The Mineral Insulated Cable Market is expected to grow at a compound annual growth rate of 5% during the forecast period. Mineral insulated cables are made by encasing copper rods within a high conductivity circular copper tube and filling the gaps with inorganic dry magnesium powder, which functions as a seal and fireproof insulator. The complete assembly is then pushed between rollers to lower the diameter and extend the length of the cable, assuring that it can withstand the impacts of fire and after that, it is ready to use. Mineral insulated cable can be used as a temporary or permanent solution for any electrical circuit. This report covers all the quantitative and qualitative aspects of the hook and loop market and also talks about its key drivers, the challenges it faces, the growth opportunities present in the market, and its future prospects.
Mineral insulated cables are utilized in a wide range of industries, including pharmaceuticals, power generation, nuclear power plants, and oil and gas. These cables are used in medical equipment to allow for safer operations, as these machines must comply with strict safety requirements, and any deviation in the procedure might result in life-threatening diseases. Furthermore, higher power consumption, particularly in developing countries, is said to be another cause for the mineral-insulated cable market to grow. Other factors supporting market expansion include the availability of customized mineral insulated cables, greater demand from the commercial sector, and rising concerns for human life.
On the other hand, mineral insulated cables have a few drawbacks, such as the fact that they can’t be utilized in areas where high vibrations occur because they would fail. They also feature a voltage restriction and may be used in places with voltages up to 1,000 volts only. With the passage of time and advancements in technology, leading firms are now producing mineral insulated cables that can resist temperatures of up to 2000 degrees Celsius. Furthermore, the magnesium oxide insulation in the cable has a high proclivity for combining with moisture, putting it at risk of moisture absorption. Electrical leakage from the internal conductors to the metal sheath might occur if moisture is let into the cable.
The market has been segmented based on the cable type, material, temperature range, application, and regional basis. Based on the cable type segment, the mineral insulated cable market is divided into power and heating cable. The market was led by mineral insulated heating cables owing to their characteristics like high melting point, high temperature and corrosion resistance, and enhanced performance. The market is divided into copper, stainless steel, and others based on materials. The mineral insulated heating cable market in 2019 was led by the copper segment. Copper insulated heating cables are being used in a variety of applications like snow melting, commercial and residential floor warming, and electricity production and supply systems, to name a few, contributing to the market's growth.
On the basis of regional segmentation, the mineral insulated cable market has been divided into North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. North America dominated the mineral insulated cable market for the year 2019 with a share of 45%. The growth is attributable to the expanding oil and gas industries and the construction of new power plants. In terms of mineral insulated heating cable, North America is one of the most advanced regions. The copper segment dominated the Asia Pacific mineral insulated heating cable market in 2019. Mineral insulated heating cables are becoming more common in the Asia Pacific as investments in smart grids, power generation capacity, and transmission and distribution infrastructure expand.
MI Cable Technologies Inc., Zhejiang Taisuo Technology Co. Ltd., Trasor Corporation, The Emerson Electric Company, Wuhu Jiahong New Material Co. Ltd., Sumitomo Group, Thermom, Briskheat Corporation, Bartec, and General Cable Technologies Corporation are the major competitors in this market. Players have utilized a range of marketing techniques to stay competitive in the worldwide mineral insulated cable market, including new product launches, expansion, joint ventures, and acquisitions. The report contains a thorough examination of leading companies as well as a discussion of the market competing. Product launching is a crucial tactic for the key players in the mineral insulated cable market.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Mineral Insulated Cable market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Cable
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Material
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Temperature Range
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Application
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
