Global Mineral Insulated Cable Market (2021 to 2029) - Increased Application in End-Use Industries Drives Market Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Mineral Insulated Cable Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029" report has been added to ResearchAndMarkets.com's offering.

The Mineral Insulated Cable Market is expected to grow at a compound annual growth rate of 5% during the forecast period. Mineral insulated cables are made by encasing copper rods within a high conductivity circular copper tube and filling the gaps with inorganic dry magnesium powder, which functions as a seal and fireproof insulator. The complete assembly is then pushed between rollers to lower the diameter and extend the length of the cable, assuring that it can withstand the impacts of fire and after that, it is ready to use. Mineral insulated cable can be used as a temporary or permanent solution for any electrical circuit. This report covers all the quantitative and qualitative aspects of the hook and loop market and also talks about its key drivers, the challenges it faces, the growth opportunities present in the market, and its future prospects.

Increased Application in End-Use Industries Drives Market Growth

Mineral insulated cables are utilized in a wide range of industries, including pharmaceuticals, power generation, nuclear power plants, and oil and gas. These cables are used in medical equipment to allow for safer operations, as these machines must comply with strict safety requirements, and any deviation in the procedure might result in life-threatening diseases. Furthermore, higher power consumption, particularly in developing countries, is said to be another cause for the mineral-insulated cable market to grow. Other factors supporting market expansion include the availability of customized mineral insulated cables, greater demand from the commercial sector, and rising concerns for human life.

MgO's Moisture-Prone Nature Poses a Significant Challenge

On the other hand, mineral insulated cables have a few drawbacks, such as the fact that they can't be utilized in areas where high vibrations occur because they would fail. They also feature a voltage restriction and may be used in places with voltages up to 1,000 volts only. With the passage of time and advancements in technology, leading firms are now producing mineral insulated cables that can resist temperatures of up to 2000 degrees Celsius. Furthermore, the magnesium oxide insulation in the cable has a high proclivity for combining with moisture, putting it at risk of moisture absorption. Electrical leakage from the internal conductors to the metal sheath might occur if moisture is let into the cable.

Copper Mineral Insulated Heating Cable to Boost Demand

The market has been segmented based on the cable type, material, temperature range, application, and regional basis. Based on the cable type segment, the mineral insulated cable market is divided into power and heating cable. The market was led by mineral insulated heating cables owing to their characteristics like high melting point, high temperature and corrosion resistance, and enhanced performance. The market is divided into copper, stainless steel, and others based on materials. The mineral insulated heating cable market in 2019 was led by the copper segment. Copper insulated heating cables are being used in a variety of applications like snow melting, commercial and residential floor warming, and electricity production and supply systems, to name a few, contributing to the market's growth.

North America to Lead the Global Market

On the basis of regional segmentation, the mineral insulated cable market has been divided into North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. North America dominated the mineral insulated cable market for the year 2019 with a share of 45%. The growth is attributable to the expanding oil and gas industries and the construction of new power plants. In terms of mineral insulated heating cable, North America is one of the most advanced regions. The copper segment dominated the Asia Pacific mineral insulated heating cable market in 2019. Mineral insulated heating cables are becoming more common in the Asia Pacific as investments in smart grids, power generation capacity, and transmission and distribution infrastructure expand.

Market Dynamics

Drivers

• Increase in the Use of Optical Fiber Cables
• Low flammability, high insulation resistance

Challenges

• Moisture-prone nature of cable joints
• Expensive in comparison to substitutes

Companies Mentioned

• 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
• General Cable Technologies Corporation

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