February 21, 2024
Distributed Fiber Optic Sensors Market
Ict

Distributed Fiber Optic Sensors Market is expected to Drive Efficient Production Across Industries

Distributed fiber optic sensors offer real-time monitoring and high accuracy measurement using fiber optic cables. They are increasingly being used for pipeline and process monitoring across oil & gas, power, and manufacturing industries to optimize operations. Distributed fiber optic sensors work on the principle of optical time domain reflectometry and measure temperature, strain or vibrations along the entire length of fiber. This enables engineers to detect anomalies or inefficiencies across vast industrial sites from a centralized control room.

The global distributed fiber optic sensor market size is estimated to be valued at US$ 1,313.7 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in the distributed fiber optic sensor market is their growing adoption across the renewable energy industry. Renewable power projects spanning large geographical areas such as wind and solar farms require constant monitoring of electrical cables, turbines and other infrastructure spread across farms. Distributed fiber optic sensors deployed along electrical cables and structures help monitor operational performance, detect failures and predict maintenance needs. They provide early detection of damages from environmental factors like corrosion, earth movement etc., improving safety and reliability of operations. Another noteworthy trend is the development of robust and cost-effective small form factor distributed fiber optic sensing systems. Startups are focusing on miniaturizing interrogation units and making sensors wireless-enabled to facilitate deployment in confined industrial spaces and hard to reach areas. This is expected to further increase their adoption across industries over the coming years.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the distributed fiber optic sensor market is moderate. Significant capital expenditure is required to set up manufacturing units and research centers for technological innovation. Barriers for new players are moderate as the market is growing.

Bargaining power of buyers: The bargaining power of buyers in the distributed fiber optic sensor market is moderate. Buyers have many options available in the market from various global and regional players. Switching costs for buyers are low.

Bargaining power of suppliers: The bargaining power of suppliers is low to moderate. The distributed fiber optic sensor market has several component manufacturers however, alternative suppliers are also available which limits suppliers bargaining power.

Threat of new substitutes: The threat of new substitutes is low as distributed fiber optic sensors provide accurate, real-time monitoring capabilities that are difficult to substitute.

Competitive rivalry: The competitive rivalry is high as the market is growing and fragmented with the presence of various global as well as regional players competing based on technological innovation, product quality, and pricing.

Key Takeaways

The Global Distributed Fiber Optic Sensor Market Size is expected to witness high growth over the forecast period supported by increasing demand across various industries for real-time monitoring applications. The global distributed fiber optic sensor market size is estimated to be valued at US$ 1,313.7 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030.

The Asia Pacific region is expected to dominate as well as witness the fastest growth in the distributed fiber optic sensor market owing to increasing investment in industries such as oil and gas where these sensors have wide application. Countries such as China and India provide huge growth opportunities.

Key players operating in the distributed fiber optic sensor market are Jenoptik AG, Han’s Laser Technology Co. Ltd., Newport Corporation, nLIGHT Inc., TRUMPH GmbH, ACSYS Lasertechnik Inc., Coherent Inc., IPG Photonics Corporation, II-VI Incorporated. These players are focusing on new product launches and expansion to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it