Growing inclination for generating energy from renewable sources such as wind, solar, OTEC, and others fuels the demand for instrumentation cables market as remote monitoring devices is used in generation of electricity require instrumentation cable.
Along with that, instrumentation cables are also an ideal conductor for energizing relays, cables, control system, which provide communication services in manufacturing plants. With the emerging trends for the Internet of Things (IoT), which requires this cable for transmitting signals, it is expected to boost the demand for instrumentation cables in the upcoming years. Also, since the government is providing aid in various developing economies such as, China and India, the IT sector is expected to grow in the upcoming years and hence this will drive the market of the cables.
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Industrialization and Globalization as Drivers for Market
With the growing population and urbanization, sectors in various countries such as Europe and North America, are experiencing an advancement in the field of IT. Also, in the developing economies of China and India, where the IT field is setting its foot, the demand for cables is at its peak and hence, the market is expected to grow in the coming years.
Increased Awareness Regarding Renewable Resources and Eco-friendly Practices
As the demand for generating sources using renewable resources like wind, water, solar etc. are increasing in recent years, the demand for the cables as surged up. With setting up of new energy generating plants, these cables are used in transmission and control systems and hence used in the plants to a great extent.
Policies and Subsidies by Regional governments Indirectly boosts Demand in the Market
The supportive initiatives by the government in various developing economies like China and India for generating electricity from renewable sources is pushing up the demand for instrumentation cables. Special packages, subsidies, government aids are some of the key benefits that the key players are experiencing.
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COVID-19 Impact Analysis
- The unfavorable global effects of COVID-19 are already evident and had a big impact on the instrumentation cables market in 2020.
- The World Health Organization (WHO) declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths globally. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy’s already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the Instrumentation Cables market to a great extent as the consumers’ consumption and demand patterns are changing amidst the pandemic.
- Issues such as labor shortages, raw material unavailability, stagnation of the global trade and subsequent delays in installation are estimated to drive the prices of the cables upwards which will prove to be a significant obstacle that the industry will have to adapt to. Increase in prices will cause project delays which, in turn, would again cause a spike in prices.
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