Distributed Optical Fibre Sensors for Structural

0 downloads 0 Views 652KB Size Report
and Neubrex in Japan). .... an optical fibre, namely 125—m of silica (in few cases plastic optical fibres) in ..... sensors for monitoring of structuresµ Proceedings of SPIF's th annual International .... Journal of Fire Protection Engineering, Vol.
&KUVTKDWVGF1RVKECN(KDTG5GPUQTUHQT5VTWEVWTCN*GCNVJ/QPKVQTKPI7REQOKPI%JCNNGPIGU



 :

 &KUVTKDWVGF1RVKECN(KDTG5GPUQTUHQT5VTWEVWTCN *GCNVJ/QPKVQTKPI7REQOKPI%JCNNGPIGU 

9LQFHQW/DQWLFT5HQDXG*DEHW )UpGpULF7DLOODGHDQG6\OYLH'HOHSLQH/HVRLOOH (OHFWULFLWp'H)UDQFH5 '

7HOHFRP3DULVWHFK

/DERUDWRLUH&HQWUDOGHV3RQWVHW&KDXVVpHV

$JHQFH1DWLRQDOHSRXUODJHVWLRQGHV'pFKHWV5$GLRDFWLIV

)UDQFH



+PVTQFWEVKQP5*/CPFQRVKECNHKDTGUGPUKPI 

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



1RVKECN(KDTG0GY&GXGNQROGPVU

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



&KUVTKDWVGF1RVKECN(KDTG5GPUQTUHQT5VTWEVWTCN*GCNVJ/QPKVQTKPI7REQOKPI%JCNNGPIGU



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



&KUVTKDWVGFUGPUKPIHQTVGORGTCVWTGCPFUVTCKPOQPKVQTKPI 

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



&KUVTKDWVGFUGPUKPIHWPFCOGPVCNU D /LJKWEDFNVFDWWHULQJ 7R XQGHUVWDQG KRZ GLVWULEXWHG VHQVRUV ZRUN HPSKDVLV PXVW EH SODFHG RQ WKH EDFNVFDWWHULQJSKHQRPHQRQWDNLQJSODFHZLWKLQRSWLFDOILEUHV 

 )LJ%DFNVFDWWHULQJVSHFWUXPRIDPRQRFKURPDWLFZDYHZLWKLQDQRSWLFDOILEUHH[WUDFWHG IURPZZZHSIOFK





1RVKECN(KDTG0GY&GXGNQROGPVU

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



&KUVTKDWVGF1RVKECN(KDTG5GPUQTUHQT5VTWEVWTCN*GCNVJ/QPKVQTKPI7REQOKPI%JCNNGPIGU



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ƒ& DW  NP GLVWDQFH ZLWK P VSDWLDO UHVROXWLRQ KDV EHHQ SHUIRUPHG E\ .R\DPDGD HW DO   $ V SXOVH LV HPLWWHGIURPDFRKHUHQWPRQRFKURPDWLFODVHUVRXUFH $QRWKHU SULQFLSOH FDOOHG 2)'5 XVHV 5D\OHLJK VFDWWHULQJ VSHFWUDO SURSHUWLHV ORFDO FRPSOH[ UHIOHFWLYLW\  WR PHDVXUH ORFDO RSWLFDO SDWK YDULDWLRQV DQG GHGXFH VWUDLQ RU WHPSHUDWXUH ,W ZLOOEHSUHVHQWHGLQJUHDWGHWDLOVLQVHFWLRQRIWKLVFKDSWHU

 





1RVKECN(KDTG0GY&GXGNQROGPVU

E 5DPDQEDVHG'2)6V\VWHPV 5DPDQ VFDWWHULQJ RULJLQDWHV IURP ODVHU OLJKW SKRWRQ LQWHUDFWLRQ ZLWK WKHUPDO YLEUDWLRQ RI VLOLFDPROHFXOHV WKHUPDOSKRQRQV ,WRFFXUVLQWRVLQJOHPRGHDQGPXOWLPRGHILEUHV)LJ VNHWFKHV WKH ZHOONQRZQ 6WRNHV DQG $QWL6WRNHV SURFHVV RFFXUULQJ UHVSHFWLYHO\ LI WKH YLUWXDOVWDWHRIHQHUJ\RIDVLOLFDPROHFXOHVLVWKHIXQGDPHQWDORUDQH[FLWHGVWDWH 

  )LJ2ULJLQRI5DPDQVFDWWHULQJ OHIW DQGVHQVLWLYLW\WRWHPSHUDWXUH ULJKW ´36'µ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

ª O6 º § KF'X ·  ¸ « » H[S¨ O © N7 ¹ ¬ $6 ¼ ZKHUHnj$6 nj6DUHDQWL6WRNHVDQG6WRNHVZDYHOHQJWKV 'ǖLVWKHLUZDYHQXPEHUVHSDUDWLRQ IURP WKH SXPS ZDYHOHQJWK K LV 3ODQFN·V FRQVWDQW F LV WKH YHORFLW\ RI WKH OLJKW N LV %ROW]PDQQ·V FRQVWDQW DQG 7 LV WKH DEVROXWH WHPSHUDWXUH RI WKH ILEUH FRUH XQGHU PHDVXUHPHQW 1HYHUWKHOHVV 6WRNHV LQWHQVLW\ LV D IHZ WLPHV ODUJHU WKDQ DQWL6WRNHV LQWHQVLW\ DQG LWV EDQGZLGWKLVXVXDOO\PXFKODUJHUWKDQWKHSXPSVSHFWUXP:KDWLVPRUHIHZSKHQRPHQD DW WKH RULJLQ RI RSWLFDO ILEUH ORVVHV EHQGLQJ ORVVHV HVSHFLDOO\ LQ VLQJOHPRGH ILEUHV K\GURJHQGDUNHQLQJ« DUHZDYHOHQJWKGHSHQGHQWDQGQRWPRGHOOHGE\IRUPXOD  7KH\ PD\ EHFRPH KLJKO\ VHQVLWLYH DV 6WRNHV DQG DQWL6WRNHV OLQHV DUH VHSDUDWHG E\ QP DW —P 5HFHQW GHYHORSPHQWV FRPELQH YDULRXV ODVHU ZDYHOHQJWKV /HH HW DO   7KH RSWLFDOILEUHW\SHLVDOVRDSDUDPHWHUWRFKRRVHFDUHIXOO\ZKLOHGHVLJQLQJD5DPDQ'76,Q PXOWLPRGH ILEUH WKH 5DPDQ VFDWWHULQJ LV ELJJHU )RU LQVWDQFH )DUDKDQL  *RJROOD   VKRZVWKDWIRUDNPUDQJHDJUDGHGLQGH[PXOWLPRGHILEUHLVWKHRSWLPXP 6HYHUDO RSWRHOHFWURQLF GHYLFHV WKDW FRQGXFW GLVWULEXWHG WHPSHUDWXUH PHDVXUHPHQWV XVLQJ WKH5DPDQHIIHFWDUHDYDLODEOHRQWKHPDUNHWDQGKDYHDOUHDG\SURIRXQGO\PRGLILHGFHUWDLQ ILHOGV VXFK DV ILUH GHWHFWLRQ /LX  .LP   7KH DFFXUDF\ GHULYHG OLHV RQ WKH RUGHU RI ƒ&PRIVSDWLDOUHVROXWLRQRYHUVSDQVH[WHQGLQJVHYHUDOWHQVRINLORPHWUHV$VDFDVHLQ SRLQW WKH VHQVRU )LERODVHU IURP /,26 WHFKQRORJLHV FRPSDQ\ FRPPHUFLDOL]HG E\ 6LHPHQV , 5$6 , 56



&KUVTKDWVGF1RVKECN(KDTG5GPUQTUHQT5VTWEVWTCN*GCNVJ/QPKVQTKPI7REQOKPI%JCNNGPIGU



*ORPELW]D ZDVLQVWDOOHGRQWKH0RQW%ODQF7XQQHOVXEVHTXHQWO\WRWKHGLVDVWHU )RU GLVWULEXWHG WHPSHUDWXUH PHDVXUHPHQWV LQ FLYLO HQJLQHHULQJ VWUXFWXUHV (') FRPSDQ\ (OHFWULFLWp 'H )UDQFH  KDV DOUHDG\ LPSOHPHQWHG YDULRXV ILHOG TXDOLILFDWLRQ RI 5DPDQ VFDWWHULQJ LQ PXOWLPRGH ILEUHV ,Q WKH EHJLQQLQJ RI  )U\ HW DO   DOWKRXJK WKH RSWRHOHFWURQLFLQVWUXPHQWUHYHDOHGVRPHLQDELOLWLHVZLWKILHOGVSHFLILFLWLHVWKHVHQVLQJFDEOH LQVHUWHG LQVLGH NP RI 2UDLVRQ HPEDQNPHQW )UDQFH  HQGXUHG FLYLO HQJLQHHULQJ FRQVWUXFWLRQ ZRUNV 0HDQZKLOH RSWRHOHFWURQLF LQVWUXPHQW SHUIRUPDQFHV KDYH EHHQ LPSURYHG NP RI .HPEV HPEDQNPHQW )UDQFH  ZHUH DOVR LQVWUXPHQWHG ZLWK HPEHGGHG VHQVRUVLQ +p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

O

ZKHUH QHII LV WKH HIIHFWLYH LQGH[ RI WKH RSWLFDO PRGH LH WKH UDWLR EHWZHHQ OLJKW VSHHG LQ YDFXXPDQGLQDPHGLXPDQGOWKHRSHUDWLQJZDYHOHQJWK %ULOORXLQVHQVLQJFRQVLVWVLQPHDVXULQJWKH%ULOORXLQIUHTXHQF\DVVXPLQJLWLVSURSRUWLRQDO WRWHPSHUDWXUHYDULDWLRQV '7 DQGVWUDLQH 'Q % &7 '7  &H H   ZKHUH &7 DQG &H DUH FKDUDFWHULVWLFV RI WKH ILEUH W\SH 6WDQGDUG VLQJOH PRGH ILEUH  DQG WKH RSHUDWLQJ ZDYHOHQJWK $W O   QP IRU VWDQGDUG ILEUHV W\SLFDO YDOXHV RI WKHVH FRHIILFLHQWVDUH&H 0+]—HDQG&7 0+]ƒ&%ULOORXLQGLVWULEXWHGVHQVLQJFDQEH SHUIRUPHGE\WZRGLIIHUHQWPHDQV2QHFRQVLVWLQWKHXVHRIDSXOVHGODVHUVRXUFHDQGWKH DQDO\VLV RI WKH VSHFWUXP FRPLQJ IURP VXFFHVVLYHO\ EDFNVFDWWHUHG OLJKW 7KDW JLYHV SORWV RI GLVWULEXWHG%ULOORXLQVSHFWUXPOLNHRQ)LJ7KLVSORWVNHWFKHVPHDVXUHPHQWVIURPDILEUH ZHKDGSUHYLRXVO\FRLOHGLQDVROLGF\OLQGHUZLWKVWUDLQHFKHORQVRIDQG —H /DQWLFTHWDOD  





1RVKECN(KDTG0GY&GXGNQROGPVU

 )LJ'LVWULEXWHG%ULOORXLQVSHFWUXPDORQJDVWUDLQHGRSWLFDOILEUH  $QRWKHULVWRXVHWKHQRQOLQHDUHIIHFWFDOOHG6WLPXODWHG%ULOORXLQ6FDWWHULQJ 6%6 ,WRFFXUV ZKHQ VLPXOWDQHRXVO\ ZLWK WKH SXPS ZDYH D IUHTXHQF\VKLIWHG ZDYH ³VR FDOOHG SUREH ZDYH³ LV SURSDJDWLQJ EDFNZDUG ,I WKH IUHTXHQF\ VKLIWEHWZHHQ WKH WZR ZDYHVLV FORVH WR WKH%ULOORXLQIUHTXHQF\WKHQHQHUJ\FDQEHWUDQVIHUUHGIURPWKHSXPSWRWKHSUREHZDYH 7KDWFDQEHLQWHUSUHWHGDVDJDLQVSHFWUXPIRUSUREHZDYH 1LNOqVHWDO 'LVWULEXWHG %ULOORXLQVSHFWUXPFDQEHUHFRYHUHGE\XVHRIDSXOVHGSXPSZDYHDQGDFRQWLQXRXVSUREH ZDYHDFTXLULQJWLPHWUDFHVIRUVHYHUDOIUHTXHQF\VKLIWVRIWKHSUREH7KHILQDOWUDFHRIWKLV PHWKRGFDOOHG%ULOORXLQ2SWLFDO7LPH'RPDLQ$QDO\VLV %27'$ LVVLPLODUWR%27'5RQH VHH)LJ  9DULRXV RSWRHOHFWURQLF LQVWUXPHQWV XVLQJ WKHVH WHFKQLTXHV DUH FRPPHUFLDOO\ DYDLODEOH DQG PD\ EH SDLUHG ZLWK PDQ\ GLIIHUHQW VHQVLQJ FDEOHV WR SURYLGH HLWKHU WHPSHUDWXUH RU VWUDLQ PHDVXUHPHQWVDVGHVFULEHGLQVHFWLRQ ,QWKHILUVWFRPPHUFLDOV\VWHPEDVHGRQWKH%ULOORXLQVFDWWHULQJZDVLPSOHPHQWHGE\  WKH PDUNHW KDG H[SDQGHG WR LQFOXGH DW OHDVW ILYH VXSSOLHUV RI %ULOORXLQ LQWHUURJDWLRQ V\VWHPV 2PQLVHQVLQ6ZLW]HUODQG6HQVRUQHWLQ(QJODQG2=2SWLFVLQ&DQDGD