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Global Distributed Fiber Optic Sensor System Market Analysis – 2018-2027
Distributed fiber optic sensor systems are systems that connect opto-electronic interrogators to an optical fiber (or cable), converting the fiber to an array of distributed sensors. The technology allows real-time, continuous measurements of temperature, strain and acoustic data. The global distributed fiber optic sensor system market is anticipated to record a CAGR of 11.0% over the forecast period, i.e. 2020-2027, on account of several factors which include the growing investment in the deployment of distributed fiber optic sensor infrastructure in smart wells in the oil & gas industry along with the growing manufacturing industry, which in turn is promoting towards the growth of the global distributed fiber optic sensor system market.
The global distributed fiber optic sensor system market consists of various segments that are segmented by sensing element, scattering, technology, application and by region. Out of these, the extrinsic fiber optic segment, which is a sub-segment of the sensing element segment, is anticipated to hold the largest market share in the year 2027 and is anticipated to grow at a CAGR of 10.4% during the forecast period and reach a value of USD 12229.1 million by the end of 2027. Moreover, the segment is also anticipated to attain an absolute $ opportunity of USD 6109.4 million during the forecast period and have an incremental $ opportunity of USD 936.6 million in the year 2027 as compared to the previous year.
Based on region, the global distributed fiber optic sensor system market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in Asia Pacific, which had accounted for 19.41% share in the year 2018, is estimated to witness the highest CAGR of 12.8% over the forecast period and attain an absolute $ opportunity of USD 2491.6 million during the forecast period along with an incremental $ opportunity of USD 418 million in the year 2027 as compared to the previous year.
Numerous companies in the global distributed fiber optic sensor system market are making various efforts to expand their business to meet the increased demand and are focusing on expansion in both product line and product mix to achieve the desired growth of the organizations in the global distributed fiber optic sensor system market.