Sensor Cable Market Trends

Growth Drivers

• Growing Popularity of IoT – It is expected that, as more devices become connected to the internet and collect data, the demand for sensor cables to transmit that data is increasing, which as a result is estimated to drive market growth. In 2019, there were over 7 billion linked IoT devices, and in 2020 more than 26 billion IoT devices were operating globally.
• Rising Adoption of Renewable Energy – On the account of increasing usage of sensor cables in wind turbines to track several metrics, including voltage, current, and temperature is estimated to drive market growth. In 2020, the global usage of renewable energy climbed by over 2% while demand for all other fuels decreased.
• Increasing Demand for Automation – Since automation is becoming more common in many industries sensor cables are growing in demand as they are required for data collection from sensors and transmission to automated control systems. According to the most recent expenditure data, lately, over 65% of businesses globally have used automation to some level.
• Surging Need for Wearable Devices – It is expected that as wearable technology continues to advance, the demand for smaller, more flexible, and more durable sensor cables is expected to continue to rise, which is anticipated to drive market growth. Globally, the number of linked wearable devices has increased to over 720 million in 2019. It is estimated that by 2022, there will likely be more than one billion gadgets worldwide.

Challenges

• Requires High Initial Investment- The high initial cost is one of the major factors predicted to slow down the market growth. For instance, sensor cables need to be made of high-quality materials to ensure reliability and durability over a long time as they are often exposed to harsh environmental conditions.  As a result, the cost of the components and manufacturing techniques needed to produce robust and dependable sensor cables may be high.
• Existence of Major Competitive Technologies
• Lack of Customer Confidence