“Distributed Fiber Optic Sensor Market: Global Demand Analysis & Opportunity Outlook 2023”
The global distributed fiber optic sensor market is segmented into technology such as Brillouin scattering, Raman scattering, Rayleigh scattering and fiber Bragg gratings (FBG). Among these segments, Raman scattering segment is expected to occupy the top position in distributed fiber optic sensor market during the forecast period. High utilization of Raman scattering-based distributed fiber optic sensor in construction and oil & gas industry is anticipated to supplement the growth of Raman scattering-based distributed fiber optic sensor segment. Furthermore, factors such as high accuracy in physical parameter measurement are expected to augment the growth of the distributed fiber optic sensor market.
Global distributed fiber optic sensor market is expected to flourish at a CAGR of 9.2% over the forecast period. Moreover, the global distributed fiber optic sensor market is anticipated to garner noteworthy revenue by the end of 2023. Factors such as high demand from construction sector and rising utilization in oil & gas industries are expected to propel the growth of distributed fiber optic sensor market during the forecast period.
The oil & gas segment by end use industry is estimated to register noteworthy CAGR during the forecast period. Moreover, oil & gas segment is expected to account for the largest share of revenue across the globe. Further, oil & gas industries are inclining towards the adoption of technologies to enhance the operational efficiency. This factor is anticipated to foster the growth of distributed fiber optics sensor in oil & gas market.
Wide Scale Utilization of Distributed Fibre Optics Sensor
High demand from construction industry and oil & gas industry is predicted to fuel the growth of the market. Moreover, adoption of distributed fibre optics sensors in power & utility industries for cable monitoring is anticipated to augment the growth of distributed fibre optic sensor market.
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Technological Advancement & Development
Continuous technological development in fiber optics sensors such as enhanced sensitivity of acoustic sensors is anticipated to be the dynamic factor behind the growth of the distributed fiber optic sensor market. Furthermore, advancement is fiber optics chemical sensing is expected to spur the adoption of distributed fiber optics sensors in oil & gas industry.
Although, price instability in oil & gas industry and strict government regulations are some of the factors that are likely to inhibit the growth of the global distributed fiber optic sensor market in the near future.
The report titled “Distributed Fiber Optic Sensor Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the global distributed fiber optic sensor market in terms of market segmentation by product, by technology, by end use industry and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global distributed fiber optic sensor market which includes company profiling of QinetiQ Group plc, Northrop Grumman Corporation, CGG, Future Fiber Technologies Ltd., Magal S3, Fotech Solutions Ltd., LIOS Technology GmbH, Weatherford International and Tendeka Group. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global distributed fiber optic sensor market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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