Home > Energy & Power > Wire and Cable > Control Cable > Instrumentation Cable Market

Instrumentation Cable Market Trends

Report ID: GMI7959
Published Date: Jan 2024
Report Format: PDF

Download Free Sample

Instrumentation Cable Market Trends

The business landscape is witnessing a positive impact due to the growing emphasis on automation and the need for energy-efficient cable solutions. Instrumentation cables have experienced increased popularity in various sectors over the past decade, attributed to their reliability, versatility, and efficiency in transmitting signals and controlling mechanisms. Key industries including oil and gas, chemical industries and process automation have progressively embraced instrumentation cables to enable precise and responsive control systems. These industries are growing a significant pace with large investments.

For instance, In March 2023, Indian Oil Corporation Ltd. announced that the company would invest USD 742 million in building a petrochemical complex at Paradip in the state of Odisha. Numerous enterprises possess strategic frameworks for onshore and offshore exploration and production endeavours.

For instance, in February 2021, CNOOC Ltd outlined its intentions to expedite the exploration and development of natural gas resources, encompassing deepwater reserves in the South China Sea and unconventional assets onshore in China. The company projected a capital expenditure ranging from USD 13.93 billion to USD 15.48 billion in 2021, with the aim of incorporating gas-related activities to constitute 30% of its portfolio by 2025 and 50% by 2035.

With the advent of industry 4.0, there has been a rising demand for instrumentation cables across diverse sectors to support automation processes. Ongoing technological advancements, such as the internet of things and smart devices, have significantly influenced the design and requirements of instrumentation cables, emphasizing the need for high data transfer rates and reliable connectivity in advanced systems.

The increasing adoption of automation have further amplified the need for robust and high-performance instrumentation cables. These cables are designed to withstand harsh industrial environments, offer electromagnetic compatibility, and support high data transfer rates, aligning with the requirements of today's technologically advanced applications. As industries continue to embrace digital transformation, the instrumentation cable market is poised for sustained growth, driven by the ongoing innovation in industrial technologies.

Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The market size of instrumentation cable reached USD 7.7 billion in 2023 and is set to record 8.5% CAGR from 2024 to 2032, owing to the surge in industrial automation across diverse sectors, including manufacturing, energy, and healthcare.

The PLTC cable segment is expected to observe more than 8.6% CAGR during 2024 to 2032, due to its versatility and compatibility with a wide range of applications.

Europe market was valued at USD 1.3 billion in 2023, attributed to the flourishing sectors along with increasing investments toward the development of automation sector.

ABB, Belden Inc., CommCsope, Elseweddy Electric, Fujikura Ltd., Furukawa Electric Co. Ltd., Hellenic Group Instrumentation Cables, Helukabel GmbH Instrumentation Cables, Kabelwerk Eupen AG., Lapp Group, Leoni AG, LS Cable & Systems, Nexans, NKT A/S, Polycab, Prysmian Group, Shawcor, Sumitomo Corporation, TechniKabel SPA, and TFKable.