Press release
ITC Instrumentation Cable Market Poised to Hit $6 Billion by 2029 with Accelerating Growth Trends
ITC Instrumentation Cable
ITC Instrumentation Cable Market Size Growth Forecast: What to Expect by 2025?
In recent times, there has been a notable upsurge in the market size of ITC instrumentation cables, which is projected to shoot up from $4.38 billion in 2024 to a staggering $4.64 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.8%. This significant growth during the historical period can be traced back to factors such as a heightened sense of safety regulations, a spike in the need for dependable data transmission, an escalation in infrastructural construction undertakings, a surge in spending concerning industrials, and an uptick in the endorsement of smart factories.
How Will the ITC Instrumentation Cable Market Size Evolve and Grow by 2029?
Expected to witness robust growth in the upcoming years, the itc instrumentation cable market is projected to expand to a worth of $6 billion in 2029, displaying a compound annual growth rate (CAGR) of 6.7%. This prospective growth in the forecast period is a result of increasing demand for industrial automation, a surge in the necessity for smart grid solutions, heightened usage of the industrial Internet of Things, an amplified stress on sustainability, and an escalation in investment towards infrastructural development. The forecast period will likely see major trends such as enhancements in cable materials, evolution in smart grid technologies, the adoption of digital twin technology, the incorporation of more advanced technologies, and tactical collaboration.
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What Drivers Are Propelling the Growth of ITC Instrumentation Cable Market Forward?
The escalation in demand for industrial automation is anticipated to boost the progression of the ITC instrumentation cable market. Industrial automation employs technology, control systems, and robotics to manage industrial processes with little to no human interaction. The pursuit for enhanced efficiency and safety in manufacturing and production processes fuels the surging demand for industrial automation. Automation empowers industries to refine operations by minimizing manual labor, thereby resulting in superior productivity, regular product quality, and diminished operational expenditures. ITC instrumentation cables aid industries in accomplishing precise control, heightened efficiency, and boosted safety in their automation processes by offering secure and effective communication between automated devices. For example, as disclosed by the International Federation of Robotics, a professional non-profit organization situated in Germany, the installation of industrial robots in the UK hit an all-time high of 3,830 units in 2023, representing a 51% increase from 2022. Consequently, the escalating demand for industrial automation is catalyzing the growth of the ITC instrumentation cable market.
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What Are the Key Segments in the ITC Instrumentation Cable Market?
The itc instrumentation cable market covered in this report is segmented -
1) By Material: Copper, Aluminum, Other Material
2) By Voltage Rating: Low Voltage (up to 1,000 V), Medium Voltage (1,000 V to 35,000 V), High Voltage (over 35,000 V)
3) By Conductor Construction: Solid Conductor, Stranded Conductor, Ribbon Conductor
4) By End User: Oil And Gas, Chemical, Process Automation, Manufacturing, Other End Users
Subsegments:
1) By Copper: Bare Copper Conductor, Tinned Copper Conductor, Stranded Copper Cable, Solid Copper Cable, Shielded Copper Cable
2) By Aluminum: Bare Aluminum Conductor, Aluminum Alloy Conductor, Stranded Aluminum Cable, Solid Aluminum Cable, Shielded Aluminum Cable
3) By Other Material: Fiber Optic Instrumentation Cable, Silver-Plated Conductors, Nickel-Plated Conductors, Hybrid Cables
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Who Are the Key Players Shaping the ITC Instrumentation Cable Market's Competitive Landscape?
Major companies operating in the ITC instrumentation cable market are Polycab India Limited, Sumitomo Electric Industries Ltd., Southwire Company LLC. , Nexans S.A., LS Cable & System, Belden Inc., Turck Inc., Mueller Electric, Bahra Advanced Cable Manufacture Co.Ltd., Shawflex , Lapp Tannehill Inc., Northwire Inc., Multi Cable Corporation, TE Wire And Cable Llc, Caledonian Cables Ltd., Prysmian Group, Brilltech , TechLine Mfg., 1X Technologies LLC, Power Cable Corporation
What Geographic Markets Are Powering Growth in the ITC Instrumentation Cable Market?
Asia-Pacific was the largest region in the ITC instrumentation cable market in 2024. Europe is expected to be the second largest region in the forecast period. The regions covered in the ITC instrumentation cable market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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