The global distributed temperature sensing market share is expected to witness considerable growth, owing to an increase in demand for digital entertainment solutions across industrial and commercial sectors, especially in Asia-Pacific and LAMEA, which is expected to drive the market growth. Allied Market Research, titled, “Distributed Temperature Sensing (DTS) Market Size By Fiber Type, Operating Principle, and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030″, the distributed temperature sensing market size was valued at $734.23 million in 2020, and is projected to reach at $1.5 billion by 2030, growing at a CAGR of 7.4% from 2021 to 2030.
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A distributed temperature sensing (DTS) technology is an enhanced temperature monitoring device used to monitor optical fiber solutions over a long distance or across large surfaces. The distributed temperature sensing technology is designed to be used across submarine and underground power cables. Further, the DTS systems used in prime industries, such as oil & gas, pipelines, and fire detection, offer critical information about the actual reservoir conditions. In addition, the rise in demand for high-speed network solutions is expected to significantly contribute in the growth of the market in the coming years.
The growth of the global distributed temperature sensing market is majorly driven by an increase in rules and regulations about safety standards, paired with a rise in demand for distributed temperature sensing in oil & gas applications. Moreover, wider applications are anticipated to drive the growth of the market. However, complex fault detection and troubleshooting processes act as a restraint on the global distributed temperature sensing market. On the contrary, growing investment in smart grid technology is anticipated to provide lucrative opportunities for the market during the forecast period.
According to the distributed temperature sensing market analysis, the single-mode fiber segment was the highest contributor to the market in 2020. The oil & gas and power cable monitoring segments collectively accounted for around 50.0% market share in 2020. The surge in the adoption of smart infrastructure solutions has led to the growth of distributed temperature sensing solutions in the oil & gas and fire detection segments, thereby enhancing the distributed temperature sensing market growth.
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Competitive Analysis:
The Distributed Temperature Sensing (DTS) industry’s key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market’s strengths, product portfolio, market size, share analysis, operational results, and market positioning.
Some of the major key players in the global Distributed Temperature Sensing (DTS) Market include,
Weatherford International PLC
Bandweaver Technologies
LUNA INNOVATIONS.
Furukawa Electric Co., Ltd.
OFS Fitel LLC.
Yokogawa Electric Corporation
Prysmian Group
Halliburton Co.
Schlumberger N.V.
Sumitomo Electric Industries Ltd.
The outbreak of COVID-19 significantly impacted the growth of the distributed temperature sensing market, owing to a significant impact on prime market players. Conversely, the rise in demand for automatic monitoring solutions and artificial intelligence solutions escalated the demand for distributed temperature sensing solutions during the pandemic. However, the lack of availability of a professional workforce due to partial and complete lockdowns implemented by governments restrained the growth of the market. On the contrary, emerging economies significantly witness the need for a smart infrastructure solution that is expected to boost the market post-pandemic.
Region-wise, Asia-Pacific holds a significant share in the global distributed temperature sensing market, owing to the presence of prime players in this region. Further, China holds a dominating position in the market, owing to a rise in investment by prime players and government agencies to develop next-generation distributed temperature sensing solutions. The adoption of digital infrastructure solutions is expected to propel the growth of the distributed temperature sensing market trends in the region.
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Key Findings of the Study
– By technology, the single-mode fiber segment accounted for maximum revenue in 2020 and is projected to grow at a notable CAGR of 7.4% during the forecast period.
– By application, the oil & gas and power cable monitoring segments together accounted for around 50.0% of the distributed temperature sensing market share in 2020.
– By operating principle, the optical time domain reflectometry display segment is projected to witness growth at a CAGR of 7.8% during the forecast period.
– By region, Asia-Pacific contributed a major share in the market, accounting for more than 35.4% share in 2020.
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