PUNE, India, Dec. 23, 2020 (GLOBE NEWSWIRE) -- The Global Distributed Acoustic Sensing Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The global distributed acoustic sensing market was valued at US$ 470 million in 2019 and expected to reach US$ 1.34 billion by 2030 at a CAGR of 10%. Distributed acoustic sensing is an advanced sensing technology that is used to sense and monitor vibration across industrial networks. It converts standard communication fiber into a linear array of discrete vibration sensors and is used for detection of leaks, hot-tapping pipelines, perimeter intrusions, moving vehicles, failing mechanical components, and so on. The distributed acoustic sensing offers accurate detection of leakage by precisely detecting, monitoring, classifying, and reporting leakage vibration. This has contributed towards the growth of distributed acoustic sensing market during past couple of years and is expected to drive the market in coming years. However, the distributed acoustic sensing market is significantly impacted due to reduced capital investment in oil & gas industry amidst the COVID-19 pandemic. The demand for distributed acoustic sensing systems is anticipated to remain moderate during coming years.
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Increased adoption of application specific distributed acoustic sensing software to drive market growth
The global distributed acoustic sensing (DAS) market is segmented on the basis of component, fiber type, end use industry, and geography. Based on component, the global distributed acoustic sensing market is segmented into hardware, software, and services. The hardware segment is further sub-segmented into interrogator unit, optical fiber, and others. The services segment is further sub-segmented into system integration, maintenance & support, managed services, and others. The hardware segment contributed the largest share to the global distributed acoustic sensing market in 2019 and is anticipated to be a dominating segment throughout the forecast period. Increased investment in expanding the sensing network across several industry verticals is expected to fuel the demand for optical fibers across the globe, thereby driving the growth of the global distributed acoustic sensing hardware during the forecast period. The software segment is anticipated to be the fastest growing segment during the forecast period. Software helps in identifying the route of optical fiber and highlight the location of an event such as leakage, security breach, and so on. Increased demand for application specific distributed acoustic sensing software is anticipated to contribute towards the growth of software segment during the forecast period.
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Expanding pipeline network across the oil & gas industry to drive the growth of global market
Based on end use industry, the global distributed acoustic sensing market is segmented into oil & gas, IT & telecommunication, automotive & transportation, aerospace & defense, and others. The applications of distributed acoustic sensing across oil & gas industry held the largest share of the global distributed acoustic sensing market in 2019 and is expected to witness positive single digit growth close to 10% during the forecast period. Distributed acoustic sensing helps in maximizing and optimizing the production of onshore and offshore oil fields and thus are extensively used across oil & gas industry. Expanding pipeline network and increase adoption of distributed acoustic sensing is expected to drive the growth of the global distributed acoustic sensing market during the forecast period.
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Based on geography, the global distributed acoustic sensing market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America held the largest share of the global distributed acoustic sensing market in 2019 and is anticipated to witness steady growth during the forecast period. Asia Pacific contributed a prominent share to the global distributed acoustic sensing market in 2019 and is expected to be the fastest growing region during the forecast period. Increased oil & gas production across China and increased investment in expansion of military & defense and IT & telecommunication industries are anticipated to be the key contributors towards the growth of Asia Pacific distributed acoustic sensing market during the forecast period.
Major players active in the global distributed acoustic sensing market include Baker Hughes Incorporated, Bandweaver, Fotech Solutions Ltd., Future Fibre Technologies, Halliburton Co., HiFi Engineering Inc., Northrop Grumman Corporation, Omnisens SA, Optasense, Schlumberger Limited, Silixa Ltd, and Ziebel.
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