Sensing Cables – Diverse Technological Forms in Multifold Industrial Environments
The sensing cable industry is witnessing steady growth as production monitoring takes center stage in manufacturing industries. Investments in power cable monitoring, leak detection, temperature sensing, and heat sensing have witnessed a surge, as operational efficiency becomes paramount in a range of industries. In addition, an alarming increase in environmental damages caused by hazardous gas and oil leaks has necessitated installation of leak detection systems plants, especially in the oil & gas industry.
Transparency Market Research (TMR) has been tracking the evolving trends in the sensing cable market, and in its latest offering, it presents a comprehensive, 360 degree analysis that will help stakeholders gain a deeper understanding of the key forces at play in this market.
Planning to lay down future strategy? Perfect your plan with our report brochure here
Need for Eliminating Manual Maintenance Checks Prevails across Industries
Sensing technology is not new to the industrial world – however, its adoption hasn’t been pervasive. As pressure to improve production efficiency is increasing, and manufacturers are competing on the accuracy and quality aspects of their products, demand for sensing cables has witnessed a significant rise. Their potential in reducing operational glitches such as temperature fluctuations and condensation, and in avoiding downtime in the development of new products and services, have driven their adoption in recent years.
The scope of the sensing cable landscape has expanded at a rapid pace over the years. As sensors become central to the IoT and Big Data revolution, it is highly likely that sensing cables will replace legacy and traditional cables in the future.
Want to know the obstructions to your company’s growth in future? Request a PDF sample here
In 2018, the global sensing cable market recorded a sales of more than US$ 750 million. Growth was driven by sustained demand from industries where harsh working conditions necessitate an efficient heat and leakage tracing apparatus. With the broadening range of applications, manufacturers have put an innovation spin to the market, and have launched novel features in sensing cables to suit the changing end-user requirements and specific industrial applications. It is in view of these broader trends that the sensing cable market is likely to surpass US$ 800 million in 2019.
Focus on Making Leak Detection More Versatile
Intensified competition in the sensing cables landscape is compelling market players to go that extra mile to differentiate their product ranges with innovative features. For instance, in April, 2019, Silixa Ltd launched Carina™ Sensing System, which offers distributed coverage with sensitivity beyond that of point sensors, enabled by Constellation™ fibre. Leak detection technology is becoming an inextricable part of production monitoring systems in modern manufacturing agendas. Leak detection applications of sensing cables account for more than 40% of the revenue share, and this will continue to remain the cornerstone of the sensing cable industry. Manufacturers are launching more versatile designs of sensing cables for leak detection to meet the dynamic requirements of end users from various industrial segments.
Looking for exclusive market insights from business experts? Request a Custom Report
Liquid sensing cables are becoming a mainstay of the oil & gas industry, as fatal accidents caused by pipeline spills have significantly increased in recent years. Sensing cables are likely to become integral to the production monitoring systems in the oil & gas industry, accounting for nearly half of the revenue share of the global market. Manufacturers in the sensing cable market are adopting new strategies, such as launching innovative products for the oil & gas industry to capitalize on its positive growth prospects.
Ensuring Reliability and Precision: An Uphill Battle for Manufacturers
The cable industry has seen a sea change with industry players launching new products to penetrate new environments. Frontrunners in the sensing cable market are investing heavily in research & development (R&D) to introduce flexible and robust design options in order to maintain class-leading sensing performance. However, performance quality and reliability are some of the key challenges faced by manufacturers operating in the sensing cable space.
Some of the key market players are modifying their business models in a bid to maintain the reliability and precision of their sensing cables. For example, Prysmian Groups Pry-Cam – a leading player in the energy and telecom cable systems industry – recently revealed its new business strategy to offer electrical cable system monitoring services. With this new business strategy, the company aims to provide its customers real-time access to the information collected by its sensing cables in order to make it less burdensome for them to ensure the precision, speed, and reliability of performance.
Frontrunners in the sensing cable market are shifting their focus toward widening their portfolios in lieu of making a foray into new segments of business. Leading companies are also introducing a set of new applications of technologies that are also financially competitive.
Analysis on the Competitive Landscape
The sensing cable landscape is a highly fragmented space, as the top four manufacturers account for only one-third revenue share, and emerging players continue to expand their reach across the geographical scope of the market. nVent, Corning Incorporated, PCB Piezotronics, Inc., and Cable USA are among the leading companies operating in the sensing cable market, and hold over 35-40% share of the market.
Launching new products and strengthening their distribution networks are likely to augur well for incumbents to consolidate their position in the sensing cable market. For instance, PCB Piezotronics, Inc. launched its new sensing cable model series – 034Wxx and 078Wxx – in April 2019. nVent launched its new product – nVent RAYCHEM ArcticStep, which is fitted with self-regulating, heat-tracing sensing cables, in March 2019, for the oil & gas and marine industries.
RLE Technologies, NKT Photonics A/S, Yokogawa Electric Corporation, and TTK – Leak Detection System are among the frontrunners in the sensing cable market. With product innovation as the prime business strategy, these companies are exceling in the industry with over 45-50% revenue share of the sensing cable market. Emerging players such as Sensornet Limited and Silixa are focusing on creating a strong brand identity, as industry leaders maintain their stronghold on the sensing cable market by virtue of customer loyalty.
Analyst Viewpoint on the Sensing Cable Market
Loss of customer confidence can turn out to be costly in the sensing cable market, and thereby, adopting strategies that improve the reliability of performance will continue to prove to be the winning horse of the market. The sensing cable market is expected to grow at a healthy CAGR of more than 6% through to 2027, and technological advancements will continue to influence the top market trends throughout the course of TMR’s study.
The presence of market leaders in the United States (U.S.) and Europe makes these developed regions vital revenue pockets of the sensing cable industry. In the coming future, increasing environmental concerns are expected to boost the adoption of sensing cables so as to curtail the loss of valuable materials in various industrial applications, and this being looked at becoming an imperative factor that will drive the growth of the market.
Sensing Cable: Definition/Overview
- The term ‘sensing cable’ refers to a smart sensing product designed to provide the early detection of pipeline leakage, electric fire, and overheating in adverse environmental conditions, within areas of limited access and surveillance.
- These sensing cables are increasingly being used for multiple applications in different industry verticals, including oil & gas, environment, energy & utility, and infrastructure.
- The global sensing cable market is projected to expand at a CAGR of more than 6% during the forecast period, and reach a value of more than US$ 1,300 Mn by 2027.
Global Sensing Cable Market: Regional Overview
- Asia Pacific is likely to be a very attractive region in the sensing cable market 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.
- However, North America and Europe dominated the overall sensing cable market due to preference toward premium brands among the population.
- As compared to other regions, the Middle East & Africa and South America sensing cable markets are expected to experience slower growth rates during the forecast period. (Image 1)
Global Sensing Cable Market: Trends
- A key trend that impacts the growth of the sensing cable market is the high growth in information technology, and the growing reliance of institutions and businesses that utilize high-performance cabling for IT. Rapid developments in communication technology show very less signs of slowing down in the coming years.
- Due to this, there is an increasing demand for markers for data/communication applications. As a result, sensing cable manufacturers have been developing new products and systems that can adapt to these varying demands.
Global Sensing Cable Market: Drivers, Opportunities, and Restraints
- The global sensing cable market has witnessed strong growth over the last decade. One of the major drivers of the global sensing cable market is the wide usage of and increasing demand for pipelines across the globe.
- Sensing cables are used in the detection of leakage in pipelines. Pipeline leakages can cause severe damage to the environment, leading to economic loss. Moreover, several new countrywide and worldwide pipelines are being planned and constructed every year.
- 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 the North American region.
- 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.
- The digitization and automation of oil and gas technology and growing need for efficiency, productivity, and safety in operations offer more opportunities for the use of sensing cables in the oil and gas industry, which is indirectly affecting the growth of the sensing cable market in a positive manner.
- However, environmental concerns regarding the recycling and disposal of sensing cables are expected to hamper the growth of the global sensing cable market.
Global Sensing Cable Market: Key Market Segments
The global sensing cable market has been segmented based on detection medium, mode, application, end-use industry, and region.
- Detection Medium:
- In terms of detection medium, the global sensing cable market has been classified into liquid and gas. The liquid segment has been further sub-segmented into hydrocarbon liquids, conducting fluids, and others. (Image 2)
- Mode:
- In terms of mode, the global sensing cable market has been bifurcated into single-mode fiber and multi-mode fiber. (Image 3)
- Application:
- In terms of application, the global sensing cable market has been categorized into leak detection, power cable monitoring, heat sensing, temperature sensing, acoustic sensing, strain monitoring, and others. (Image 4)
- End-Use Industry:
- Based on end-use industry, the sensing cable market has been divided into oil & gas, environment, energy & utility, IT & telecommunication, infrastructure, and others. (Image 5)
- By Region:
- Based on region, the global sensing cable market is classified into North America (U.S, Canada, and the Rest of North America), Europe (U.K, France, Russia, Germany, and the Rest of Europe), Asia Pacific (India, China, Japan, and the Rest of Asia Pacific), the Middle East & Africa (GCC, South Africa, and the Rest of Middle East & Africa), and South America (Brazil, and the Rest of South America).
Global Sensing Cable Market: Competition Landscape
The sensing cable market is fragmented due to the presence of several players. Competition is expected to intensify in the coming years with the entry of several local players. Key companies profiled in the research report on the global sensing cable market include NKT Photonics A/S, PCB Piezotronics, Inc., Pentair, RLE Technologies, Sensornet Ltd., Silixa Ltd, TTK – Leak Detection System, and Yokogawa Electric Corporation. Companies operating in the global sensing cable market are focusing on expanding their businesses through strategic acquisitions and partnerships.
Read Our Latest Press Release:
About Us
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad-hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
Contact
Transparency Market Research State Tower,
90 State Street,
Suite 700,
Albany NY – 12207
United States
USA – Canada Toll Free: 866-552-3453
Email: [email protected]
