Distributed fiber optic sensor market worth $2,533.5 million by 2030
The global distributed fiber optic sensor market size is expected to reach USD 2,533.5 million by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 7.3% from 2022 to 2030.
- The temperature sensing application segment dominated the market (in terms of market size) in 2021. Temperature sensors find solicitations in the oil & gas and civil engineering segments.
- Suppliers and manufacturers of fiber optic equipment are looking forward to achieving higher bandwidth, 100 GBPS, by undertaking intense research activities.
- North America dominated the global market and accounted for the largest market share (in terms of revenue) in 2021.
- The growing demand for DFOS equipment can be attributed to the ever-growing demand for efficient and optimized processes, across enterprises and manufacturing sectors.
- The key industry participants include Halliburton, Schlumberger Limited, Yokogawa Electric Corporation, OFS Fitel, LLC, Qinetiq Group PLC, Omnisens SA, Brugg Kable AG, Luna Innovations Incorporated, and AP Sensing GmbH.
Distributed fiber optic sensor market growth & trends
The distributed fiber optic sensors (DFOS) market is expected to grow exponentially over the forecast period globally. Factors such as significant demand from the civil engineering vertical and rising adoption in the oil & gas sector substantially boost the adoption of distributed fiber optic sensors. Fiber optics can withstand rough handling, such as in pipes, streams, and reactors, where manual inspection is not feasible. Furthermore, they help in structural health monitoring at dangerous workplaces and can also be used for border security purposes to prevent intrusion. Thus, its capability to work in a challenging environment is another factor propelling the market growth.
Increasing demand for sophisticated infrastructure and rising per capita income are predicted to lead to industrial automation, urban mobility, and growth in high-end residential projects. Various governments are focusing on conserving their prevailing infrastructure and developing new ones. They are under constant pressure to provide the necessary infrastructure, amenities, and connectivity to people. This has enabled increased spending on projects such as roads, railways, and dams. This rapid growth in the advanced civil engineering vertical is expected to boost the distributed fiber optic sensing market.
The rapid acceptance of DFOS has promoted manufacturers and suppliers to increase R&D expenditure to offer better products to their customers. Service providers are trying to regulate efficiencies and optimize their production process to capture maximum market share and eliminate all other substitutes of the fiber optics technology. The high production & installation price of DFOS products is promoting manufacturers to develop more competitively priced and reliable optic inspection products. Technological complexities, along with other challenges raise the price of deploying fiber optics which further hamper market growth opportunities. BCS Bureau
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