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Increased Application in End-Use Industries to Lead Global Mineral Insulated Cable Market with a CAGR of 5%

The Mineral Insulated Cable Market is expected to grow at a compound annual growth rate of 5% for the forecast period. Growth is largely due to rising demand from the industrial sector and other end-use industries. Mineral insulated cables are manufactured by encasing copper rods inside a high conductivity circular copper tube and filling the gaps with inorganic dry magnesium powder, which serves as a seal and a fireproof insulator. After that, the entire assembly is pushed between rollers to reduce the diameter and extend the length of the cable, assuring that it can survive fire strikes. Mineral insulated cable can be utilized in any electrical circuit as a temporary or permanent solution. The market has been divided into segments based on cable type, material, temperature range, application, and geography. Mineral insulated cable is widely used in a variety of sectors due to its strong insulation resistance, low flammability, high-temperature resistance, and precision.

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Pharmaceuticals, electricity generation, nuclear power plants, and oil and gas are just a few of the industries that use mineral insulated cables. Higher power consumption, especially in emerging nations, is thought to be another factor driving the mineral-insulated cable market. Other reasons driving market growth include the availability of customized mineral insulated cables and increased demand by the commercial sector. Mineral insulated cables; on the other hand, have a few disadvantages, such as the fact that they cannot be used in locations with significant vibrations because they would fail. They also include a voltage limit, allowing them to only be utilized in environments with voltages up to 1,000 volts. Furthermore, magnesium oxide insulation the in cable has a high susceptibility for mixing with moisture. Electrical leakage from the internal conductors to the metal sheath might occur if moisture is let into the cable.

Based on regional segmentation, the Mineral Insulated Cable Market is segmented into North America, Latin America, Europe, Asia Pacific, the Middle East and Africa, and the rest of the world. With a 45 percent market share in 2019, North America led the mineral insulated cable industry. The expansion of the oil and gas sectors, as well as the development of new power plants, are responsible for the increase. North America is one of the most advanced regions in terms of mineral insulated heating cable. In 2019, the mineral insulated heating cable market in the Asia Pacific was controlled by the copper segment. As investments in smart grids, power production capacity, and transmission and distribution infrastructure grow throughout the Asia Pacific, mineral insulated heating cables are becoming increasingly frequent. Asia-Pacific is predicted to be the fastest-growing market for mineral-insulated heating cables during the forecast period.

The top players in this market include 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. To stay competitive in the global mineral-insulated cable market, companies have used a variety of marketing strategies, including new product releases, growth, joint ventures, and acquisitions. The research includes a comprehensive analysis of major corporations as well as a discussion of market competitors. For the major players in the mineral-insulated cable market, product launch is a critical strategy.

Key Market Movements

  • Increased application by end-use industries is the key factor driving the market.
  • The moisture-prone nature of MgO has been the main concern.
  • North America is the leading market, owing to the increasing oil and gas sector in the region.
  • MI Cable Technologies Inc., Zhejiang Taisuo Technology Co. Ltd., Trasor Corporation, The Emerson Electric Company, Wuhu Jiahong New Material Co. Ltd., Sumitomo Group, are the prominent players in the mineral insulated market.
  • The key strategy of these companies includes research and development, mergers, acquisition, and product launches.

The Mineral Insulated Cable Market Segmentation

ATTRIBUTEDETAILS

Research Period

 2019-2029

Base Year

 2020

Forecast Period

 2021-2029

Historical Year

 2019

Unit

 USD Million

Segmentation

 By Cable Type (2019-2029; US$ Mn)

 By Material (2019-2029; US$ Mn)

 By Temperature Range (2019-2029; US$ Mn)

 By Application (2019-2029; US$ Mn)

 By Region (2019-2029; US$ Mn)

Global Impact of Covid-19 Segment (2020-2021; US$ Mn)

* Detailed segments are available on the report page

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