According to a new research report published by Transparency Market Research (TMR) , the global sensing cable market is expected to reach a value of more than US$ 1,300 Mn by 2027, expanding at a CAGR of more than 6% from 2019 to 2027. According to the report, the global sensing cable market is likely to continue to be influenced by a range of macroeconomic and market-specific factors in the next few years. In terms of demand, Asia Pacific is projected to continue to lead the global sensing cable market, with the market in the region expanding at a CAGR of more than 7% between 2019 and 2027.
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Global Sensing Cable Market: Overview
- Over the last few years, there has been significant increase in the adoption of the multi-layer hydraulic fracturing method for the extraction of oil, particularly in North America.
- This is attributable to the increase in the domestic consumption of oil in the region, which has driven the demand for oil and gas. Consequently, sensing cables would be increasingly used in the process of hydraulic manufacturing. This presents significant growth opportunities to the sensing cable market in North America.
Liquid Segment to Dominate the Global Sensing Cable Market
- The liquid segment was dominant, holding 66.28% share of the global sensing cable market in 2018. The segment is anticipated to continue its prominence in the global sensing cable market throughout the forecast period.
- This growth can be attributed to increasing incidences of water and oil leakage across the globe.
Single-mode Fiber a Highly Lucrative Segment of the Global Sensing Cable Market
- Single-mode fiber was the dominant segment of the global sensing cable market, holding more than 50% of the market share in 2018.
- This was primarily due to the superiority of single-mode fibers over multi-mode fibers. A single-mode fiber carries higher bandwidth, and offers higher transmission and up to 50 times more distance than a multi-mode fiber.
Leak Detection Segment to Account for a Major Share in the Sensing Cable Market
- In terms of application, the global sensing cable market has been classified into leak detection, power cable monitoring, heat sensing, temperature sensing, acoustic sensing, strain monitoring, and others.
- The leak detection segment led the global sensing cable market, accounting for 40.26% of the market share in 2018.
- The segment is anticipated to expand at a CAGR of nearly 7% between 2019 to 2027.
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Oil & Gas Segment Holds the Leading Share in the Sensing Cable Market
- Based on end-use industry, the market has been categorized into oil & gas, environment, energy & utility, IT & telecommunication, infrastructure, and others.
- The oil & gas segment is anticipated to be a prominent segment in the global sensing cable market throughout the forecast period.
- The segment is projected to expand at a CAGR of nearly 7% from 2019 to 2027. This is primarily due to the high adoption of sensing cables in the global oil & gas industry.
Asia Pacific to be a Highly Lucrative Market for Sensing Cables
- In terms of geography, the global sensing cable market has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. North America dominated the global market, holding 32.03% of the market share in 2018.
- On the other hand, the sensing cable market in Asia Pacific is expected to expand at a high CAGR during the forecast period.
- Growth of the sensing cable market in Asia Pacific is attributable to the rising demand for sensing cables for use in a wide range of applications in the region. These include power cable monitoring, environment, energy & utility, and infrastructure.
Sensing Cable Market: Competition Landscape
- With the objective of business expansion, several players operating in the global sensing cable market are expanding their offerings through strategic mergers, acquisitions, and partnerships. Furthermore, an increasing number of players are spending significantly on R&D activities to develop innovative and technologically-advanced sensing cable solutions.
- Some of the prominent players operating in the global sensing cable market are Cable USA, Corning Incorporated, NKT Photonics A/S, PCB Piezotronics, Inc., Pentair, RLE Technologies, Sensornet Ltd., Silixa Ltd, TTK – Leak Detection System, and Yokogawa Electric Corporation