Press release
Global Instrumentation Cables Market to 4.09% CAGR to 2021 – Analysis of Belden, General Cable, Nexans, and Prysmian Group
The research analysts forecast the global instrumentation cables market to grow at a CAGR of 4.09% during the period 2017-2021.
Instrumentation cables are used to convey low-energy electrical signals for monitoring and controlling electrical power systems. The functions of measurement and control are dependent on the electronic circuitry. These cables possess electrical, thermal, and physical properties and are designed to face harsh conditions like flames or surface abrasion.
Instrumentation cables find applications in industrial manufacturing plants to connect electrical instrument circuits and provide communication services for process plants with detailed signal transfer. They also find applications in power plants, steel casting industry, oil refineries, building of ship deck machinery, rolling stock, telecommunication signals, and others. The demand for instrumentation cables is primarily driven by the need for power due to growing industrialization.
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Technavio recognizes the following companies as the key players in the global instrumentation cables market: Belden, General Cable, Nexans, and Prysmian Group
Other Prominent Vendors in the market are: ALLIED WIRE & CABLE, KEI Industries, Olympic Wire & Cable, RPG CABLES, RS Components, Southwire Company, TE Connectivity, and TELDOR Cables & Systems
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increased power generation from nuclear energy. Instrumentation cables are used for digital or analog transmission from various types of transducers. Governments across the globe are making efforts to rely less on thermal power generation, which has led to the increased adoption of nuclear power generation.
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According to the report, one of the major drivers for this market is Expansion of railways. Rolling stock in railways is the suspension system that connects the transportation equipment to the wheels. Instrumentation cables are used in the rolling stock to pass signals between the rail bogies and wheels. The increased demand for comfortable travel and the introduction of technology-driven rail compartments and smart rail have led to the growth in demand for railway services across the globe.
Further, the report states that one of the major factors hindering the growth of this market is Fluctuating raw material prices. The primary raw materials that are used in manufacturing an instrumentation cable are aluminum and copper. All instrumentation cable vendors incur a major part of their manufacturing cost to acquire these raw materials. The total cost of copper and aluminum metals account for roughly 50% of the total production cost.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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