According to a new research report published by Transparency Market Research (TMR) , the global sensing cable market is expected to reach a value of more than US$ 1,300 Mn by 2027, expanding at a CAGR of more than 6% from 2019 to 2027. According to the report, the global sensing cable market is likely to continue to be influenced by a range of macroeconomic and market-specific factors in the next few years. In terms of demand, Asia Pacific is projected to continue to lead the global sensing cable market, with the market in the region expanding at a CAGR of more than 7% between 2019 and 2027.
Global Sensing Cable Market: Overview
- Over the last few years, there has been significant increase in the adoption of the multi-layer hydraulic fracturing method for the extraction of oil, particularly in North America.
- This is attributable to the increase in the domestic consumption of oil in the region, which has driven the demand for oil and gas. Consequently, sensing cables would be increasingly used in the process of hydraulic manufacturing. This presents significant growth opportunities to the sensing cable market in North America.