Mineral Insulated Heating Cable Market Growth | 2021 to 2031
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.
Mineral Insulated Heating Cable Market Analysis
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 Cable Market Overview
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.
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Mineral Insulated Heating Cable Market: Strategic Insights
Market Size Value in US$ 254.55 Million in 2019 Market Size Value by US$ 350.10Million by 2027 Growth rate CAGR of 4.4% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Mineral Insulated Heating Cable Market: Strategic Insights
| Market Size Value in | US$ 254.55 Million in 2019 |
| Market Size Value by | US$ 350.10Million by 2027 |
| Growth rate | CAGR of 4.4% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Mineral Insulated Heating Cable Market Drivers and Opportunities
Increasing Demand for Mineral Insulated Heating Cable in Energy and Power Projects is Driving 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.
Expansion and Growth of Oil & Gas Industry – An Opportunity in the Mineral Insulated Heating Cable Market
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.
Mineral Insulated Heating Cable Market Report Segmentation Analysis
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.
- Based on cable type, the mineral insulated heating cable market is divided into single-core and twin-core. The single core segment held a larger market share in 2023.
- In terms of sheath type, the market is categorized as copper, stainless steel, cupronickel, and others. The copper segment held a larger market share in 2023.
- On the basis of temperature range, the mineral insulated heating cable market is divided into less than 200°C, 201–500°C, 501–700°C, and above 700°C. The 201–500°C segment held a larger market share in 2023.
- In terms of end user, the mineral insulated heating cable market is segmented into energy & power, oil & gas, construction, pharmaceuticals, and others. The energy & power segment held a larger market share in 2023.
Mineral Insulated Heating Cable Market Share Analysis by Geography
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.
Mineral Insulated Heating Cable Market Report Scope
Mineral Insulated Heating Cable Market News and Recent Developments
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:
- In February 2023, Kamet Trading B.V. supplied both standardized and customized mineral insulated cables, including thermocouple cables, RTD cables, and heating cables, to industrial applications. (Source: Kamet Trading B.V., Press Release, 2023)
Mineral Insulated Heating Cable Market Report Coverage and Deliverables
The “Mineral Insulated Heating Cable Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Cable Type ,Sheath Type , Temperature Range ,End User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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