by Distributed fiber optic sensors employ the principle of backscattering of light to measure parameters along optical fibers to detect vibrations, pressure variations and temperature variations in structures and surfaces. These sensors find wide applications in monitoring oil & gas pipelines, power utilities, buildings and transportation infrastructure where real-time condition monitoring data can help mitigate safety and security risks. The distributed fiber optic sensors offer advantages of large measurement range, immunity to electromagnetic interference, chemical inertness and light weight over conventional monitoring systems. With growing focus on upgrading critical infrastructure and preventing failures, distributed fiber optic sensors are in high demand for facilities monitoring applications.
The global Distributed Fiber Optic Sensor Market is estimated to be valued at US$ 3237.27 Bn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends witnessed in the distributed fiber optic sensor market size is the growing adoption of these sensors for border and perimeter security applications. Countries across the world are upgrading their surveillance systems to detect intrusions along borders and secure sensitive facilities. Distributed fiber optic sensors allow monitoring long stretches of borders and perimeters with a single optical cable, thereby offering cost-effective security against illegal crossings and intrusions. Owing to benefits like high sensitivity, tamper proof operation and immunity to radio frequency interference, many nations are adopting distributed fiber optic sensors to strengthen national security.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the distributed fiber optic sensor market. High capital requirements act as a barrier for new players while technological expertise is required to meet customer needs.
Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have alternatives to choose from various providers however switching costs are involved.
Bargaining power of suppliers: The bargaining power of suppliers is low in this market. There are many component suppliers with low switching costs.
Threat of new substitutes: The threat of substitutes is low as distributed fiber optic sensors offer unique benefits over alternatives in terms of accuracy and scalability.
Competitive rivalry: The competitive rivalry is high among existing players. Players differentiate based on technology, product pricing and quality.
Key Takeaways
The global distributed fiber optic sensor market is expected to witness high growth. North America currently dominates the market owing to high technological adoption across industries. Growth in the region is driven by oil & gas, power and security industries.
The Asia Pacific region is expected to grow at the fastest pace during the forecast period. Increasing investments towards development of smart infrastructure and rising focus on border security are driving the distributed fiber optic sensor market in the region.
Key players operating in the distributed fiber optic sensor market are STMicroelectronics NV, Bosch Sensortec GmbH, ABB Group, Siemens AG, OMRON Corporation, Texas Instrumental Incorporated, Drägerwerk AG & Co. KGaA, Samsung Electronics Co Ltd.
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