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The global sensor cable market is projected to acquire significant revenue by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. The growth of the market can be accounted to the increasing utilization of pipelines, rising adoption of the hydraulic fracturing method for mining and oil extraction, growing awareness regarding product efficiency, and escalating concern for safety in various operations. For instance, the presence of about 650 operational oil pipelines was observed in 2020 meanwhile about 30 oil pipelines were under construction. The number of pipelines is further estimated to grow over the forecast period. Furthermore, sensor cables are being utilized at a higher scale worldwide to provide precise measurements of flow, pressure, temperature, and liquid.
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The global sensor cable market is segmented by end-user industry into material handling, automotive, infrastructure, IT & telecommunication, oil & gas, energy & utility, out of which, the automotive segment is anticipated to hold the notable share in the market on account of several new innovations being performed to develop the automotive technology. For instance, automatic parking, lane keep assist, automatic emergency braking, and lift gates require the quick transmission of the data and it is only possible by sensor cables.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in the ICT sector has significantly contributed to GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations around the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Regionally, the global sensor cable market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness robust growth over the forecast period, on the back of increasing demand for electronics and power cable monitoring along with material handling. In 2020, the electronic industry in the Asia Pacific was evaluated at about USD 250 billion and is anticipated to reach approximately USD 380 billion by 2030.
Furthermore, the global sensor cable market is projected to grow in Europe region during the forecast period owing to the continuous increment in the utilization of automotive applications in aerospace, military, and commercial fields. It is observed that more than 12 million motor vehicles are developed and manufactured every year solely in Europe. Apart from it, the market in the North America region is also anticipated to have the potential to influence the global sensor cable market positively during the forecast period on the back of the growing automotive industry, and rising concerns amongst authorities, regarding increasing pipeline leakage incidents. For instance, in 2020, approximately 0.6 million pipe leakage incidents were registered in the USA. Such factors are estimated to boost the market growth.
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The global sensor cable market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global sensor cable market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Factors such as the implementation of the hydraulic fracturing method and the rising utilization of pipelines are the major factors driving the growth of the sensor cable market.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022-2031.
The major players in the market are SAB BRÖCKSKES GmbH & Co. KG, Schneider Electric SE, TE Connectivity Ltd., Belden Inc., TTI, Inc., Lapp Group, Hans Turck GmbH & Co. KG, Baumer Holding AG, and TTK S.A.S.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by detection mode, application, jacket type, connector type, end-user industry, and by region.
The automotive segment is anticipated to hold the largest market size in value over the forecast period and displays significant growth opportunities.
The requirement of high initial investment and the existence of competitive technologies are estimated to hamper the market growth.
The Asia Pacific region is projected to provide more business opportunities for the market on the back of demand for electronics and power cable monitoring.
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