The mineral insulated heating cable market in APAC is expected to grow from US$ 50. 95 million in 2019 to US$ 84. 38 million by 2027; it is estimated to grow at a CAGR of 6. 9% from 2020 to 2027. Growing population across the region and improving living standard are bolstering the growth of the construction industry.
New York, Oct. 08, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia Pacific Mineral Insulated Heating Cable Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Cable Type, Sheath Type, Temperature Range, End-User" - https://www.reportlinker.com/p05974333/?utm_source=GNW
The number of residential construction projects in APAC countries has increased in recent years owing to the staggering growth of the population in the region.
The construction industry recently gained momentum after weak growth over the past few years.The governments of various economies are taking several measures to attract private investments in construction and infrastructure development.
For instance, the 2011–2020 Economic Transformation Program (ETP) by the Malaysian government works toward attracting huge FDIs in infrastructure and construction activities in the country.Commercial buildings are growing at an unprecedented rate, which is increasing the use of mineral insulated heating cables in the construction industry to fulfill requirements for pipe freezing protection and maintain constant wattage, as well as to keep the environment safe.
All these factors are expected to positively influence the demand for mineral insulated heating cables. Additionally, Asia Pacific region is characterized by the presence of a large number of developing countries, positive economic outlook, high industrial presence, huge population, and rising disposable income. All these factors make APAC a major growth driving region for various markets including mineral insulated heating cable. The lockdown of various plants and factories in China is affecting the global supply chains and negatively impacting manufacturing, delivery schedules, and sales of various products and services. However, China has emerged from a containment phase and moved into the mitigation stage; its experience is helping countries currently at the start of the COVID-19 cycle to plan their responses better.
In terms of end user, the energy & power segment led the mineral insulated heating cables market in 2019.The energy & power generation sector is majorly dominated by coal-fired thermal power plants and nuclear power plants.
However, the demand for mineral insulated heating cables is maximum among the nuclear power plants.The heat generation in nuclear power plants is considerably high, and owing to the continuous rise in demand for power generation, nuclear facility operators are mainly focusing on raising their production capacities or increasing the number of production plants.
This is catalyzing the growth of mineral insulated heating cable market year-on-year. These factors drive the energy & power segment of the mineral insulated heating cable market.
The overall APAC mineral insulated heating cable market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the APAC mineral insulated heating cable market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the APAC mineral insulated heating cable market. Major players operating in the APAC mineral insulated heating cable market include Bartec, BriskHeat, Chromalox, Eltherm GmbH, Emerson Electric Co., Mineral Insulated Cable Company (MICC) Ltd., Raychem RPG Private Limited, Thermocoax Group, and Thermon.
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