Dublin, July 08, 2021 (GLOBE NEWSWIRE) -- 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.
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 are the major competitors in this market. Players have utilized a range of marketing techniques to stay competitive in the worldwide mineral insulated cable market, including new product launches, expansion, joint ventures, and acquisitions. The report contains a thorough examination of leading companies as well as a discussion of the market competing. Product launching is a crucial tactic for the key players in the mineral insulated cable market.
Key Topics Covered:
Chapter 1. Preface
Chapter 2. Executive Summary
Chapter 3. Mineral Insulated Cable Market: Market Dynamics and Future Outlook
3.1. Market Overview
3.2. Current Scenario: New Product Launches, Increase in Animal-Free Testing
3.3.1. Increase in the Use of Optical Fiber Cables
3.3.2. Low flammability, high insulation resistance.
3.4.1. Moisture-prone nature of cable joints.
3.4.2. Expensive in comparison to substitutes.
3.6. Attractive Investment Proposition, by Geography, 2020
3.7. Competitive Landscape (Key Players)
3.7.1. Mergers and Acquisition Analysis
3.7.2. Agreements, Collaborations, and Partnership
3.7.3. New Product Launches
Chapter 4. Mineral Insulated Cable Market, By Cable Type, 2019 - 2029 (US$ Mn)
4.2. Power Cable
4.3. Heating Cable
Chapter 5. Mineral Insulated Cable Market, By Material, 2019 - 2029 (US$ Mn)
5.3. Stainless Steel
Chapter 6. Mineral Insulated Cable Market, By Temperature Range, 2019 - 2029 (US$ Mn)
6.2. Less than 200C
6.5. Above 700C
Chapter 7. Mineral Insulated Cable Market, By Application, 2019 - 2029 (US$ Mn)
7.2. Energy and Power
7.3. Oil and Gas
7.4. Building and Construction
7.5. Industrial Manufacturing
Chapter 8. Mineral Insulated Cable Market, By Regional Market Analysis, 2019 - 2029 (US$ Mn)
8.1. Definition & Scope
8.2. Regional Market Share Analysis, 2019 & 2029
8.3. Regional Market Dashboard
8.4. Regional Market Snapshot
8.5. Regional Market Share Analysis 2019 to 2029
8.5.1. North America
8.5.4. Latin America
8.5.5.Middle East and Africa
8.6. SWOT Analysis, by Factor (Political & Legal, Economic and Technological)
8.6.1. North America
8.6.3. Asia Pacific
8.6.4. Latin America
8.6.5. Middle East and Africa
8.7. Market Size, & Forecasts, Revenue and Trend Analysis, 2019 to 2029
Chapter 9. North America Mineral Insulated Cable Market, Regional Market Analysis, 2019 - 2029 (US$ Mn)
Chapter 10. Latin America Mineral Insulated Cable Market, Regional Market Analysis, 2019 - 2029 (US$ Mn)
Chapter 11. Europe Mineral Insulated Cable Market, Regional Market Analysis, 2019 - 2029 (US$ Mn)
Chapter 12. Asia Pacific Mineral Insulated Cable Market, Regional Market Analysis, 2019 - 2029 (US$ Mn)
Chapter 13. Middle East & Africa (MEA) Mineral Insulated Cable Market, Regional Market Analysis, 2019 - 2029 (US$ Mn)
Chapter 14. Company Profiles
14.1. MI Cable Technologies Inc.
14.1.1. Business Overview
14.1.2. Financial Information (Subject to data availability)
14.1.3. Application Portfolio
14.1.4. Key Developments
14.2. Zhejiang Taisuo Technology Co. Ltd
14.3. Trasor Corporation
14.4. The Emerson Electric Company
14.5. Wuhu Jiahong New Material Co. Ltd.
14.6. Sumitomo Group
14.8. Briskheat Corporation
14.10. General Cable Technologies Corporation
For more information about this report visit https://www.researchandmarkets.com/r/z7jixu
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