Sensor Cable Market size is expected to reach USD 1500 Million by the end of 2035, growing at a CAGR of 8% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of sensor cable was over USD 700 Million. The growth of the market can be attributed to the increasing development of smart cities. Traffic management is one of the most popular applications for sensor cables in smart cities. A traffic control system can manage traffic flow by adjusting traffic signals based on the presence and movement of vehicles and pedestrians detected by traffic sensors placed at strategic crossings. This can help to lessen traffic, increase safety, and give commuters more time. Further, the growing adoption of the hydraulic fracturing method and an increase in the use of pipelines in the building and oil and gas industries across the globe are also expected to add to the market growth. Over the coming years, it is anticipated that there will be an exponential increase in the number of smart cities, and by 2050, over 60% of the world's population would reside in such cities.
In addition to these, factors that are believed to fuel the market growth of sensor cable include the rise in advancements in medical technology. For instance, the need for sensor cables is anticipated to increase as medical technology gets more advanced. Further, sensors are necessary to gather data for sophisticated medical imaging procedures such as MRIs and CT scans. To send this information to the requisite monitoring systems and imaging tools, sensor cables are required.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~8% |
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Base Year Market Size (2022) |
~ USD 700 Million |
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Forecast Year Market Size (2035) |
~ USD 1500 Million |
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Regional Scope |
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Growth Drivers
Challenges
End-User Industry (Material Handling, Automotive, Infrastructure, IT & Telecommunication, Oil & Gas, Energy & Utility)
The global sensor cable market is segmented and analyzed for demand and supply by end-user industry into material handling, infrastructure, automotive, IT & telecommunication, oil & gas, and energy & utility. Out of the six end-users of sensor cable, the automotive segment is estimated to gain the largest market share in the year 2035. The segment's expansion can be attributed to rising automobile demand. The demand for sensor cables is likely to rise as a result of the growing need for vehicles across the globe. For instance, in the automobile industry, sensor cables are essential as they enable the gathering and transmission of crucial data from numerous sensors to the vehicle's electronic control unit (ECU). The performance, fuel economy, and safety of the vehicle are then optimized using the data. Further, the suspension system uses sensor wires to send signals from sensors that track the ride height and suspension performance of the car. The ECU receives data from these sensors and can change the performance of the suspension to enhance handling and ride comfort. According to estimates, demand for vehicles on the Indian market was estimated at over 4000000 units in 2019.
The global sensor cable market is also segmented and analyzed for demand and supply by end-user industry into material handling, infrastructure, automotive, IT & telecommunication, oil & gas, and energy & utility. Amongst these six segments, the oil & gas segment is expected to garner a significant share in the year 2035. In the oil and gas sector, sensor cables can be applied to a variety of tasks, including exploration, production, transportation, and monitoring. The industry has seen widespread adoption of these devices owing to the demand for on-site monitoring systems to identify leaks or any other problems at diverse remote sites. Besides this, sensor cables can be utilized for exploration and production. For instance, seismic sensors can be mounted on sensor cables to look for subterranean oil and gas reserves. The planning of drilling operations and production optimization can then be done using this data. As a result, numerous opportunities for the segment's growth are expected in the coming years.
Our in-depth analysis of the global market includes the following segments:
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By Detection Mode |
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By Application |
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By Jacket Type |
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By Connector Type |
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By End-User Industry |
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APAC Market Statistics
The market share of sensor cable in Asia Pacific, amongst the market in all the other regions, is projected to be the largest share by the end of 2035. The growth of the market can be attributed majorly to the rising need for material handling, electronics, and power cable monitoring. For instance, there is a growing demand for consumer electronics such as smartphones, laptops, and other personal devices in the region which as a result is likely to drive the demand for sensor cables. These electronic gadgets depend on sensors and sensor cables to gather data and give users the response they require. Moreover, display technology, including LCD and LED displays, uses sensor cable to carry signals from the display driver to the display screen. Further, the growing industrialization, and the rising demand for sensors in growing markets including China, India, Japan, and South Korea for use in industrial, medical, and other applications are also anticipated to contribute to the market growth in the region. In addition, the region's expanding oil & gas industry and increasing government spending on the construction of smart cities are also anticipated to boost the market growth during the forecast period. According to recent data, by 2025, India intends to manufacture over USD 350 billion worth of electronics.
Europe Market Forecast
The European sensor cable market is estimated to hold the second largest, registering share by the end of 2035. The growth of the market can be attributed majorly to the growing aerospace sector. The demand for sensor cables is being driven by the regions expanding aerospace industry. For instance, the need for sensor cables that can consistently and precisely transport data from sensors to control and monitoring systems is anticipated to increase as aircraft technology develops. Moreover, sensor cables are needed in the aerospace industry for many different components, such as aircraft engines, landing gear, avionics, navigation systems, and airframe structures. Further, the growing adoption of IoT and the rising automotive industry is also anticipated to contribute to market growth in the region.
North American Market Forecast
Further, the market in the North America, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the increasing automotive sector. The need for sensor cables owing to the rising automobile industry in the region. For instance, sensor cables enhance the effectiveness, dependability, and safety of automobiles, which is necessary for satisfying the demands of contemporary consumers. In addition, the increased emphasis on vehicle safety is one of the key factors influencing the demand for sensor cables in the area. Modern cars come standard with sensors and sensor wires in safety systems such as airbags, anti-lock brakes, and electronic stability control. As a result, there is a growing need for sensor cables that can reliably transfer data from these sensors to the control systems. Further, the growing awareness amongst authorities, regarding increasing pipeline leakage incidents, is also anticipated to contribute to the market growth in the region.
TE Connectivity Ltd. a global industrial technology company, acquired First Sensor AG, to offer an even broader product base, including innovative, market-leading sensors, connectors, and systems plus best-in-class capabilities that support the growth strategy of the sensors business.
TTI, Inc. teamed up with ams OSRAM’s sensing solutions to introduce their extensive sensor portfolio and illuminate the optoelectronics industry by providing the highest level of accuracy, sensitivity, downsizing, and integration for the automotive, eMobility, lighting, industrial, and medical applications.
Author Credits: Abhishek Verma, Hetal Singh
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