Fintech PR
Distributed Fiber Optic Sensor Market to Reach $2,325.5 Million by 2030 Owing To Increasing Demand for Real-time Data Analysis | Says Coherent Market Insights
BURLINGAME, Calif., Feb. 12, 2024 /PRNewswire/ — Coherent Market Insights published a report, titled, Global Distributed Fiber Optic Sensor Market By Application(Strain Sensing, Temperature Sensing, Acoustic/Vibration Sensing, Pressure Sensing) By Technology(Rayleigh Scattering Based Distributed Sensor, Brillouin Scattering Based Sensor Raman Scattering Based Sensor, Interferometric Distributed Optical-Fiber Sensor, Distributed Fiber Bragg Grating Sensor) By Vertical(Oil & Gas, Security, Energy & Utility Transportation Infrastructure, Industrial Application), and By Region: Size, Share, Outlook, and Opportunity Analysis, 2023-2030. According to the report, the global distributed fiber optic sensor market was valued at US$ 1,313.7 Mn in 2023 and is expected to reach US$ 2,325.5 Mn by 2030, growing at a compound annual growth rate (CAGR) of 8.5% from 2023 to 2030.
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Market Dynamics:
The distributed fiber optic sensor market is expected to experience high growth due to the increasing demand for real-time data analysis. Distributed fiber optic sensors offer the advantage of continuous monitoring across long distances, providing real-time data on various parameters such as temperature, strain, and acoustic/vibration levels. This enables industries such as oil and gas, civil engineering, and power and utilities to detect any changes or anomalies in their infrastructure or operations, allowing for immediate action to be taken.
Another key driver for the market is the growing adoption of distributed fiber optic sensors in the aerospace and defense sector. These sensors are extensively used in aircraft structural health monitoring systems, enabling continuous monitoring of the structural integrity of the aircraft and ensuring the safety of passengers and crew. Additionally, distributed fiber optic sensors are also used in defense applications such as perimeter security and border surveillance.
Distributed Fiber Optic Sensor Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$1,313.78 million  |
|
Estimated Value by 2030 |
$2,325.5 million |
|
Growth Rate |
Poised to grow at a CAGR of 8.5% |
|
Historical Data |
2017–2021 |
|
Forecast Period |
2023–2030 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Application, By Technology, By Vertical |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Restraints & Challenges |
• Complexity of integration and data analysis • Limited awareness and expertise |
|
Growth Drivers |
• Increasing demand for real-time monitoring • Advancements in fiber optic sensing technology • Increasing investments in infrastructure development |
Market Trends:
One of the key trends observed in the distributed fiber optic sensor market is the increasing use of these sensors in the healthcare sector. Distributed fiber optic sensors are being employed in various medical applications such as monitoring patient vital signs, detecting changes in body temperature, and measuring glucose levels in diabetes patients. These sensors offer high accuracy, real-time monitoring capabilities, and non-invasive measurements, making them suitable for medical applications.
Another trend in the market is the integration of distributed fiber optic sensors with artificial intelligence (AI) and internet of things (IoT) technologies. This integration enables automated and intelligent monitoring systems, which can analyze the collected data in real-time, identify patterns or anomalies, and trigger alerts or actions accordingly. This integration allows for predictive maintenance in industrial applications, reducing downtime and optimizing operations.
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Market Opportunities:
The oil and gas industry is a dominating vertical in the distributed fiber optic sensor market. With the increase in exploration activities and the need for monitoring and safety measures in this sector, there is a growing demand for distributed fiber optic sensors. These sensors are used for strain sensing, temperature sensing, acoustic/vibration sensing, and pressure sensing, making them crucial for real-time data acquisition and asset protection in the oil and gas industry. The strain sensing application, in particular, is expected to hold a dominant position in this segment due to its ability to monitor structural integrity and detect any potential failures.
Another market opportunity lies in the adoption of distributed fiber optic sensors in security applications. With the increasing need for advanced surveillance systems and secure perimeters, distributed fiber optic sensors offer unique advantages. These sensors can detect intrusions, monitor fence lines, and provide continuous surveillance over large distances. They can be integrated with existing security systems, enabling real-time monitoring and immediate alarm notification. As security concerns continue to rise, the demand for distributed fiber optic sensors in this vertical is anticipated to grow significantly.
Key Developments
In March 2023, Yokogawa Electric and Otsuka Compound(Yokogawa Electric Corporation is a global leader in industrial automation and control solutions and Otsuka Compound Co., Ltd. is a renowned manufacturer of advanced materials and components. They specialize in the development and production of optical fibers and fiber optic components, including sensors.) announced the establishment of a new company called Syncrest Inc. This joint venture aims to engage in the exploration, development, and manufacturing of core molecular drugs as a collaborative research, development, and manufacturing organization. Syncrest Inc. will focus on the investigation, creation, and production of innovative molecular drugs, leveraging the expertise and resources of both Yokogawa Electric and Otsuka Compound.
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Key Market Takeaways:
Distributed Fiber Optic Sensor Market is anticipated to witness a CAGR of 8.5% during the forecast period 2023-2030, owing to the growing demand for these sensors in various verticals.
On the basis of application, the strain sensing segment is expected to hold a dominant position. This is due to its wide range of applications in monitoring structural integrity and detecting potential failures. In terms of technology, the Rayleigh scattering-based distributed sensor is dominating the market, offering high accuracy and reliability. From a vertical perspective, the oil and gas industry is the key market for distributed fiber optic sensors, given its need for asset protection and real-time data acquisition.
On the basis of region, the North American region is expected to hold a dominant position over the forecast period. This can be attributed to the rapid adoption of these sensors in various industries, including oil and gas, security, and transportation infrastructure, among others.
Key players operating in the Distributed Fiber Optic Sensor Market include OSENSA Innovations Corp., AFL, SOLIFOS AG, Schlumberger Limited, FISO Technologies Inc., and Yokogawa Electric Corporation. These companies are focused on research and development activities to enhance the functionality and performance of distributed fiber optic sensors. With increasing market opportunities, these key players are likely to witness significant growth in the coming years.
Overall, the distributed fiber optic sensor market presents promising opportunities in the oil and gas industry, as well as security applications. The market is expected to witness steady growth, driven by the demand for real-time monitoring, asset protection, and enhanced surveillance systems. As technology continues to advance, the adoption of distributed fiber optic sensors is likely to increase across various industries, offering ample growth prospects for key players in the market.
Read complete market research report, “Distributed Fiber Optic Sensor Market By Application, By Technology, By Vertical, By Geography, Market Size And Share Analysis – Growth Trends And Forecasts 2024-2031“, Published by Coherent Market Insights.
Detailed Segmentation:
Global Distributed Fiber Optic Sensor Market, By Technology
- Rayleigh Scattering Based Distributed Sensor
- Brillouin Scattering Based Sensor
- Raman Scattering Based Sensor
- Interferometric Distributed Optical-Fiber Sensor
- Distributed Fiber Bragg Grating Sensor
Global Distributed Fiber Optic Sensor Market, By Application
- Strain Sensing
- Temperature Sensing
- Acoustic/Vibration Sensing
- Pressure Sensing
Global Distributed Fiber Optic Sensor Market, By Vertical
- Oil & Gas
- Security
- Energy & Utility
- Transportation Infrastructure
- Industrial Application
Global Distributed Fiber Optic Sensor Market, By Region:
o North America
- U.S.
- Canada
o Latin America
- Brazil
- Mexico
- Rest of Latin America
o Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
o Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
o Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
Contact Us:
Mr. Shah
Senior Client Partner – Business Development
Coherent Market Insights
Phone:
US: +1-206-701-6702
UK: +44-020-8133-4027
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Email: [email protected]
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Fintech PR
WSPN Appoints Former EY Global Chief Innovation Officer Jeff Wong as Independent Director
SINGAPORE, Dec. 26, 2024 /PRNewswire/ — Worldwide Stablecoin Payment Network (WSPN), a leading stablecoin infrastructure company, announces the appointment of Jeff Wong as Independent Director. Mr. Wong brings over 25 years of experience in technology innovation and enterprise transformation to WSPN. He most recently served as EY’s Global Chief Innovation Officer from 2015 to 2024, where he spearheaded the firm’s global innovation initiatives and established EY’s advanced technology labs focusing on Artificial Intelligence, Blockchain, Quantum Computing, and Web3.
Prior to EY, Mr. Wong held leadership roles at eBay and JPMorgan Partners. He is a member of the Council on Foreign Relations, the Forbes Technology Council, and the founding Chair of Asia Society’s Technology and Innovation Council, helping drive the innovation and transformation agenda. He was also a member of the World Economic Forum’s Global Future Council on Innovation Ecosystems. He has previously served on the Oxford Foundry Board at Oxford University and the Advisory Board for AI4All. Mr. Wong is a recipient of the Outstanding 50 Asian Americans in Business award and an honoree of the A100 List by Gold House, recognizing individuals with Asian Pacific heritage who have made a significant impact on American culture and society.
“Joining WSPN at this pivotal moment in the stablecoin industry is incredibly exciting,” said Mr. Wong. “I look forward to contributing my experience in emerging technologies and enterprise transformation to help WSPN build the next generation of digital payment infrastructure.”
“Jeff’s appointment represents a significant strategic addition to WSPN,” said Raymond Yuan, Founder and CEO of WSPN. “His deep expertise in innovation management, enterprise transformation, and emerging technologies, combined with his leadership experience at global institutions, will be invaluable as we accelerate our market expansion and global development.”
About WSPN
WSPN is a leading provider of next-generation stablecoin infrastructure, committed to building a more secure, efficient, and transparent payment solution for the global economy. Their flagship product, WUSD stablecoin, is pegged 1:1 to the U.S. Dollar and aims to optimize secure digital payments for Web3 users. WSPN’s Stablecoin 2.0 approach prioritizes user-centricity, community governance, and accessibility, paving the way for widespread stablecoin adoption.
Learn more: www.wspn.io | X | LinkedIn
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Refining Capacity of the Base Surpasses 50 Million Tons per Year
NINGBO, China, Dec. 26, 2024 /PRNewswire/ — China Petroleum & Chemical Corporation‘s (HKG: 0386, “Sinopec”) recently announced the mechanical completion of the second-phase expansion and advanced materials project at its Zhenhai Refinery. This milestone sets new benchmarks for innovation, smart manufacturing, and energy efficiency in large-scale projects. The refinery’s capacity has now been upgraded to 40 million tons per year, contributing to the Zhejiang Ningbo Petrochemical Industrial Base surpassing a total refining capacity of 50 million tons annually. The achievement solidifies its position as China’s largest, most advanced, and globally competitive petrochemical industrial base.
Located in the Yangtze River Delta, a key downstream product consumption hub, the Zhejiang Ningbo Petrochemical Industrial Base plays a vital role in Sinopec’s value chain. The second-phase expansion and advanced materials project, with a total investment of CNY 41.6 billion, incorporates 18 production units, including atmospheric distillation, catalytic cracking, polypropylene, and propane dehydrogenation units. By emphasizing chemical-focused processes, the project creates multiple high-value-added supply chains.
The facility’s expanded production capacity supports the development of high-end polyolefins, advanced materials, and specialty chemicals. It is expected to provide approximately 8 million tons of petrochemical products annually, significantly boosting the overall capacity of supply chains for industries such as automotive, home appliances, and textiles in the region. This expansion is forecast to generate trillions of yuan in upstream and downstream industrial value.
The project achieved remarkable progress in technological innovation and sustainability. Highlights include:
- Localization of 10 core technologies, including the world’s highest-load vertical labyrinth compressor.
- Extensive deployment of smart technologies, enabling simultaneous delivery of digital and physical factories.
- Integration of a fully localized industrial operating system and a self-developed industrial internet platform to enhance decision-making and management.
- Implementation of comprehensive energy-saving measures, achieving an overall reduction in energy consumption of 11.7%.
- Safety and quality were paramount during construction, with over 90 million consecutive safe man-hours recorded and a 100% quality pass rate for all units, setting a new industry benchmark.
Zhenhai Refinery, Sinopec’s largest integrated refining and chemical enterprise, boasts an ethylene production capacity of 2.2 million tons per year. It is also the only enterprise in China consistently ranked in the top performance group of the Solomon Global Ethylene Performance Evaluation.
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Fintech PR
2025 Will See Increased QR Code Payments but Payment Card IC ASPs Will Not Return to Pre-Covid Levels
ABI Research’s 5th annual Trend Report identifies the key Digital Payment Technologies trend that will come to fruition —and the 1 that won’t—in 2025
NEW YORK, Dec. 24, 2024 /PRNewswire/ — As 2025 kicks off, predictions abound on the technology innovations expected in the year ahead. In its new whitepaper, 101 Technology Trends That Will—and Won’t—Shape 2025, analysts from global technology intelligence firm ABI Research. ABI Research analysts identify 54 trends that will shape the technology market and 47 others that, although attracting vast amounts of speculation and commentary, are less likely to move the needle over the next twelve months. In the Digital Payment Technologies space, 2025 will see increased QR code payment acceptance but little growth for payment card IC ASPs.
“2024 has been marked by challenges, from global conflicts and inflationary pressures to political uncertainty. These factors have strained enterprise and consumer spending, leading to market inertia, short-term technology investments, sidelined capital, and the exposure of vulnerable suppliers,” says Stuart Carlaw, Chief Research Officer at ABI Research. “From a technology perspective, many industries and end markets are in that awkward stage of technology adoption where they are formulating implementation strategies, assessing solutions and partners, and trying to see if they have the resources needed to roll out solutions at scale. This is a particularly sensitive time, which tends to suggest 2025 will have tech implementers and end users on the brink of a period of a massive technology shift as they work through these issues.”
What Will Happen in 2025:
QR code payment acceptance will continue to increase with use cases expanding
Although QR code payment acceptance is prevalent in countries such as China and growing in emerging digital payment markets, including in India, use cases and potential growth areas are not limited to these countries. Significant and continued investments by vendors, including PayPal, Stripe, and SumUp, are setting the foundation for increased adoption in other mature and established economies with use cases expanding. Although QR codes are already being used by many Small and Medium Enterprises (SMEs) and pop-up retail businesses, 2025 will mark the year when the technology begins to shift from one niche to partial mainstream.
What Won’t Happen in 2025:
Payment card IC ASPs will not return to pre-COVID-19 levels
Since the COVID-19 pandemic, chipset pricing has been on a continual rise, driven by increased pricing in myriad manufacturing areas, including energy, raw material, transit pricing, and inflation, driving up wages. The chip shortage further compounded this, and according to ABI Research, the Average Selling Price (ASP) for a payment card Integrated Circuit (IC) increased by approximately +30% between 2020 and 2023. However, despite pricing pressures returning, the cost of payment ICs is some years away from matching pre-COVID-19 levels. Although 2025 will mark another year of pricing deprecation, it will not be until around 2028 when pricing is expected to drop to levels similar to those achieved in 2019 steadily.
For more trends that will and won’t happen in 2025, download the whitepaper, 101 Technology Trends That Will—and Won’t—Shape 2025.
About ABI Research
ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers.
ABI Research是一家全球性的技术情报公司，拥有得天独厚的优势，充当终端市场公司和技术解决方案提供商之间的桥梁，通过提供独家研究和专业性指导，推动成功的技术实施和提供经证明可吸引和留住客户的战略，无缝连接这两大主体。
For more information about ABI Research’s services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com.
Contact Info:
Global
Deborah Petrara
Tel: +1.516.624.2558
[email protected]
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