Distributed Temperature Sensing (DTS) Market Expected to Reach $1.5 Billion By 2030

Distributed Temperature Sensing (DTS) Market Expected to Reach $1.5 Billion By 2030  

According to a new report published by Allied Market Research, titled, “Distributed Temperature Sensing (DTS) Market 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.  

A distributed temperature sensing (DTS) technology is an enhanced temperature monitoring device used to monitor optical fiber solution 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, DTS system used in prime industries, such as oil & gas, pipelines, and fire detection offers 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 increase in rules and regulations pertaining to safety standards paired with rise in demand for distributed temperature sensing in oil & gas applications. Moreover, wider applications are anticipated to drive the growth of market. However, complex fault detection and troubleshooting process acts a restraint of 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 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. Surge in adoption of smart infrastructure solution has led the growth of the distributed temperature sensing solutions in oil & gas and fire detection segments; thereby, enhancing the distributed temperature sensing market growth. 

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 lockdown implemented by governments restrained the growth of the market. On the contrary, the 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 presence of prime players in this region. Further, China holds a dominating position in the market, owing to rise in investment by prime players and government agencies to develop next generation distributed temperature sensing solution. The adoption of digital infrastructure solution is expected to propel the growth of the distributed temperature sensing market trends in the region. 

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. 

The key market players profiled in the 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. These market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the market.