Instrumentation Cable Market Size - By Product (PLTC Cable, ITC Cable, TC Cable), By End use (Oil & Gas, Chemical, Process Automation, Manufacturing), Growth Prospects, Regional Outlook & Forecast, 2024 – 2032

Instrumentation Cable Market Size

Instrumentation Cable Market size was valued at USD 7.7 billion in 2023 and is estimated to grow at CAGR of 8.5% between 2024 and 2032, propelled by a confluence of factors driving demand and innovation. The surge in industrial automation across diverse sectors, including manufacturing, energy, and healthcare, has heightened the need for reliable and sophisticated instrumentation cables. These cables play a pivotal role in transmitting data and signals between various instruments and control systems, fostering seamless communication in automated processes.
 

Additionally, the escalating adoption of Internet of Things (IoT) devices in industrial settings has further catalyzed the demand for advanced instrumentation cables capable of supporting high-speed data transfer and ensuring precision in signal transmission. Moreover, the global emphasis on renewable energy sources and the expansion of smart grid infrastructure have significantly boosted the instrumentation cable market.
 

Industries are increasingly prioritizing efficiency, safety, and data integrity, the demand for technologically advanced cables with enhanced durability and resistance to harsh environmental conditions has surged. This robust instrumentation cable market growth is also attributed to ongoing research and development activities, leading to the introduction of innovative materials and designs that cater to evolving industry requirements, solidifying the instrumental role of instrumentation cables in modern industrial processes.
 

In March 2022, Prysmian Group received a contract worth USD 1.3 billion by NeuConnect Deutschland GmbH and NeuConnect Britain GmbH for the design, turn-key manufacturing, installation, testing, and commissioning of a 725 km submarine interconnector that will connect the UK and Germany energy grid markets. This partnership along with other key investments will further increase the product deployment across the region.
 

Instrumentation cables are specialized cables designed for transmitting signals in control and measurement applications. These cables play a crucial role in industrial processes by connecting sensors, transmitters, and other instruments to control systems. They ensure accurate and reliable data transmission, enabling precise monitoring and control of processes in industries such as manufacturing, petrochemical, and power generation.
 

Economic uncertainties and fluctuating raw material prices created challenges for manufacturers, impacting production costs and pricing strategies. Stringent regulatory requirements and standards, particularly in the automotive and aerospace sectors, added complexity to the production process. Intense competition among key market players heightened the pressure to innovate and optimize operations.
 

COVID– 19 Impact

The global community was caught off guard by the sudden appearance of the novel coronavirus in November 2019 within China's Hubei province, initiating the widespread COVID-19 pandemic. This unprecedented health crisis has significantly influenced the world economy. The World Health Organization (WHO) reports its impact on over 225 countries, prompting governments worldwide to enforce lockdowns as a preventive measure in response to the escalating situation.
 

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.
 

Instrumentation Cable Market Analysis

The PLTC cable segment is poised to expand at 8.6% CAGR through 2032, due to its versatility and compatibility with a wide range of applications. PLTC cables are specifically designed for power-limited circuits, making them suitable for use in cable trays, conduit systems, and other challenging environments. Their robust construction, insulation properties, and ability to handle both power and communication signals contribute to their widespread adoption. Industries such as manufacturing, process control, and automation favor PLTC cables for their reliability and flexibility, driving their dominance in the instrumentation cable market as the preferred choice for diverse instrumentation applications.
 

These cables play a crucial role in industrial settings where precise signal transmission is essential for monitoring and controlling various processes. ITC cables are designed for use in trays, conduits, and raceways, providing a durable and reliable solution for instrumentation and control circuits. These cables often feature multiple pairs of twisted conductors, shielding to minimize electromagnetic interference, and a robust outer jacket for protection in harsh environments.
 

On the other hand, TC cables are specifically crafted for carrying signals from thermocouples, which measure temperature in industrial processes. These cables maintain the integrity of temperature signals by utilizing materials that minimize electrical interference and ensure accurate temperature readings. Both ITC and TC cables find applications in industries such as manufacturing, petrochemical, and power generation, where they facilitate the seamless and accurate transmission of signals critical for monitoring and controlling industrial processes.
 

Instrumentation cable market is segmented as oil & gas, chemical, process automation, manufacturing, and others. The oil and gas sector commands the largest market share in the market due to its inherent reliance on sophisticated control and monitoring systems. In this industry, precise data transmission is critical for monitoring and controlling exploration, extraction, and refining processes. Instrumentation cables play a pivotal role in connecting sensors, instruments, and control systems, ensuring seamless communication in harsh and demanding environments. The need for reliable signal transmission in oil rigs, refineries, and processing plants drives the substantial demand for instrumentation cables, consolidating the oil and gas segment's dominant position in the instrumentation cable market.
 

Chemical and process automation also play pivotal roles in enhancing efficiency, safety, and productivity within industrial settings, particularly in sectors such as chemicals, petrochemicals, and manufacturing. As industries increasingly adopt automated processes, the demand for reliable and advanced instrumentation cables is on the rise.
 

Instrumentation cables are crucial components in automated systems, facilitating the seamless transmission of signals and data between sensors, controllers, and other devices. These cables are designed to withstand harsh industrial environments, ensuring robust communication, and minimizing the risk of signal interference. The growing emphasis on precision and real-time monitoring in chemical and process industries is propelling the market forward, as these cables form the backbone of interconnected and automated systems, contributing to the overall efficiency and competitiveness of industrial operations.
 

The Europe instrumentation cable market size dominated around USD 1.3 billion in 2023. Flourishing sectors along with increasing investments toward the development of automation sector will energize the business dynamics. The increasing adoption of automation and industrialization across various sectors, such as manufacturing, energy, and healthcare, is fueling the demand for advanced instrumentation systems, thereby boosting the need for reliable and efficient cabling solutions.
 

Moreover, stringent regulations pertaining to safety and data integrity are propelling investments in instrumentation cables with enhanced performance characteristics. The ongoing transition towards renewable energy sources and the expansion of smart infrastructure projects further contribute to the growing demand for instrumentation cables.
 

Latin America instrumentation cable market can potentially boost demand for instrumentation cables in future through increased infrastructure development, industrial automation, and the growing demand for smart technologies. Similarly, Asia Pacific has been making significant investments in renewable energy sources such as wind and solar power. The expansion of these energy sectors requires extensive control systems, leading to an increased demand for instrumentation cables to connect and regulate various components in these systems.
 

Governments are also investing significant amount to help various industries to grow. Recently, the European Commission demonstrated foresight in acknowledging the significance of the 5G network and subsequently initiated a collaborative venture between the public and private sectors to advance research and development in 5G technology. Consequently, the European Commission disclosed a commitment of more than GBP 700 million in public funding to facilitate the widespread implementation of 5G across Europe, as part of the Horizon 2020 Program.
 

Instrumentation Cable Market Share

Prysmian Group holds a significant position within the instrumentation cable industry, acknowledged for its widespread utility across diverse industries. Leveraging a strong legacy entrenched in the oil & gas and process automation sectors, the company has successfully provided instrumentation cable solutions catering to a broad range of applications in commercial, industrial, and utility domains.
 

In this competitive market landscape, businesses endeavor to distinguish themselves by crafting innovative instrumentation cables boasting advanced features, heightened performance, and adherence to industry standards. The emphasis on delivering high-quality products serves as a strategic approach to foster a positive reputation and stand out in the market.
 

Instrumentation Cable Market Companies

The major companies are focusing on marketing strategies, technological advancements, brand recognition and economies of scale to meet the competition prevailing in the industry. The key industry market players include:

• 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
• TFKable
   

Instrumentation Cable Industry News

• In January 2023, Nexans collaborated with Trimet for a joint development project to develop a material with recycled aluminium for the manufacturing of aluminium rod that is used in electrical cables. Both participants are focusing on reducing the carbon footprint as the product has the capability to fulfil technical requirements on the mechanical properties & conductivity of the alloy.
   
• In March 2020, Hellenic Cables joined the Energinet framework agreement for the delivery of high-voltage underground cables, wherein the company is one of the three manufacturers selected for this eight-year contract. This agreement expanded the company's project portfolio along with market reach across the cable industry.
   
• In November 2019, Sumitomo Electric Industries Limited Introduced S-FREE, a new brand of insulated wires and traveling cables in electric tools and instrument panels. The company branded related materials under the name S-FREE to improve the development & deals of traveling cables and protected wires in electric and board handled by the Industrial Wire & Cable Division.
   

The instrumentation cable market research report includes in-depth coverage of the industry with estimates & forecast in terms of “‘000 Tonnes” & “USD Million” from 2019 to 2032, for the following segments:

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Market, By Product

• PLTC Cable
• ITC Cable
• TC Cable
• Others

Market, By End use

• Oil & Gas
• Chemical
• Process Automation
• Manufacturing
• Others

The above information has been provided for the following countries across the regions:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Netherlands
  • Italy
  • Spain
  • Germany
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Kuwait
  • South Africa
  • Egypt
• Latin America
  • Brazil
  • Argentina
  • Peru