The Mineral Insulated Cable Market size is projected to reach US$ 505.49 billion by 2031 from US$ 211.56 billion in 2023. The market is expected to register a CAGR of 6.8% in 2023–2031. The increasing demand from construction and infrastructure projects is likely to remain a key mineral-insulated cable market trend.
The growing need for power and energy is driving the mineral-insulated cable industry globally. Other growth drivers include increased manufacturing and heavy industries, as well as rising household earnings. In addition to implementing cutting-edge technology and increasing investments, the manufacturers In the upcoming years, there will be plenty of prospects in the mineral insulated heating cables industry. Because magnesium oxide insulation in mineral-insulated cable (MICC) exceeds all other materials in radiation protection, MICC cable assemblies are a great option for applications involving nuclear power plants.
To build mineral-insulated (MI) cables, copper rods are inserted into a circular copper tube with high conductivity, and the spaces left between are filled with inorganic dry magnesium powder, which serves as a fireproof insulator and seal. After that, the complete assembly is forced between rollers to lengthen and decrease its diameter, making the cable more fire-resistant and fully functional afterward. For any electrical circuit, mineral-insulated cable offers a workable or long-term solution. It removes the risk associated with conduit and cable as well as the expense of additional components like pull boxes, unions, grounding wires, conduit seals, and other fittings.
For industrial automation and control systems to operate smoothly and safely, high-performance wire solutions are necessary. These applications are a good fit for mineral-insulated cables, which provide superior protection against mechanical stress, elevated temperatures, and electromagnetic interference (EMI). The demand for mineral-insulated cables for use in control systems, machinery, and equipment is predicted to rise as enterprises automate and digitize their processes.
Developments in cable design and production technology are propelling innovation in the market for mineral-insulated cables. To satisfy changing consumer demands, manufacturers are creating cables with increased flexibility, bend radius, and installation efficiency. In addition, the performance and functionality of mineral-insulated cables are being improved by the incorporation of intelligent features, such as temperature and fault monitoring. Mineral-insulated cables can now provide exceptional performance and dependability in a variety of applications thanks to these advancements. Thus, new approaches to cable manufacturing and design are anticipated to present new opportunities for the mineral insulated cable market players during the forecast period.
Key segments that contributed to the derivation of the mineral-insulated cable market analysis are cable type, shealth type, temperature range, and end user.
The geographic scope of the mineral insulated cable market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. In terms of revenue, North America accounted for the largest mineral insulated cable market share. When it comes to the use of mineral-insulated heating cables, it is among the most developed areas. In North America, the use of mineral insulated heating cables is at an all-time high because of the growing power transmission projects and the oil and gas industry.
The regional trends and factors influencing the Mineral Insulated Cable Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Mineral Insulated Cable Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 211.56 billion |
| Market Size by 2031 | US$ 505.49 billion |
| Global CAGR (2023 - 2031) | 6.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Mineral Insulated Cable Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Mineral Insulated Cable Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The mineral insulated cable market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
(Source: Larsen and Toubro (L&T), Press Release)
The “Mineral Insulated Cable Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The global mineral insulated cable market was estimated to be US$ 211.56 billion in 2023 and is expected to grow at a CAGR of 6.8% during the forecast period 2023 - 2031.
The increase in control systems and industrial automation and new approaches to cable manufacturing and design are the major factors that propel the global mineral insulated cable market.
Increasing demand from construction and infrastructure projects is anticipated to play a significant role in the global mineral insulated cable market in the coming years.
The key players holding majority shares in the global mineral insulated cable market are Raychem HTS, Emerson, ABB, KME, and TEC.
The global mineral insulated cable market is expected to reach US$ 505.49 billion by 2031.