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.
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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.
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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.
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.
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