(IT-NEWSWIRE.COM, May 19, 2017 ) According to the new market research report, “Distributed Fiber Optic Sensor Market by Operating Principle (OTDR, OFDR), Fiber Type (Single-Mode, Multimode), Scattering Process (Raman Effect, Rayleigh Effect), Application (Temperature, Acoustic), Vertical, and Region - Global Forecast to 2022”, the overall distributed fiber optic sensor market is expected to be worth USD 1,712.3 Million by 2022, at a CAGR of 15.09% between 2016 and 2022.
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The major factors driving the growth of the distributed fiber optic sensor market include the increasing applications of the sensors in the oil and gas vertical, rising demand from the civil engineering vertical, and reliability of distributed fiber optic sensors while working in the challenging environments. These factors are expected to propel the growth of the distributed fiber optic sensor market.
“Market for oil and gas vertical expected to hold the highest market share between 2016 and 2022”
Oil and gas was the first vertical to start using distributed fiber optic sensors for various applications. In this vertical, the distributed fiber optic sensors are primarily used for the accurate monitoring of well temperature and for obtaining a detailed picture of the physical parameters of the wellbore. Also, the use of distributed sensors for the continuous and real-time downhole monitoring to optimize the operational and economic performance of the assets in the oil and gas plants is another reason driving the distributed fiber optic sensor market for oil and gas vertical.
“Distributed fiber optic sensor market for acoustic sensing application expected to grow at the highest CAGR during the forecast period”
Distributed acoustic sensors are used to measure any kind of acoustic or vibrational change by using a distributed optical fiber which can measure this change along its length. The market for acoustic sensing application is expected to grow at the highest rate because of this technology being a new one and owing to a complimentary role played by a sensor along with the temperature sensing. Also, an enhanced sensitivity of the acoustic sensors, compared to the temperature sensors, would act as a major factor encouraging the penetration of these sensors for acoustic sensing applications in the oil and gas, power and utility, and civil engineering verticals. Distributed acoustic sensors are mostly used by the verticals such as oil and gas, safety and security, and civil engineering.
“Market in APAC expected to grow at the highest rate during the forecast period”
The market in APAC is expected to be the fastest-growing market. The market in APAC is segmented into India, China, South Korea, and Rest of APAC. APAC is a major market for various verticals using the distributed fiber optic sensors for various applications, such as oil and gas, power and utility, safety and security, industrial and civil engineering. Growing power and utility, and oil and gas vertical in the region leading to the increased demand for distributed fiber optic sensors in these verticals is a crucial factor driving the market in this region.
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The major companies involved in the development of distributed fiber optic sensors include Schlumberger Limited (U.S.), Halliburton Company (U.S.), Yokogawa Electric Corporation (Japan), Weatherford International plc (Switzerland), QinetiQ Group plc (U.K.), Luna Innovations Incorporated (U.S.), OFS Fitel LLC (U.K.), Bandweaver (U.K.), OmniSens S.A. (Switzerland), Brugg Kabel AG (Switzerland), AP Sensing GmbH (Germany), AFL (U.S.), and Ziebel AS (Norway) among others.
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