The mineral insulated heating cable market size is projected to reach US$ 430.58 million by 2031 from US$ 298.53 million in 2023. The market is expected to register a CAGR of 4.7% in 2023–2031. The rising demand for green and clean energy is likely to remain a key mineral insulated heating cable market trend.
The mineral insulated heating cable market is growing at a rapid pace due to increasing demand for mineral insulated heating cables in energy and power projects and shifting customers' preference for energy-efficient solutions. The market is expanding steadily, driven by increasing investment in smart grid projects. Moreover, the expansion and growth of the oil & gas industry and the development of high-performance mineral insulated heating cables are providing lucrative opportunities for market growth.
Mineral insulated heating cables are specialized cables used for maintaining and controlling power and heating imbalances. These cables are installed in a number of industries, including energy & power, oil & gas, construction, pharmaceuticals, and other industries having high temperatures or harsh environmental conditions. Moreover, mineral-insulated heating cables have extensive properties such as the capability of working at high melting points, improving temperature & corrosion resistance with enhanced operational performance is fueling the market.
Rising urbanization associated with growing industrialization increases the demand for energy consumption among consumers, which increases the demand for mineral insulated heating cables in the energy and power industry. Growing demand for electricity across the globe surged the construction of sub-transmission and intrastate transmission networks, which raises the adoption of mineral insulated heating cable for equal distribution of electricity is driving the market. Expansion of manufacturing and heavy industries increase the demand for energy and power for maintaining operational work is fueling the market. For instance, according to the International Energy Agency (IEA), worldwide power demand will increase by 2.1% per year through 2040. Southeast Asia countries have the highest demand for electricity globally.
The oil & gas industry has played a crucial role in this industrial revolution and the economic transformation of the world. The major factor propelling the evolution of the oil & gas industry is the rising demand for mobility, heat, and light, owing to the growing population worldwide. The oil & gas industry accounted for the highest share of global consumption of energy resources. Globally, the new oil supplies are expected to add continually to cater to the increase in energy demand, which is driving the demand for mineral insulated heating cables for the appropriate distribution of energy. For instance, according International Energy Agency (IEA), the worldwide oil demand will rise by 6% between 2022 and 2028 and is expected to reach 105.7 million barrels per day, associated with the high demand from petrochemical and aviation divisions. Growing demand and expansion of the oil & gas industry are creating opportunities in the market.
Key segments that contributed to the derivation of the mineral insulated heating cable market analysis are cable type, sheath type, temperature range, and end user.
The geographic scope of the mineral insulated heating cable market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
The market in Asia Pacific is projected to grow at a significant pace during the forecast period, due to the rising population and rising investments in smart grid systems. The mineral insulated heating cables are used in smart grid systems to increase reliability and efficiency by reducing energy waste. Moreover, growing spending on transmission and distribution infrastructure is creating growth opportunities for mineral insulated heating cable market. These cables are used for maintaining the temperature of process piping and vessels used in transmission and distribution infrastructure. They are highly adopted in applications such as power plants, equipment, and machinery for controlling and maintaining high temperatures. However, the expansion of oil & gas, energy & power, pharmaceutical, construction, and other industries is boosting the market in the near future.
The regional trends and factors influencing the Mineral Insulated Heating Cable Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Mineral Insulated Heating 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$ 298.53 million |
| Market Size by 2031 | US$ 430.58 million |
| Global CAGR (2023 - 2031) | 4.7% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Cable Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Mineral Insulated Heating 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 Heating Cable Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The mineral insulated heating 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 mineral insulated heating cables and strategies:
The “Mineral Insulated Heating Cable Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The global mineral insulated heating cable market was estimated to be US$ 298.53 million in 2023 and is expected to grow at a CAGR of 4.7% during the forecast period 2023 - 2031.
The increasing demand for covert and overt surveillance and rising spending on security solutions are the major factors that propel the global mineral insulated heating cable market.
The growing security concern among nations is anticipated to play a significant role in the global mineral insulated heating cable market in the coming years.
The key players holding majority shares in the global mineral insulated heating cable market are Bartec, Raychem RPG Private Limited, BriskHeat, Chromalox, and Eltherm GmbH.
The incremental growth expected to be recorded for the global mineral insulated heating cable market during the forecast period is US$ 132.06 million.
The global mineral insulated heating cable market is expected to reach US$ 430.58 million by 2031.