The compound annual growth rate of the global sensor cable market from 2019 to 2027 exceeds 6%

According to a new research report released by Transparent Market Research (TMR), the global sensing cable market is expected to reach a value of more than $1.
3 billion by 2027, growing at a CAGR of more than 6%
from 2019 to 2027.

According to the report, the global sensor cable market is likely to continue to be influenced by a range of macroeconomic and market factors in the coming years
.
On the demand side, Asia Pacific is expected to continue to lead the global sensor cable market, with the market growing at a CAGR of more than 7%
between 2019 and 2027.

There has been a significant increase in the use of multi-layer fracking methods to extract oil over the past few years, particularly in North America, largely due to increased domestic oil consumption in the region
.
As a result, sensing cables will increasingly be used in hydraulic manufacturing processes, which creates huge growth opportunities
for the sensing cable market in North America.

From the perspective of environmental conditions, the liquid field will dominate the global sensing cable market, accounting for 66.
28%
of the global sensing cable market share in 2018.
This segment is expected to continue to dominate the global sensing cable market throughout the forecast period, mainly due to the increase in water and oil spills across the
globe.

From the perspective of product type, single-mode fiber is an important segment of the global sensor cable market, occupying more than 50% of the market share
in 2018.
This is mainly due to the superiority of single-mode fiber over multimode fiber, which has higher bandwidth, higher transmission speed and up to 50 times
the distance compared to multimode fiber.

In terms of application, the leak detection segment will account for a major share
of the sensing cable market.
In terms of application, the global sensing cable market is segmented into leak detection, power cable monitoring, thermal sensing, temperature sensing, acoustic sensing, strain monitoring, and others
.
The leak detection segment leads the global sensor cable market, accounting for 40.
26%
of the market share in 2018.
The segment is expected to expand
at a CAGR of nearly 7% between 2019 and 2027.

From an industry perspective, the oil and gas sector occupies a leading position
in the sensing cable market.
Based on end-use industries, the industry market for sensing cables is segmented into oil and gas, environment, energy and utilities, IT and telecommunications, infrastructure, and others
.
The oil and gas segment is expected to be a significant segment of the global sensing cable market throughout the forecast period, which is expected to expand
at a CAGR of nearly 7%.
This is mainly due to the high adoption
of sensing cables in the global oil and gas industry.

From the perspective of regional market, the global sensing cable market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America
.
North America dominates the global market, accounting for 32.
03% of the market share
in 2018.
On the other hand, the sensing cable market in Asia Pacific is expected to expand
at a high CAGR during the forecast period.
This is attributed to the growing demand for sensing cables for a wide range of applications in the region, including power cable monitoring, environmental, energy and utilities, and infrastructure
.