New York, USA, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global distributed temperature sensing market. According to the report, the global market is projected to surpass $1,196.5 million and grow with a CAGR of 7.8% in the estimated period, 2020-2027. This all-inclusive report delivers a comprehensive overview of the current and future situation of the distributed temperature sensing market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
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Impact of COVID-19 Pandemic on the Distributed Temperature Sensing Market:
The abrupt rise of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global distributed temperature sensing market. The implementation of lockdown restrictions affected several commercial activities, disrupted transportation, and halted industrial processes, thus impacting the production of distributed temperature sensing systems. All these factors hampered the growth of the market during the pandemic period. However, with several strategic developments by key market players, the market is expected to revive post-pandemic crisis.
Check out Post COVID-19 Impact Analysis on Distributed Temperature Sensing Market. Schedule a call with an Expert Analyst
Factors Impacting the Distributed Temperature Sensing Market Growth:
The growth of the global distributed temperature sensing market is rising owing to the guaranteed safety as well as reliability of distributed temperature sensing systems for monitoring applications. Moreover, the rising importance of distributed temperature sensing systems in hydrogeological research and growing developments in these systems by market players are estimated to unlock lucrative opportunities for the market’s growth in the forecast period. However, huge costs involved in the adoption of distributed temperature sensing technologies is anticipated to deter the market growth.
The report segments the global distributed temperature sensing market into fiber type, operating principle, application, and region.
Single-mode Fiber Sub-Segment to Grab a Foremost Share of the Distributed Temperature Sensing Market
The single-mode fiber sub-segment of the fiber type segment is foreseen to hit $855.9 million in the forecast period. This growth is mainly because this type of system is greatly effective as compared to conventional sensors owing to its potential to monitor temperature across huge surfaces, like a submarine or underground regions.
OTDR Sub-Segment to Witness Outstanding Growth
The OTDR sub-segment of the operating principle segment is projected to grab a leading position in the global market by garnering $851.2 million in the forecast period. This is primarily owed to the growing use of the OTDR principle for evaluating the losses in the telecommunication sector.
Oil and Gas Production Sub-Segment to Hold Leading Distributed Temperature Sensing Market Share
The oil and gas production sub-segment of the application segment is estimated to surpass $325.4 million in the forecast period. This growth is primarily owed to the rising adoption of distributed temperature sensing technologies in oil and gas production plants as these technologies help in acquiring vital information about the wellbore and improve the efficacy and reliability of wells.
North America Region to Perceive Maximum Growth
The report analyzes the global distributed temperature sensing market across several regions such as Asia Pacific, North America, Europe, and LAMEA. Among these, the North America market is projected to hit $361.3 million in the estimated period. The growth of the region market is mostly because of the existence of foremost companies such as Halliburton and Honeywell, in this region.
Top Players of the Global Distributed Temperature Sensing Market
The report states some of the foremost players operating in the global distributed temperature sensing market such as
- Stmicroelectronics n.v.
- Texas Instruments Incorporated.
- Qualcomm Technologies, Inc.
- Infineon Technologies AG
- Honeywell International Inc.
- Sony Corporation
- Atmel Corporation (Microchip Technology Inc.)
- Johnson Controls.
- NXP Semiconductors.
- Robert Bosch GmbH, and others.
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market. – Inquire here before buying the full report
For instance, in March 2022, Sumitomo Electric Industries, Ltd., a manufacturer of electric wire and optical fiber cables, announced that it is going to launch OPTHERMO™ FTS3500 fiber-optic distributed temperature sensing system in April 2020.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Distributed Temperature Sensing Market:
- Global Distributed Temperature Sensing Market to Grow Exponentially in the Forecast Period Owing to Product Developments
- Growing Industrial Superiority of Distributed Temperature Sensing
