Portland, OR, June 13, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global distributed temperature sensing market generated $734.23 million in 2020 and is projected to reach $1.5 billion by 2030, growing at a CAGR of 7.4% from 2021 to 2030.The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
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Significant surge in demand for distributed temperature sensing in oil & gas applications, increase in rules and regulations pertaining to safety standards, and rise in penetration of next-generation optic fiber-based Internet of Things (IoT) solutions are expected to drive the growth of the global distributed temperature sensing market. On the other hand, complex fault detection and troubleshooting processes are expected to hinder the growth to some extent. However, persistent technological advancements in distributed temperature sensors and rapid industrialization across the globe are expected to create ample opportunities for the industry.
COVID-19 Scenario
- The outbreak of COVID-19 has had a negative impact on the growth of the global distributed temperature sensing market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of various manufacturing facilities, including those of distributed temperature sensors due to the stringent social distancing restrictions imposed by the government so as to curb the spread of the virus during the pandemic.
- In addition, severe import and export restrictions made it difficult to acquire the necessary raw materials for production, which aggravated the impact on the market.
- However, the market is expected to recoup soon.
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The report offers a detailed segmentation on the global distributed temperature sensing market based on fiber type, operating principle, application and region.
Based on fiber type, the single-mode fiber segment held the largest market share in 2020, garnering more than two-thirds of the total market. In addition, the same segment is predicted to cite the fastest CAGR of 7.9% during the forecast period. The other segment analyzed in the report includes multimode fiber.
Based on operating principle, the optical time domain reflectometry (OTDR) segment held the majority market share in 2020, holding more than two-thirds of the total market. In addition, the same segment is anticipated to exhibit the fastest CAGR of 7.8% during the forecast period. The other segment analyzed in the report includes optical frequency domain reflectometry.
Based on region, the market across Asia-Pacific held the dominating market share in 2020, garnering more than one-third of the total market. The LAMEA region, on the other hand, is predicted to cite the fastest CAGR of 11.3% during the forecast period.
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The key players analyzed in the global distributed temperature sensing market report include Halliburton Co., Furukawa Electric Co., Ltd., OFS Fitel LLC, Luna Innovations, Schlumberger N.V, Prysmian Group, Weatherford International PLC, Sumitomo Electric Industries Ltd., Bandweaver Technologies. and Yokogawa Electric Corporation.
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