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.
Mineral Insulated Cable Market Analysis
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.
Mineral Insulated Cable Market Overview
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.
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Mineral Insulated Cable Market: Strategic Insights
Market Size Value in US$ 951.72 million in 2019 Market Size Value by US$ 1,337.00 Million by 2027 Growth rate CAGR of 5.7% from 2020 to 2027 Forecast Period 2020 - 2027 Base Year 2020
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Mineral Insulated Cable Market: Strategic Insights
| Market Size Value in | US$ 951.72 million in 2019 |
| Market Size Value by | US$ 1,337.00 Million by 2027 |
| Growth rate | CAGR of 5.7% from 2020 to 2027 |
| Forecast Period | 2020 - 2027 |
| Base Year | 2020 |
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Mineral Insulated Cable Market Drivers and Opportunities
The Increase in Control Systems and Industrial Automation
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.
New Approaches to Cable Manufacturing and Design
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.
Mineral Insulated Cable Market Report Segmentation Analysis
Key segments that contributed to the derivation of the mineral-insulated cable market analysis are cable type, shealth type, temperature range, and end user.
- Based on cable type, the mineral insulated cable market is bifurcated into single-core and twin-core. The single core segment held a larger market share in 2023.
- By sheath type, the market is segmented into copper, stainless steel, cupronickel, and others. The gallium arsenide (GaAs) segment held the largest share of the market in 2023.
- By temperature range, the market is segmented into less than 200°C, 201–500°C, 501– 700°C, and above 700°C.
- Based on the end user, the mineral insulated cable market is bifurcated into energy & power, oil & gas, construction, pharmaceuticals, and others.
Mineral Insulated Cable Market Share Analysis by Geography
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.
Mineral Insulated Cable Market Report Scope
Mineral Insulated Cable Market News and Recent Developments
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:
- In April 2020, Larsen and Toubro (L&T) said that it had secured substantial contracts to update power distribution and transmission systems across multiple nations, including India. To improve load bifurcation and system dependability, the business plans to incorporate more overhead and subterranean lines.
(Source: Larsen and Toubro (L&T), Press Release)
Mineral Insulated Cable Market Report Coverage and Deliverables
The “Mineral Insulated 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
Type, Application, End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
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.
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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