The overall Distributed sensing cables market worldwide is set to grow with a CAGR of 5% during the forecast period.
Market Insights
The distributed sensing cables market is growing rapidly owing to the tremendous growth of sensors in wide industries. Distributed sensing cables is a device that senses or detects the changes that occur in the environment or surroundings. The distributed sensing cable technology enables continuous, real-time measurements along the entire length of a fibre optic cable. The factors driving the growth of the distributed sensing cable monitoring, transportation, environment & geo-techniques, fire prevention, fire detection, oil & gas, process & pipeline monitoring and other applications. Therefore, we expect that the distributed sensing cables market will show tremendous growth throughout the forecast period.
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Based on application, the distributed sensing cables market is led by industrial & energy segment account for a vital share of the market revenue in 2018. Distributed sensing cables offer reliability over the traditional sensors and are not harsh on the environment and cost-effectiveness. It can detect abnormalities, extreme conditions and failures. Sensing cables detect external failures and avoid the breakdown of the process and hence used in the oil and gas sector widely. Distributed sensing is usually used for acquiring temperature, strain and acoustic data. Due to these features, the demand for distributed sensing cables is on the rise. Consequently, we expect that the segment will show significant growth during the forecast period.
Based on geography, North America was the largest revenue contributor in the Distributed sensing cables market. Asia Pacific will be the fastest-growing region in the Distributed sensing cables market during the forecast period owing to rising disposable incomes and growing adoption of sensing technologies for the industrial usage and oil & gas sector in the region. India shall be the largest contributor to the growth of the Asia Pacific region owing to growing economic growth and demand in sectors like automotive and energy. As a result of these factors, we expect that the Asia Pacific will show tremendous growth in distributed sensing cables market throughout the forecast period 2019- 2027.
Some of the major companies profiled in the report Prysmian Group, Nexas, Corning, NKT, Leoni, HELUKABEL, Lapp Group, Tongguang Group, Yokogawa Electric, Hansen, Lyudinovokabel among others.
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Industrial & Energy Segment to Continue Leading the Market
The distributed sensing cables market by application is segmented into industrial & energy and commercial. The demand for data based analysis helps to monitor operational process this further increases the efficiency and reliability. Rigid environmental regulations in industries that requires safety from precarious elements can further accelerate the adoption of distributed sensing cables. Thus, government policies are focusing for adoption of these sensors in the industrial segment. Hence, we expect that industrial & energy segment will continue its dominance in distributed sensing cables market throughout the forecast period 2019-2027.
Asia Pacific to be the Fastest Growing Region
Distributed sensing cables market is led by North America region with a vital share in the market revenue share worldwide. The growth in Northern America is backed by a huge demand for power cable monitoring. Asia Pacific will be the fastest growing region in the distributed sensing cables market. Owing to growing usage of sensing cables in power cabling and oil gas industries, the demand for distributed sensing cables shall increase. Therefore, we are expecting the Asia Pacific region to be the fastest growing throughout the forecast period in the Distributed sensing cables market.
Some of the prominent players operating in the Distributed sensing cables market Prysmian Group, Nexas, Corning, NKT, Leoni, HELUKABEL, Lapp Group, Tongguang Group, Yokogawa Electric, Hansen, Lyudinovokabel and others.
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