Instrumentation Cables Market size is poised to reach USD 21 Billion by the end of 2036, growing at a CAGR of 9% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of instrumentation cables was USD 7 Billion. The reason behind the growth is due to the growing demand for energy across the globe. The industrialization and advancements in both developed and emerging nations caused by an increasing number of people and greater wealth are to blame for the continuous rise in the world's energy usage. For instance, by 2050, global demand is expected to reach over 640 quadrillion Btu, an increase of around 14% from 2021.
The growing developments in smart grid infrastructure are believed to fuel the market growth. The need for instrumentation cables to link and interface these devices is rising in tandem with the expansion of smart grids as they enable more effective management of electricity generation, transmission, and distribution, and can send data reliably and precisely over great distances that are frequently needed for these systems.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~9% |
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Base Year Market Size (2023) |
~ USD 7 Billion |
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Forecast Year Market Size (2036) |
~ USD 21 Billion |
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Regional Scope |
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End-User (IT & Telecom, Automotive, Oil & Gas, Power)
The IT & Telecom segment is estimated to hold 30% share of the global instrumentation cables market by 2036. Transferring digital or analog data back and forth between devices is known as data transmission, which is one of the essential procedures for information transmission and communication in telecommunications networks. Instrumentation cables are found in a wide range of applications but are primarily used in communications and telecoms to transfer data. Moreover, the instrumentation Cable, which has several conductors facilitates the transmission of low-energy signature signals to transfer data or electricity.
In addition, ethernet, VFD, and control and instrumentation cables are the three most popular types of cables used in oil and gas applications, amongst which the oil and gas sector relies heavily on instrumentation cables as they facilitate the transmission of precise measurement signals from sensors.
Product Type (PLTC & PLTC-ER Cable, Instrumentation TC-&TC-ER Cable, Thermocouple Cable, CIC & CSA Tray Table, CSA ACIC Cable)
The PLTC & PLTC-ER cable segment in the instrumentation cables market is set to garner a notable share shortly. PLTC is an acronym for Power Limited Tray Cable which is ideally utilized in power-limited circuits for alarm, audio, intercom, and energy management systems. The most widely available rating for PLTC cables, which includes ITC cables, is 300V, which are made especially for power-limiting circuits, and are suitable for new installations, equipment upgrades, and the replacement of existing cables in cases where failure rates are high.
In addition, process and control signals in 600-volt applications are carried out via shielded TC-ER instrumentation cables, which are made of nylon insulation and a PVC jacket that resists sunlight, making it ideal for use in exposed runs.
Our in-depth analysis of the global market includes the following segments:
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Product Type |
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Application |
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End-User |
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European Market Forecast
The instrumentation cables market in Europe is predicted to account for the largest share of 40% by 2036 impelled by the growing spending in IoT. IoT is being increasingly adopted by organizations across Europe driven by industrial, utility, and professional services industries. For instance, in 2023, European businesses invested over USD 225 billion in Internet of Things (IoT) technologies. In addition, the use of automation will become ubiquitous in Europe; by 2030, over 45% of all labor may be replaced by machines. Moreover, between 2021 and 2027, the EU will provide around 150 billion euros in investment support for digitalization and automation technologies. These factors are expected to drive market growth in the region.
Latin America Market Statistics
The Latin America instrumentation cables market is estimated to be the second largest, during the forecast timeframe led by the massive oil and gas industry. Nearly one-fifth of the world's oil reserves are found in Latin America, which is also home to numerous significant oil-producing nations. For instance, the state-owned oil business of Brazil, Petrobras, generated around USD 134 billion in income in 2022, making it the top oil and gas corporation in Latin America.
Author Credits: Abhishek Verma, Hetal Singh
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