Global Distributed Temperature Sensing Market Will Surpass $1,196.5 Million by 2027, at a healthy CAGR of 7.8% - Research DiveDownload Sample Reports Overview
According to a study of Research Dive, the global distributed temperature sensing market forecast will surpass $1,196.5 million by 2027, increasing at a healthy CAGR of 7.8%.
Impact Analysis of COVID-19 on the Distributed Temperature Sensing Market
The outbreak of coronavirus disease (COVID-19) has negatively impacted a broad range of industrial sectors like retail, electronic, automotive, and semiconductors. The business across the world is facing problems such as disruption in logistics & supply chain, economic collapse, among many others. However, it is expected that the adoption of DTS technologies in industries shall increase, post-COVID-19 pandemic, owing to novel producst and technological innovations. For instance, on 23rd March 2020, Sumitomo Electric Industries, Ltd., the innovative provider of optical fibers, announced to release its OPTHERMO FTS3500, fiber-optic based DTS system. The system has long-life optical fibers coupled with the ability to monitor wide-range temperature distribution. These continuous product innovations and effective strategic implementations may generate noteworthy revenue in the global DTS market dring the outbreak period.
Distributed Temperature Sensing Market Analysis:
The massive expansion of industries across developed, as well as developing economies, is one of the significant factors for the rising demand for innovative sensors, which is further expected to bolster the distributed temperature sensing market growth during the analysis timeframe. Furthermore, the growing emphasis on digitization and automation of oil and gas production technology along with an increasing need for safety, productivity, and efficiency in operations is also expected to increase the adoption of distributed temperature sensing (DTS) technologies across industries around the globe.
On the other hand, fewer professionals are operating in the field, which may restrain the demand for the DTS systems during the analysis period.
Distributed temperature sensing systems play an important role to study hydrogeology, owing to its ability to monitor the downhole temperature at unprecedentedly high frequency. DTS has been significantly utilized for the estimation of subsurface thermal properties, along with site investigations of groundwater flow. Furthermore, these systems are mainly used to carry out thermal advection tests, heat pulse tests, and hybrid cable flow logging. These key elements may offer significant market opportunities for the global distributed temperature sensing market in the coming years.
The multi-mode fiber type for the global distributed temperature sensing market is anticipated to register a revenue of $340.6 million during the projected timeframe. The system can be utilized in multiple monitoring fields like tunnel fire detection, oil well (upstream and downstream), and power cable monitoring. Moreover, these systems are manufactured particularly for industrial monitoring applications and have design features and capabilities such as quick response, built-in alarm, and relay capabilities. These factors may boost the adoption of the multi-mode fiber. On the other hand, the single-mode fiber for the distributed temperature sensing market will have massive growth, during the forecast period, and is expected to reach upto $855.9 million, during this time owing to its high efficiency in installation along with low maintenance cost as compared with other sensor technologies.
The OFDR sub-segment for the distributed temperature sensing market is expected to register a revenue of $345.3 million, throughout the analysis timeframe; this is mainly because OFDR based systems have a high spatial rate coupled with noteworthy spatial resolution. Moreover, the OTDR sub-segment for the global market will have a lucrative growth during the analysis period and is predicted to cross upto $851.2 million in 2027. Several market players in this field are launching the product to acquire prime positions in the global market. For instance, on February 27, 2019, Yokogawa company announced the launching of the AQ1210 optical time-domain reflectometer (OTDR), which has a larger capacity battery and addition of touch screen functionality. These factors are anticipated to surge the growth of the segment over the analysis period.
The oil and gas production application for the global market shall have a massive share and is estimated to cross $325.4 million throughout the projected timeframe. This is mainly because distributed temperature sensing technologies provide a complete temperature profile of oilwells. Furthermore, the power cable monitoring application shall have significant market growt, during the review period, and is projected to generate a revenue of $301.0 million in 2027. Multiple industry players operating in the global distributed temperature sensing market are highly focusing on technological advancements, product inventions, and other effective strategies. Moreover, the increasing use of smart grids, monitoring, and real-time technologies for underground distribution power cables is also expected to increase the growth of the global distributed temperatue sensing market in the analysis period.
Asia-Pacific distributed temperature sensing market is expected to generate a revenue of $290.7 million in 2019 and it is projected to experience a noteworthy CAGR of 8.5%, generating a revenue of $150.0 million, throughout the analysis timeframe. The existence of significant oil & gas companies such as Sinopec Group, SK Holdings, and PTT Public Company is projected to surge the demand for DTS systems, mainly because this system plays a crucial role in the monitoring of pipelines as well as detection and localization of leakages. In addition, surging industrialization and construction activities, along with a rising number of supportive safety regulations in technologically advancing economies such as India, China, and Japan are also expected to generate noteworthy revenue for the Asian distributed temperature sensing market, in the projected period. Contrary to this, the distributed temperature sensing market for the North America region will have the largest share and is predicted to register a revenue of $361.3 million by 2027, owing to the presence of leading electronic pioneers such as Halliburton, Honeywell, and, Johnson Controls and their heavy investments in R&D and innovations.
Leading distributed temperature sensing market players are Stmicroelectronics n.v., Infineon Technologies AG, NXP Semiconductors., Atmel Corporation (Microchip Technology Inc.), Qualcomm Technologies, Inc., Robert Bosch GmbH, Texas Instruments Incorporated., Johnson Controls., Honeywell International Inc, and Sony Corporation.
Distributed temperature sensing global leaders are concentrating highly on strategic tie-ups, advanced product developments, and other effective strategies.