PORTLAND, Oregon and PUNE, India, March 28, 2017 /PRNewswire/ --
Distributed Temperature Sensing (DTS) Market was valued at $486 million in 2015, and is estimated to reach $819 million by 2022, Globally, registering a CAGR of 7.9% from 2016 to 2022. In 2015, LAMEA contributed the major share in the market, and is expected to continue its dominance throughout the forecast period.
Summary of the Distributed Temperature Sensing (DTS) Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/distributed-temperature-sensing-DTS-market
Distributed temperature sensing systems (DTS) are optoelectronic devices that quantity temperature by means of optical fibers. The growth of the DTS market is driven by the increase in rules & regulations pertaining safety standards globally. In addition, rise in demand from oil & gas applications, and wider applications in oil & gas industry and power cable monitoring are expected to fuel the market growth in future. However, this growth is impeded by the complex fault detection and troubleshooting process of DTS. High investments in smart grid technology and power industry are expected to offer new opportunities to the market players.
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The market is classified on the basis of fiber type into single-mode fiber and multimode fiber. Single-mode fiber sensors held the largest market share in 2015, and the are expected grow at the highest growth rate during the forecast period.
OTDR segment held over 65% share of the overall operating principle segment, attributed to its ability to provide robust measurement and less susceptibility to issues such as reflections and bends in the fiber and accessories. Moreover, the market for OTDR is expected to grow at the highest rate during the forecast period.
In 2015, the oil & gas industry held the largest market share. DTS helps in real-time downhole monitoring to optimize the operational performances of the assets. In 2015, power cable monitoring accounted for over 20% share of the overall market.
LAMEA generated he highest revenue in this market, followed by North America and Europe. The growth is due to the largest production of crude oil in LAMEA countries. Furthermore, Asia-Pacific is expected to witness considerable growth rate during the forecast period, owing to increased demand for DTS systems in the oil & gas and power transmission sectors, and the presence of major players.
"The DTS industry is undergoing rapid changes as various industries are increasingly incorporating innovative technologies in their processes and operations. In addition, rise in safety norms and supportive government policies, and wider applications in oil & gas and power cable monitoring are expected to drive the demand for DTS systems." states Bhawna Kohli, Sr. Manager, Semiconductor and Electronics at Allied Market Research.
The DTS industry displays fair degree of consolidation, with top five industry participants occupying a significant market share. Halliburton Co., Sensornet Ltd., and Furukawa Electric Co., Ltd. are few leading companies in this industry. Other key players in the industry include OFS Fitel LLC, LIOS Technology GMBH, Schlumberger N.V., Omnisens SA, Yokogawa Electric Corp., Weatherford, International PLC, and Sumitomo Electric Industries Ltd. These players have adopted product launches, expansions, acquisitions, partnerships, and agreements as their key strategies to strengthen their market position and expand their geographical presence.
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Key findings of the Distributed Temperature Sensing (DTS) Market
- In 2015, OTDR accounted for maximum revenue, with over 50% share, and is projected to grow at a CAGR of 8.6% during the forecast period
- Single-mode fiber is projected to grow at a CAGR of 8.2%, owing to increase in usage in oil & gas industry and power cable monitoring
- Asia-Pacific is anticipated to exhibit the highest CAGR of over 10%.
- LAMEA is projected to maintain its lead in the DTS market, in terms of revenue, until 2022.
- Oil & gas production (upstream & downstream) and power cable monitoring contributed a significant revenue share in the overall market in 2015.
Read similar market research reports on Electronic Systems and Devices at: https://www.alliedmarketresearch.com/semiconductor-and-electronics/electronic-systems-and-devices-market-report
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SOURCE Allied Market Research