New York, USA, Sept. 21, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global distributed temperature sensing market is expected to generate a revenue of $1,196.5 million by 2027, rapidly growing at a CAGR of 7.8% during the forecast period. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
- Drivers: Low operational expenses of DTS are expected to drive the growth of the market during the forecast period. In addition, high reliability and maximum safety provided by DTS systems are further expected to bolster the growth of the market during the forecast period.
- Restraints: Extortionate cost of DTS solutions are expected to impede the growth of the market during the forecast period.
- Opportunities: Increasing application of DTS technologies in hydrogeological research is expected to create ample opportunities for the growth of the distributed temperature sensing market during the forecast period.
Segments of the Market
The report has divided the market into various segments based on fiber type, operating principle, application, and region.
Fiber Type: Single-mode Fibers Sub-segment to be Most Profitable
The single-mode fibers sub-segment is expected to generate a revenue of $855.9 million during the forecast period. Their ability to monitor temperature across massive surfaces are expected to accelerate the growth of the distributed temperature sensing market sub-segment during the forecast period.
Operating Principle: Optical Time Domain Reflectometry to be Most Beneficial
The OTDR sub-segment is expected to generate a revenue of $851.2 million during the forecast period. Increasing application of OTDR principle for analysing the losses in the telecom sector is expected to drive the growth of the sub-segment during the forecast period.
Application: Oil and Gas Production Sub-segment to be Most Lucrative
The oil and production sub-segment are expected to generate a revenue of $325.4 million during the forecast period. DTS systems deliver a comprehensive temperature profile to understand the ethics of tubing, casing, and completion components. This factor is expected to bolster the growth of the distributed temperature sensing market sub-segment during the forecast period.
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Region: Asia Pacific Region Expected to Dominate the Market
The Asia Pacific Region is expected to generate a revenue of $290.7 million during the forecast period. Rising need for industrial safety measures in this region and rapid expansion of Asian industrial sector are expected to drive the growth of the distributed temperature sensing market during the forecast period.
Impact of COVID-19 on the Market
The outbreak of coronavirus has had a negative impact on the distributed temperature sensing market, owing to the prevalence of lockdowns during the pandemic. Lockdowns led to the closure of various industries across the globe in order to curb the spread of the virus, massively disrupting the industrial and business processes across regions. This consequently reduced the demand for distributed temperature sensors.
Major Players of the Distributed Temperature Sensing Market Include -
- Honeywell International Inc.
- Johnson Controls
- Sony Corporation
- Infineon Technologies AG
- NXP Semiconductors
- Stmicroelectronics n.v.
- Robert Bosch GmbH
- Texas Instruments Incorporated
- Atmel Corporation
- Qualcomm Technologies Inc.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in November 2019, AP Sensing, a dominant company providing DTS products and solutions address different markets in fire detection, power cable monitoring, oil & gas production and geophysical- scientific fields, collaborated with Energinet, a Danish Transmission Operator, in order to provide a monitoring solution for high-quality transmission systems.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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