New York, USA, Oct. 05, 2020 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global distributed temperature sensing market is expected to generate a revenue of $1,196.5 million at a healthy growth rate of 7.8% by 2027, increasing from $648.3 million in 2019 during the forecast period. The all-inclusive report offers a brief overview of the current scenario of the market including significant facets of the market such as growth factors, market dynamics, challenges, restraints and various opportunities during the forecast period. The report also features all the market figures making it easier and helpful for the new participants to understand the market.
The major growth attributor of the distributed temperature sensing industry is the government policies and initiatives concerning the safety and security in the end-use industries. The increasing demand of DTS systems in various end-users including oil & gas industry is expected to enhance the market growth in the forecast period.
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The complex process of fault detection and troubleshooting will hinder the growth of the market. The high cost of the DTS system is also another factor that will restrain the market growth.
DTS systems are significantly used to perform heat pulse tests, thermal advection tests, and hybrid cable flow logging. The application of DTS has huge importance over discrete point temperature measurements, mainly in deep wells, along with the potential for method developments in conjunction with other hydrogeophysical investigations. These factors may lead to generate huge investment opportunities in the global market, in the future years.
The report has segmented the market based on fiber type, operating principle, application, and regional outlook.
- Single-mode Fiber Type will be the Most Lucrative
This segment is expected to surpass $855.9 million by 2027 increasing from $447.6 million in 2019. The single-mode fiber temperature sensing systems are highly significant over conventional sensors due to their ability to monitor temperature across large surfaces, like a submarine or underground areas. In addition, this advanced sensing system allows measurements at high temperature and can withstand in hydrogen-based darkening effects. These are the main reasons behind the growth of the segment.
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- OTDR Segment to Earn the Highest Revenue
During the analysis period, the segment will garner a revenue of $851.2 million. In the OTDR (Optical Time Domain Reflectometry) principle, a laser pulse is generated from semiconductor lasers and sent into the fiber. The backscattering of light is primarily analyzed for monitoring of temperature. Therefore, the OTDR principle is significantly utilized for measuring the losses in the telecom sector. This is the main attributor behind the growth of this segment.
- Oil and Gas Segment Expected to be the Most Profitable
The oil & gas segment is estimated to reach $325.4 million during the forecast period. The reason behind this growth is the significant role played by the distributed optic sensing technologies in providing important information at all points with the wellbore to enhance the efficiency and integrity of wells. Moreover, DTS systems provide a complete temperature profile to understand the integrity of casing, tubing, and completion components.
- Asia-Pacific to Dominate the Global Market
The Asia-Pacific market registered a revenue of $150.0 million in 2019 and is further estimated to grow at a CAGR of 8.5% during the forecast period. An increasing need for industrial safety measures along with a massive expansion of the Asian industrial sector is estimated to boost the growth of the market. Moreover, the huge expansion of power transmission cables network in Asian economies is considered to be another attributor of the market growth.
- Key Players and Business Strategies
The report enlists the most significant players of the global distributed temperature sensing market include -
- Honeywell International Inc.
- Sony Corporation
- NXP Semiconductors.
- Stmicroelectronics n.v.
- Infineon Technologies AG
- Qualcomm Technologies, Inc.
- Texas Instruments Incorporated.
- Atmel Corporation (Microchip Technology Inc.)
- Robert Bosch GmbH
- Johnson Controls
The report also discusses the other important aspects of the market including financial performance of the key players, product portfolio, SWOT analysis, and recent strategic developments. - Quick Download Top Companies Development Strategies Summary Report [224 pages]