As per Future Market Insights, the sensor cable market is anticipated to attain a value pool of US$ 700 million by 2023-end. Global demand for sensor cables is expected to rise at a CAGR of 7.2% to US$ 1,400 million in 2033.
Expected Market Value in 2023
US$ 700 million
Projected Market Value in 2033
US$ 1,400 million
Growth Rate (2023 to 2033)
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Smart gadgets and networked systems rely heavily on sensor technologies. They can collect critical data on vehicles and infrastructure, track biometrics and health problems, and improve productivity and safety in linked industrial environments.
Sensor cables have always played a significant role in the automotive industry. The appeal of cables does not wane. Complex requirements and their solutions, on the other hand, open up new possibilities, such as on-going development in automotive technology that help to contribute to the industry's long-term success.
This is because new technologies, such as electric mobility and autonomous driving advancements, necessitate strong partners with reliable cable solutions. Sensor technologies are used in both automotive and non-automotive modes of transportation, such as motorcycles and e-bikes, to expand e-mobility functions and functionality such as advanced driver assistance and autonomous driving, electrification, and vehicle-to-vehicle (V2V) and vehicle-to-everything (V2X) communication.
In the medical end-use, sensors allow medical equipment to detect physical, chemical, and biological signals, as well as measure and record those signals. The cables communicate data identified from sensors to create X-ray, ultrasound, and endoscopic images, as well as to measure pressure, fluid levels, temperature, pulse, heart rate, and other vital indicators.
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The performance and delivery of electrical signal and data transmissions are optimized by the cables that connect sensors. Sensors detect stimuli such as heat, light, sound, motion, gas, liquid, and other physical qualities, convert them to electrical impulses, and communicate them to a control device or instrument via specific sensing cables.
Sensor technology benefits greatly from cable solutions, which are paired with injection molding and electronics expertise.
Sensors, connectors, and cables used in demanding applications, such as those found in the military and aerospace industry, must fulfil stringent performance criteria, quality standards, and withstand severe conditions. To help reduce overall system bulk and payload in these markets, tiny, lightweight connecting items are necessary, and materials must be carefully selected to avoid off-gassing.
Sensors, sensor cables, and connectors may be subjected to additional demands in the industrial, transportation, automotive, and medical markets, which is expected to augment the product sales.
Despite the disruptions caused by the pandemic in Europe, sensor cables for automotive applications continue to increase, led by significant growth in the military/aerospace and commercial/industrial segments. While other industries incurred significant losses as a result of the COVID-19 outbreak last year, the market slowed briefly before rebounding with surprising strength.
When looking at the companies by base of origin, it's not surprise to learn that Europe has the most sensing cable manufacturers, followed by North America. The majority of companies are based in Germany.
The global market value share is expected to surge to a robust extent across Asia Pacific region. The sharp growth is attributed due to increasing product demand from industrial applications like electronics and material handling. Industrialization is expected to influence the market growth in this region.
The organic growth techniques such as new product releases, patents, and product approvals are adopted by the market leading players to consolidate their market presence in China and India. The major businesses are concentrating to strengthen their distribution and supply chain networks, to recover losses post-pandemic.
Some of the leading manufacturers and suppliers include
Manufacturers are developing cables for industry specific requirements, mostly where electronic measurement, control, and automation demands are essential. Companies such as TE Connectivity manufacture customized sensing cables that are designed to withstand abrasion and frequent flexing in oil-contaminated, high-temperature automotive settings.
Belden Inc provides actuator cables which are analogue type signal cables that connect automation sensor systems to devices in tough industrial environments. Food and beverage production, machine construction, automotive, material handling, industrial robots, automation, and instrumentation all benefit from these connections.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.