The global distributed fiber optic sensor (DFOS) market is estimated to touch USD 1.87 billion, by 2025, and is projected to grow at the CAGR of 10.8% over the forecast period, 2019 to 2025, according to a new report by Million Insights. The increasing demand from oil & gas and civil engineering application is projected to spur market growth. Fiber optics are highly reliable in streams, pipes, and reactors wherein manual inspection is difficult. In addition, they are helpful in health monitoring, and security applications for preventing any intrusion.
Growing demand for sophisticated structure in industrial automation, for enhanced urban mobility is boosting the demand for fiber optical sensors. Governments across the globe are emphasizing on developing new projects and conserving their existing infrastructure. This has substantially increased investment in railway, dam, and road construction projects. Furthermore, rapid development in the civil engineering sector is anticipated to proliferate the demand for fiber optic sensor.
Market Share Insights
Leading players in the market include Schlumberger Limited, Halliburton, Yokogawa Electric Corporation, Qinetiq Group PLC, OFS Fitel, LLC, Omnisens SA, AP Sensing GmbH, Luna Innovations Incorporated, and Brugg Kable AG.
Key players in the market engage in strategic activities such as new product launches, acquisitions to remain competitive in the market. For example, in 2018, Yokogawa Electric Corporation has introduced an optical heat detector namely DTSX1.
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Regional Insights
In terms of revenue, North America is projected to lead the market during the forecasted period. The growing adoption of fiber sensing technologies across the oil & gas industries are contributing to regional growth. Shale gas explorations in the U.S. market are primarily driving the demand for DFOS sensors. The U.S. is the highest oil and gas producer in the region.
In the Asia Pacific, safety & security and the infrastructure sector are boosting the growth of the regional market. The rising transportation sector in countries such as India and China is contributing to market growth. Furthermore, the growing need for a fast decision in the power utility, and civil engineering industry is expected to positively impact market growth. The European market is projected to grow at a substantial rate due to technological development in fiber optical solutions.
Impact of COVID-19
COVID-19 pandemic has negatively impacted the globally distributed fiber optic sensing market. Coronavirus outbreak has interrupted the supply chain of the fiber optics industry. Several fiber optic sensor suppliers are located in the Chinese market. The country accounts for around 25.0% of global fiber optic productions. However, manufacturing units in China have resumed at limited capacity, thus, impacting positively the global demand for fiber optic sensors.
In North America, oil prices had dropped massively during the COVID-19 pandemic. However, rising shales gas exploration activities are projected to boost the demand for distributed fiber optical sensors. DFOS sensor helps in enhancing the downhole sensing capabilities of oil & gas companies.
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