Sensing Cable Market 2021 Recent Industry Developments and Growth Strategies Adopted by Top Key Players Worldwide and Assessment to 2025

 

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.  

Want to know the obstructions to your company’s growth in future? Request a PDF sample here https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=67283

sensing cable trends

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.

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. 

Contact

Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY – 12207
United States
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com

Comments

Post a Comment

Popular posts from this blog

High Voltage Insulator Market Overview, Scope and Technology Advancement Outlook 2020 to 2027

Image
An insulator refers to a device which does not conduct the flow of electricity through it. Every insulator has a different degree of resistivity toward electricity conduction. An insulator conducts electricity if a relatively high voltage current is passed through it, which tears the electrons away from the atoms and the conduction begins. This is the factor responsible for the development of insulators having different breakdown voltage. High voltage insulators include all those insulators having a high breakdown voltage and are primarily utilized for separating the live conductors from each other and the utility pole. The reason for insulation is to insulate the electrically charged portion of the equipment from another charged portion or any other uncharged device. In recent years, demand for power supply has increased across the globe, and hence, demand for high voltage insulators have increased as they are used in insulation of transmission cables, which are used for satisfyin...
Read more

Global Facilities Management Market to Register Exponential Growth During COVID-19 Pandemic (2019-2027)

Image
The  global facilities management market  is moderately consolidated with the presence of several large players that operate globally and regional players that mainly operate in local markets. Large players are resorting to strategic partnerships with small vendors to expand their service offerings and to expand their geographical presence. Partnerships and alliances are also helping large vendors to provide bundled facilities management services with the objective to offer value-added and quality services to their clients. Bundled services not only helps drive efficiency and cost benefits for vendors, it helps improve long-term relationship between the client and service provider. Key companies operating in the global facilities management market are Arthur McKay & Co. Ltd., Bilfinger HSG Facility Management GmbH, Bellrock Property & Facilities Management Limited, Broadspectrum (Australia) Pty Limited, and ISS World Services A/S among others. As per a report by ...
Read more

High Resolution Dispensing Systems and Equipment Market Size, Share, Growth Trends, Key Players, Competitive Strategies And Forecasts Report 2021

Image
 The competitive landscape in the global  high resolution dispensing systems and equipment market  is consolidated, as top five players held 50% share in the market in  2018.  Leading players paved their way by concentrating more on innovative technologies and developing advanced items. Owing to these strategies, players are able to strengthen their positions and expand their geographical reach. Players are also making deliberate efforts to meet the growing demand from various end-user industries. To name a few leading players operating in the global high resolution dispensing systems and equipment market are Dover Corporation, Nordson Corporation, AptarGroup, Inc., Jensen Global Inc., Franklin Fueling Systems Inc., and Musashi Engineering Inc. According to Transparency Market Research report, the global high resolution dispensing systems and equipment market is projected to rise at steady CAGR of  6.30  over the projected tenure between  2019 ...
Read more