According to the new research report published by The Insight Partners, titled “Mineral Insulated Heating Cable Market to 2027– COVID-19 Impact and Analysis– by Cable Type (Single Core and Twin Core), Sheath Type (Copper, Stainless Steel, Cupronickel, and Others), Temperature Range (Less than 200°C, 201–500°C, 501–700°C, Above 700°C), End User (Energy & Power, Oil & Gas, Construction, Pharmaceuticals, and Others); and Geography,” the market was valued at US$ 254.55 million in 2019 and is projected to reach US$ 350.10 million by 2027; it is expected to grow at a CAGR of 4.4% from 2020 to 2027.
During 2020–2027, the mineral insulated heating cable market in all the major regions is estimated have a positive growth outlook. However, due to the ongoing COVID-19 outbreak, all the major countries in regions such as Europe, Asia Pacific, and North America have imposed strict restrictions on business activities, and goods and people’s movement. All these factors are anticipated to affect both supply and demand of mineral insulated heating cable, thus affecting the revenue growth of the global mineral insulated heating cable market, especially in 2020 and 2021. However, the market is expected stabilize 2022 onward.
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APAC is anticipated to be the fastest-growing market for mineral insulated heating cables, with an impressive CAGR of 6.9% during 2020–2027. The projected growth is attributed to the presence of various developing economies such as China and India, and several Southeast countries, as well as developed economies, such as Japan and South Korea. In China and India, construction and manufacturing industries are flourishing at an impressive pace. These factors are anticipated to offer ample growth opportunities for mineral insulated heating cable market players in the coming years. The rising smart grid investments, growth in power generation capacity, and increasing investments in transmission and distribution infrastructure in APAC shoot the penetration of mineral insulated heating cables in the region. The mineral insulated heating cable manufacturers in APAC are highly focused on creating huge prospects in several industries. Cable and accessory manufacturers are continuously incorporating their existing technologies to design new products to surge the capacity of mineral insulated heating cables in various fields. Due to increasing investments in infrastructure development and oil & gas projects, other developing regions such as the Middle East, Africa, and South America are also expected to grow at a steady pace during the forecast period.
The mineral insulated heating cable market is broadly segmented into five major regions—North America, Europe, APAC, the MEA, and SAM. In North America, the adoption of mineral insulated heating cables is at peak due to the growing oil & gas industry and emerging power transmission projects. Owing to its high vibration and high temperature capacity, they are strong enough to withstand in any environment condition. For instance, Birtle Transmission Project, Canada; Central Virginia Transmission Reliability Project, US; Gates 500 kV Dynamic Reactive Power Support Project, US; and New England Clean Energy Connect (NECEC), US are among the electric power transmission projects in North America that propel the demand for mineral insulated heating cables. In Europe, the growing oil & gas and pharmaceutical industries are boosting the demand for these cables. Mineral insulated heating cables deliver rugged and reliable heat tracing for several oil & gas and pharmaceutical applications, and they are designed with critical circuit protection, which is ideal for protection in the pharmaceutical and oil & gas fields. Further, the region is characterized by the presence of well-developed nations such as Germany, the UK, and France that opt for advanced safety products in risky and hazardous work locations.
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Increasing Demand for Energy & Power Projects Drives Market Growth
The surge in industrialization has led to urbanization, resulting in rapid increase in energy consumption. To meet the growing need for power, the establishment of intrastate transmission and sub-transmission networks is on the rise. The demand for energy and power is set to increase owing to growing household incomes and increasing manufacturing and heavy industries. As per the International Energy Agency (IEA), the electricity demand is anticipated to grow at 2.1% per year until 2040, globally. Renewable energy also plays a primary role in offering access to electricity. Southeast Asia has a significant potential for renewable energy, and the region witnesses the highest demand for electricity across the world.
Mineral Insulated Heating Cable Market Cable Type-Based Insights
Based on cable type, the mineral insulated heating cable market is segmented into single core and twin core. The single core segment led the market in terms of share in 2019.The single core mineral insulated heating cables are extremely light and offer higher flexibility in various applications across industries. The cables are rugged and are safe to use under varying conditions. These cables are capable of withstanding high temperatures.
Mineral Insulated Heating Cable Market: Competitive Landscape and Key Developments
Bartec, Raychem RPG Private Limited, BriskHeat, Chromalox, Eltherm GmbH, Emerson Electric Co., Mineral Insulated Cable Company (MICC) Ltd., ThermocoaxGroup, Thermon and Valin are among the key players in the global Mineral Insulated Heating Cable market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In 2020, Emerson announced the investment of ~US$ 100 million for expanding its manufacturing operations in Colorado.
In 2019, Bartec announced the change of ownership, which is led by EQT Credit Opportunities funds, to further enhance the management team on its customer focus, value creation initiatives centered on operational excellence, and best in class products.
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