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The widespread invention in the smart sensor's market and expanding usage have augmented the demand for sensing cables. Sensing cables are used for sensing external environmental parameters to avoid any process or machine failure. This cable allows constant measurements of variations in pressure, temperature, strain, sound, or vibrations. This measurement is used to avoid potential problems such as fire and leakages. Thus, the sensing cable industry perceives stable growth with the growing significance of production monitoring in the manufacturing industries.
Additionally, cumulative adoption of safety measures for preventing damages caused due to unintentional leakages of hazardous oil and gases is further likely to drive the sensing cable market growth. The increasing oil and gas industries are significantly driving the sensing cable market growth.
Increased industrial and commercial applications are also key factors that contribute to the sensing cables market growth. Besides, rising environmental damages instigated by hazardous oil and gas leakages have escalated leakage detection systems. The government's strict guidelines and policies for increasing the safety standards boost the sensor cable market growth. Further, the rising demand for sensor-enabled cables from energy applications is likely to propel the sensing cables market growth.
Key Market Driver -
• Expanding oil and gas industries to drive the market growth • The stringent policies enforced by government agencies to increase security standards are driving the growth of the sector
Key Market Restraint -
• High cost of production and assembling to hamper the market growth.
Key players operating in the sensing cables market are primarily focusing on the organic business strategies such as new product launches, product approvals, patents, and events. Fortifying the distribution networks and launching new products is likely to consolidate key players' position in the sensing cable market. For instance, in April 2019, Silixa Ltd introduced a sensing system called 'Carina,' which offers distributed coverage with extended sensitivity empowered by 'constellation fiber.' Also, manufacturers are progressively launching versatile designs of sensing cables to meet the dynamic necessities of end-users.
Prominent companies in the global market include Cable USA, LLC, Corning Incorporated, NKT Photonics A/S, PCB Piezotronics, Inc., nVent, RLE Technologies, Sensornet Limited, Silixa Ltd, TTK – Leak Detection System, Yokogawa Electric Corporation, TIBCO Software Inc., and among others.
The global sensing cable market is expected to record healthy CAGR due to the increasing demand for temperature-sensitive equipment in the widespread application areas such as power and energy, transportation, oil and gas, and others. The Asia-Pacific is the fastest growing market and anticipated to grow with the highest CAGR during the forecast period. The market growth is attributed to the growing demand for sensing cables for wide-ranging applications and industrial uses such as power cable monitoring.
North America and Europe are likely to showcase significant market growth, driven by government policies, rules, and regulations about the industrial safety standards. Growing demand for power cable monitoring and fire detection systems is a significant growth factor in the South America sensing cable market.
The Middle East, Africa are expected to exhibit high CAGR during the forecast period due to the rising demand for sensing cables from oil and gas companies. U.A.E. and Saudi Arabia are probable to capture substantial market shares due to the presence of significant oil and gas producing vendors.
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