Distributed Fiber Optic Sensor Market Growth & Trends
The global distributed fiber optic sensor market size is expected to reach USD 2.27 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 8.4% from 2021 to 2028. Factors, such as significant demand from the civil engineering vertical and rising adoption in the oil & gas sector, boost product adoption. 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 high durability and ability to withstand a challenging environment are also projected to propel market growth.
Increasing demand for sophisticated infrastructure and rising per capita income is 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 market development.
The wide usage 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 forcing manufacturers to develop cheaper and reliable optic inspection products. Technological complexities, along with other challenges raise the price of fiber optics deployment, which further hampers the market growth.
Distributed Fiber Optic Sensor Market Report Highlights
- The market is estimated to grow at a significant CAGR from 2021 to 2028 due to the high product demand as a result of the rising need for efficient and optimized processes, across enterprises and manufacturing sectors
- The temperature sensing application segment dominated the market in 2020. 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 revenue share in 2020
- However, Asia Pacific is estimated to be the fastest-growing regional market during the forecast period