The overall distributed fiber optic sensor market was valued at USD 653.2 Million in 2015 and is expected to reach USD 1,712.3 Million by 2022, at a CAGR of 15.09% between 2016 and 2022.
Seattle,WA -- (SBWIRE) -- 05/18/2017 -- The growth of this market is driven by the increasing applications in the oil and gas vertical, increasing demand from the civil engineering vertical, and the reliability of distributed fiber optic sensors while working in the challenging environments.
According to the forecast provided by MarketsandMarkets, the overall distributed fiber optic sensor market was valued at USD 653.2 Million in 2015 and is expected to reach USD 1,712.3 Million by 2022, at a CAGR of 15.09% between 2016 and 2022.
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This report segments the distributed fiber optic sensor market on the basis of operating principle, fiber type, scattering process, application, vertical, and geography.
The market for the sensors based on Raman scattering effect held the largest size of the distributed fiber optic sensor market in 2015. Raman scattering effect is the most preferred scattering method owing to the property of maintaining a balance between the range to which it can sense physical parameters and the accuracy with which it can measure physical parameters.
Oil and gas vertical is expected to hold the largest size of the distributed fiber optic sensor market during the forecast period. The distributed fiber optic sensor has become an integral part of the oil and gas vertical.
The distributed fiber optic sensors are used for continuous and real-time downhole monitoring to optimize the operational and economic performance of the assets in the oil and gas vertical. The focus of this vertical on the adoption of the technology for improving the productivity oil and gas fields has increased, which is likely to make the oil and gas vertical the largest consumer of distributed fiber optic sensors in the coming years.
North America held the largest share of the distributed fiber optic sensor market in 2015. Middle East region is amongst the major regions which are the largest producers of crude oil, globally, and use of distributed fiber optic sensor in oil and gas vertical for the greenhouse projects is encouraging the growth of the distributed fiber optic sensor market in this region.
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