Sensor Cable Market Size & Share, by Detection Mode [Liquid {Conduction, Hydrocarbon Liquids}, & Gas]; Application (Strain Monitoring, Power Cable Monitoring, Heat & Temperature Sensing, Acoustic Sensing, Leak Detection); Jacket Type (TPE, PUR, PVC); Connector Type (Flanges, Plugs, Sockets); End-user (Material Handling, Infrastructure, Automotive, IT & Telecommunication) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4079
  • Published Date: Apr 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

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.


Sensor Cable Market
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Sensor Cable Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Popularity of IoT – It is expected that, as more devices become connected to the internet and collect data, the demand for sensor cables to transmit that data is increasing, which as a result is estimated to drive market growth. In 2019, there were over 7 billion linked IoT devices, and in 2020 more than 26 billion IoT devices were operating globally.
  • Rising Adoption of Renewable Energy – On the account of increasing usage of sensor cables in wind turbines to track several metrics, including voltage, current, and temperature is estimated to drive market growth. In 2020, the global usage of renewable energy climbed by over 2% while demand for all other fuels decreased.
  • Increasing Demand for Automation – Since automation is becoming more common in many industries sensor cables are growing in demand as they are required for data collection from sensors and transmission to automated control systems. According to the most recent expenditure data, lately, over 65% of businesses globally have used automation to some level.
  • Surging Need for Wearable Devices – It is expected that as wearable technology continues to advance, the demand for smaller, more flexible, and more durable sensor cables is expected to continue to rise, which is anticipated to drive market growth. Globally, the number of linked wearable devices has increased to over 720 million in 2019. It is estimated that by 2022, there will likely be more than one billion gadgets worldwide.

Challenges

  • Requires High Initial Investment- The high initial cost is one of the major factors predicted to slow down the market growth. For instance, sensor cables need to be made of high-quality materials to ensure reliability and durability over a long time as they are often exposed to harsh environmental conditions.  As a result, the cost of the components and manufacturing techniques needed to produce robust and dependable sensor cables may be high.
  • Existence of Major Competitive Technologies
  • Lack of Customer Confidence

Sensor Cable Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~8%

Base Year Market Size (2022)

~ USD 700 Million

Forecast Year Market Size (2035)

~ USD 1500 Million

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Sensor Cable Segmentation

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:

          By Detection Mode

  • Liquid
  • Conducting Liquids
  • Hydrocarbon Liquids
  • Gas

         By Application

  • Strain Monitoring
  • Power Cable Monitoring
  • Heat & Temperature Sensing
  • Acoustic Sensing
  • Leak Detection
  • Others

         By Jacket Type

  • TPE
  • PUR
  • PVC

        By Connector Type

  • Flanges
  • Plugs
  • Sockets

       By End-User Industry

  • Material Handling
  • Automotive
  • Infrastructure
  • IT & Telecommunication
  • Oil & Gas
  • Energy & Utility

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Sensor Cable Industry - Regional Synopsis

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.

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Sensor Cable Market Size
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Companies Dominating the Sensor Cable Landscape

top-features-companies
    • SAB BRÖCKSKES GmbH & Co. KG
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Schneider Electric SE
    • TE Connectivity Ltd.
    • Belden Inc.
    • TTI, Inc.
    • Lapp Group
    • Hans Turck GmbH & Co. KG
    • Baumer Holding AG
    • Beckhoff Automation GmbH & Co. KG
    • TTK S.A.S.

In the News

  • 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


  • Report ID: 4079
  • Published Date: Apr 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing popularity of IoT and the increasing demand for automation are the major factors driving the market growth.

The market size of sensor cable is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2023-2035.

Requires high initial investment and the existence of major competitive technologies are estimated to be the growth hindering factors for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

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., and others.

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 garner the largest market size by the end of 2035 and display significant growth opportunities.
Sensor Cable Market Report Scope
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