New York, NY -- (SBWIRE) -- 05/19/2017 -- Although PMR maintains a positive outlook on the global distributed acoustic sensing market, few challenges can impede the growth of the market. Depreciating oil prices and large volume of data generated by distributed acoustic sensing are currently the key impediments to growth.
The key factors driving the global acoustic sensing market include,
Increasing global energy demand: According to International Energy Agency, global energy demand will increase by 50% by 2030-end. Distributed acoustic sensing has emerged as a feasible cost-effective method to optimize energy production and transfer., Distributed acoustic sensors are capable of withstanding harsh environment and temperature conditions, owing to which their adoption is steadily gaining traction, especially in the petroleum sector., Increasing adoption of distributed acoustic sensing in the railways sector is contributing to the growth of the market. Distributed acoustic sensors are being used to protect track-side assets, including location cabinets and Relocatable Equipment Buildings (REB).
The key trends impacting the distributed acoustic sensing market include,
Growing adoption of distributed acoustic sensing in non- oil and gas verticals. Owing to various developments and improvisations, digital acoustic sensing is being increasingly deployed in perimeter intrusion detection., Storage of information collected through distributed acoustic sensing remains a key challenge. It is estimated that during a typical hydraulic fracturing monitoring operation, a DAS system can generate data up to 5 TB per day. Storing such large volumes of data has been a longstanding challenge for companies, with most vendors using a patchwork of software solutions to extract data from DAS., By application, Persistence Market Research has segmented the distributed acoustic sensing market into oilfield services, pipeline management, security & surveillance, and transport services. Oilfield services accounted for the largest revenue share of the market; by 2025, this segmented is projected to reach 63.3% in revenues. In terms of revenues, this segment is projected to reach a market value of over US$ 1.26 billion.
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Unsurprisingly, Middle East & Africa (MEA) is the largest market for distributed acoustic sensors. The region is expected to account for a revenue share of 38.1% in 2017. North America is the second largest market for distributed acoustic sensors globally. In North America, the U.S. continues to dominate the demand for distributed acoustic sensors, with nearly 75% revenue share of the market.
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Leading companies profiled by Persistence Market Research in its report are Halliburton Co., Schlumberger Limited, Optasense, Baker Hughes Incorporated, Future Fibre Technologies, Fotech Solutions Ltd., Silixa Ltd., Bandweaver, Omnisens SA, and Hifi Engineering Inc.