Instrumentation Cables Market Regional Analysis:
European Market Insights
Europe industry is set to hold largest revenue share of 40% by 2035, 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 Insights
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.
