Report : Europe Mineral Insulated Heating Cable Market Forecast to 2027 - COVID-19 Impact and Regional 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, and Above 700°C), End-User (Energy & Power, Oil & Gas, Construction, Pharmaceutical, and Others), and Country
Copper CableSegment to DominateEuropeMineral Insulated Heating Cable Market during 2019–2027
According to The Insight Partners market research study on “EuropeMineral Insulated Heating Cable Marketto 2027 – Regional Analysis and Forecast by Cable Type, Sheath Type, Temperature Range, and End User,”is expected to reach US$ 140.39Mn by 2027 from US$ 114.87Mn in 2019. The market is estimated to grow at a CAGR of 2.8% from 2020 to 2027. The report provides trends prevailing in the Europemineral insulated heating cable marketalong with the drivers and restraints pertaining to the market growth.Growing construction projects and investment for smart grid installation are the major factor driving the growth of the mineral insulated heating cablemarket. However, issues associated with the moisture damage hinder the growth of Europemineral insulated heating cable market. Moreover, due to COVID-19, the electronics and telecommunications industry is also witnessing a slowdown as the European cables manufacturers rely on China-based suppliers for providing raw material and other components has seen a sharp decline in European countries is expected to be under stress in 2020 and it will require time to stabilize. All these factors are expected to have a direct impact on mineral insulated heating cable market growth in European countries. Italy, Spain, Germany, UK, and France mineral insulated heating cable markets are anticipated to see the worst impact in 2020 and likely in 2021 also.
The market for mineral insulated heating cable marketis segmented into cable type, sheath type, temperature range, end user, and country. Based on cable type, the market is segmented into single core and twin core. In 2019, the single coresegment held the largest share Europemineral insulated heating cable market. Based on sheath type the mineral insulated heating cable marketis divided into copper, stainless steel, cupronickel, and others. Copper cableis expected to the fastest growing segment over the forecast period.On the basis of temperature range the market is segmented into Less than 200°C, 201-500°C, 501 to 700°C, and Above 700°C. The temperature range between 201-500°C segment accounts for largest market share in the 2019. Similarly, based on end user, the market is bifurcated into energy & power, oil & gas, construction, pharmaceutical, and others. The energy & powersegment contributed a substantial share in 2019.
Bartec, BriskHeat, Chromalox, Eltherm GmbH, Emerson Electric Co., Mineral Insulated Cable Company (MICC) Ltd., Thermocoax Group, and Thermonare among the leading companies in the Europemineral insulated heating cable market.The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, 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 around operational excellence, and best in class products.
Mineral Insulated Heating Cable Market – By End User
Mineral Insulated Heating Cable Market – By Country