemistry yielding strong fiber cables and enhancements in computer processing speed and better algorithms make data interpretation easier and faster, and these factors are further expected to drive the adoption of distributed acoustic sensors across various industry verticals.

Depreciating oil prices acting as a restraint to the global distributed acoustic sensing market

Distributed acoustic sensing technology is deployed in the oil and gas industry for monitoring temperature and pressure in order to improve safety and increase production volumes. Increasing demand for sensing in harsh environments and the corresponding development of rugged optical fiber technology has significantly benefitted the oil and gas industry. Such type of sensing systems offer a range of benefits throughout the life of a well, from exploration to drilling and completion, and production and reservoir management. However, during the last three years, the adoption of distributed optical fiber sensing technology has been adversely affected by a significant decline in oil prices. This decline in oil prices can be attributed mainly to rise in the oil production and sluggish consumer demand coupled with oversupply by leading petroleum exporting countries. For example, the United States has doubled its domestic oil production, while Saudi Arabian oil companies are competing in Asian markets. Also, oil exports from Canada and Iraq are also rising, and Russia is continuously pumping oil despite the economic crisis in the country. All these factors are leading to a glut in the production of oil across the world, leading to a decline in oil prices, which is hindering the expansion of the distributed acoustic sensing market.

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Global Distributed Acoustic Sensing Market Analysis and Forecast, By Application

In terms of revenue, oilfield services is projected to be the most attractive application segment in the global distributed acoustic sensing market during the forecast period. Oilfield services segment is also expected to register comparatively higher year-on-year growth rates throughout the forecast period and is projected to register a CAGR of 21.0% between 2017 and 2025. Oilfield services segment was valued at nearly US$ 240 Mn in 2016 and is expected to remain dominant by 2025 end, accounting for a revenue share of more than 60%. The impending growth in adoption of distributed acoustic sensing solutions in oilfield services is supported by the demand for efficient solutions for applications such as leak detection, distributed flow and distributed seismic detection, vertical seismic profiling, sand monitoring, and valve operations detection. Additionally, distributed acoustic sensing is increasingly playing an important role in cases of digging, drilling operations and leakage in underground pipelines. As a result, the pipeline management segment by application is also expected to witness decent growth during the forecast period.

New technologies will lead to the development of new products and new markets in the next few years

The increasing demand for distributed acoustic sensing in the oil and gas sector is expected to create new challenges for specialty fiber manufacturers in terms of new waveguide designs and fiber coatings, in order to withstand an increased operating temperature range (>300°C) and detecting acoustic signal and/or pressure along its entire length. These challenges are expected to drive the development of the technology and lead to new products and new markets during the coming three to four years.

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About Us:

Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.

To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.

Contact Us:

305 Broadway,7th Floor
New York City, NY 10007
United States
+1-646-568-7751
+1 800-961-0353 (USA-Canada Toll free)
Email: sales@persistencemarketresearch.com
Website: https://www.persistencemarketresearch.com

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