Pune, India, Sept. 02, 2021 (GLOBE NEWSWIRE) -- The global sensing cable market size is expected to grow exponentially in the upcoming years. The high reliability and durability coupled with the ability to withstand extreme temperature drive the demand for sensing cable across end-use sectors such as oil & gas, fire prevention, transportation, etc. Fortune Business Insights™ has presented this information in an upcoming report titled, “Sensing Cable Market, 2021-2028”.
According to the report, the market is gaining steep momentum due to several reasons. For instance, the increasing industrialization drives the product demand for energy applications. The growing industrialization across several economies is anticipated to augment market growth.
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Key Players in the Global Sensing Cable Market are:
- Cable USA LLC
- Corning Incorporated
- NKT Photonics A/S
- PCB Piezotronics Inc.
- nVent
- RKE Technologies
- Yokogawa Electric Corporation
- TIBCO Software Inc.
COVID-19 Impact-
The humanitarian crisis has stagnated the growth of several industries and markets. The stringent lockdown and curfews imposed by the governments of several nations hampered the supply chain networks. The measures taken to curb the virus spread diminished the production levels due to the low available workforce. As a result, major businesses operating in the market reported shrunken revenues. However, the economies are ramping up their vaccine drives, and the market is expected to recover gradually from the impact of the pandemic. The market is expected to experience unparalleled growth post-pandemic.
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Segmentation-
On the basis of mode, the market bifurcates into multi-mode fiber and single-mode fiber. On the basis of application, the market segments into strain monitoring, acoustic sensing, temperature sensing, heat sensing, power cable monitoring, leak detection, etc. Geographically, the market is classified into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage-
- The report provides a comprehensive evaluation of the prospected market.
- The report is based on an innovative methodology that follows top-down and bottom-up approaches to market research.
- The report profiles companies and highlights key player rankings in the market.
- The report incorporates PESTLE Analysis and Porters’ Five Forces Analysis for an infallible market prediction.
- The report analyzes the impact of the COVID-19 pandemic.
- The report analyses the key market drivers, threats, opportunities, etc., in the market.
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Drivers & Restraints-
Booming Oil & Gas Industry to Drive Market Growth
The sensing cables assist in operational efficiency across several industries. The oil and gas industry is expected to major demand claimer for sensing cables. Sensing cables are crucial in the prevention of unintentional leakages of toxic oils and gases. The increasing oil and gas exploration activities and the increasing global demand for fuel are anticipated to bolster the global sensing cable market growth.
The stringent government regulations and guidelines for enhancing the safety standards are anticipated to boost the market growth.
The increasing product demand for heat and leakage detection systems applications is expected to augment market growth in the upcoming years.
The increasing demand for power and energy is likely to boost the growth of the sensing cable market mainly due to its robustness and durability.
The advent of the Internet of Things (IoT) and the Big Data revolution are anticipated to transform the sensing cable market. The replacement of sensing cables with conventional cables is likely to fuel the market growth in the forthcoming years.
However, the production and assembly costs are expected to restrain the market growth.
Regional Insights-
Asia Pacific Slated to Experience the Highest Growth in Global Market
Asia Pacific is anticipated to witness the highest growth in the global sensing cable market share. The growth is attributable to the escalating product demand for industrial applications such as power cable monitoring. The increasing urbanization and industrialization are expected to boost market growth significantly.
Europe and North America are projected to witness significant growth in the global market. The favorable governmental regulations, guidelines, and policies are expected to foster market growth in the upcoming years.
South America is anticipated to attain considerable growth. The expanding demand for fire detection systems and power cable monitoring is expected to boost the market growth in South America.
The Middle East & Africa is projected to observe monumental growth in the upcoming years. The presence of prominent oil and gas manufacturing vendors in Saudi Arabia and UAE and the increasing product demand from oil and gas companies are expected to complement market growth.
Competitive Landscape-
Key Players Primarily Emphasize on Organic Growth Strategies
The major players operating in the market primarily focus on solidifying their market presence through organic growth strategies like new product launches, patents, events, and product approvals. The key players emphasize on fortifying their distribution and supply chain networks that were impacted during the pandemic. Most recently, Silixa Ltd. launched a new sensing system called ‘Carina’ in April 2019. It offers scattered coverage with extended sensitivity and is powered by the ‘constellation fiber.’
Industry Developments-
- April 2019: MTS System Corporation’s subsidiary called PCB Piezotronics Inc. introduced a new cable model series of 034Wxx and 078Wxx and the connector model RB.
- March 2019: nVent unveiled a new energy-efficient modular panel system called nVent RAYCHEM ArcticStep. It is designed to reduce heat loss and energy consumption by fitting with the heat-tracing cables.
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