The global distributed acoustic sensing market is estimated to be valued at more than US$ 450 Mn by 2017 end and is projected to cross US$ 2,000 Mn by 2025 end. Sales revenue is expected to increase at a CAGR of 20.2% during the forecast period (2017–2025).
Increasing global energy demand fueling the distributed acoustic sensing market
As per the forecast by the International Energy Agency, global energy demand is expected to surge by 50% by 2030 end. Due to such a high demand for energy, there is an urgent need to tap new and unexplored fossil fuel resources. Presently, production and transportation of energy is taking place in highly complex situations such as soil instabilities, increasing tectonic activity, ultra deep water operations and taking care to ensure that there is no negative impact on fisheries and terrestrial fauna, human intrusion risks etc. Besides, there is a need for real-time complex LNG assets control and high temperatures employed in steam enhanced heavy oil recovery methods. Due to all these factors, distributed acoustic sensing or fiber optic sensing has emerged as a versatile and cost-effective technique to evaluate the mechanical health of large structures and perform efficient damage assessment – both of which are compulsory in order to optimize energy production and transfer. Due to this reason, there is a huge demand for distributed acoustic sensing mechanisms in the market.
Capability of distributed acoustic sensors to withstand severe and harsh environment and temperature conditions adding to the utility of distributed acoustic sensors
Distributed acoustic sensors have the ability to detect changes at myriad intervals over long distances, which is suitable for functioning in remote and harsh environments. Both these conditions are inherent to the petroleum industry and oilfield applications. Due to these capabilities of distributed acoustic sensors, a large number of companies are utilizing them to determine flow characteristics and related physical properties inside the pipes and near the wellbore. This large use of distributed acoustic sensors can be attributed to the confluence of technological advancements in the upstream industry, which have increased the durability and reliability of downhole fiber-optic systems. In addition, technological advancements in the material sciences sector such as advancements in glass chemistry yielding strong fiber cables and enhancements in computer processing speed and better algorithms make data interpretation easier and faster, and these factors are further expected to drive the adoption of distributed acoustic sensors across various industry verticals.
Depreciating oil prices acting as a restraint to the global distributed acoustic sensing market
Distributed acoustic sensing technology is deployed in the oil and gas industry for monitoring temperature and pressure in order to improve safety and increase production volumes. Increasing demand for sensing in harsh environments and the corresponding development of rugged optical fiber technology has significantly benefitted the oil and gas industry. Such type of sensing systems offer a range of benefits throughout the life of a well, from exploration to drilling and completion, and production and reservoir management. However, during the last three years, the adoption of distributed optical fiber sensing technology has been adversely affected by a significant decline in oil prices. This decline in oil prices can be attributed mainly to rise in the oil production and sluggish consumer demand coupled with oversupply by leading petroleum exporting countries. For example, the United States has doubled its domestic oil production, while Saudi Arabian oil companies are competing in Asian markets. Also, oil exports from Canada and Iraq are also rising, and Russia is continuously pumping oil despite the economic crisis in the country. All these factors are leading to a glut in the production of oil across the world, leading to a decline in oil prices, which is hindering the expansion of the distributed acoustic sensing market.
Global Distributed Acoustic Sensing Market Analysis and Forecast, By Application
In terms of revenue, oilfield services is projected to be the most attractive application segment in the global distributed acoustic sensing market during the forecast period. Oilfield services segment is also expected to register comparatively higher year-on-year growth rates throughout the forecast period and is projected to register a CAGR of 21.0% between 2017 and 2025. Oilfield services segment was valued at nearly US$ 240 Mn in 2016 and is expected to remain dominant by 2025 end, accounting for a revenue share of more than 60%. The impending growth in adoption of distributed acoustic sensing solutions in oilfield services is supported by the demand for efficient solutions for applications such as leak detection, distributed flow and distributed seismic detection, vertical seismic profiling, sand monitoring, and valve operations detection. Additionally, distributed acoustic sensing is increasingly playing an important role in cases of digging, drilling operations and leakage in underground pipelines. As a result, the pipeline management segment by application is also expected to witness decent growth during the forecast period.
New technologies will lead to the development of new products and new markets in the next few years
The increasing demand for distributed acoustic sensing in the oil and gas sector is expected to create new challenges for specialty fiber manufacturers in terms of new waveguide designs and fiber coatings, in order to withstand an increased operating temperature range (>300°C) and detecting acoustic signal and/or pressure along its entire length. These challenges are expected to drive the development of the technology and lead to new products and new markets during the coming three to four years.
Persistence Market Research presents a comprehensive report on the global distributed acoustic sensing market titled ‘Distributed Acoustic Sensing (DAS) Market: Global Industry Analysis & Forecast, 2017–2025,’ which gives a detailed overview of the market along with the pertinent industry revenue forecasts. The report starts with an executive summary which gives various revenue forecasts and states the most attractive region and application segment prevailing in the global distributed acoustic sensing market. The executive summary also states the drivers, restraints, opportunities and trends operating in the global distributed acoustic sensing market that gives the report audiences an overview of what to expect in the report and briefly gives the important market dynamics operating in the distributed acoustic sensing market. The executive summary also lists the important market players operating in the global distributed acoustic sensing market and profiles them later on in a separate section of the report. After the executive summary, a section of the report gives the viewpoints of various market participants in the global distributed acoustic sensing market that comprise various manufacturers, oil and gas industry experts and experts from fiber optic manufacturing companies. This section of the report gives the report audience valuable guidelines regarding the direction where the global distributed acoustic sensing market is heading towards and helps them make important decisions for their investments in this market.
A section of the report is devoted towards the study in detail of the parent market, which comprises important market figures and revenue figures and parent market trends. This is followed by a detailed explanation of the research methodology adopted in this report and gives out a detailed explanation of the method by which market forecasts for the distributed acoustic sensing market have been arrived upon. This section is followed by a market overview section that gives the market definition, comparison of different types of fiber optic sensors and the current market position of the global distributed acoustic sensing market. Product lifecycle stages of the global distributed acoustic sensing market are also given. This section is followed by the market taxonomy section, which classifies the global distributed acoustic sensing market on the basis of application and region. The detailed market taxonomy followed in the report is as under.
After the market taxonomy, there is a section of the report devoted to the value chain analysis of the global distributed acoustic sensing market. In the subsequent section, there is a section devoted to the study of market dynamics operating in the global distributed acoustic sensing market. In this section, various drivers, restrains, opportunities and trends that are applicable in the global distributed acoustic sensing market are given that gives the report audience a detailed picture of the market forces and factors encouraging the growth of the distributed acoustic sensing market as well as the restraints that are pulling down revenue growth of the distributed acoustic sensing market. After this, there is a section devoted to the global distributed acoustic sensing market forecast, 2017-2025. In the subsequent sections, there is information pertaining to a detailed analysis of the target market and includes information such as market size and CAGR, historic, current, and estimated forecast for the next eight years, year-on-year growth rate comparison of various segments and sub-segments, market share/proportion of segments and sub-segments and absolute dollar opportunity in each segment of the global distributed acoustic sensing market. Market attractiveness analysis is also given for each segment and sub-segment.
Last but not the least, there is a detailed competition landscape given in the report that is devoted to studying and profiling in detail the key market players operating in the global distributed acoustic sensing market. This competition landscape gives a dashboard view of the key companies operating in the global distributed acoustic sensing market along with their important information and broad strategy adopted to stay as leaders in the distributed acoustic sensing market. Each of the leading companies is also profiled individually and important information about the company such as company description, product portfolio along with key developments concerning the company and strategic analysis is presented. This competition landscape is the most important section of the report as it imparts a deep understanding of the leading companies operating in the global distributed acoustic sensing market and is valuable for new market entrants to get a learning about how the companies are leading this lucrative market and also for the established market players to get a better understanding about their competitors.
Overall market size has been analyzed through historical data, primary responses, and public domain data. Revenue of companies in the distributed acoustic sensing market has been benchmarked to ascertain the market size for the base year. Macroeconomic indicators such as GDP and industry growth have been considered to forecast the market size over the forecast period. The historical growth trend of end-use industries, market participants’ performance, as well as the present macro-economic outlook has been taken into consideration for estimating the overall market trend forecast. This data is then validated with the help of the triangulation method and is extensively scrutinized using advanced tools to garner quantitative and qualitative insights into the global distributed acoustic sensing market.