Report : Mineral Insulated Cable Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type (Power Cable and Heating Cable), Cladding (Copper, Stainless Steel, and Others), End-User Industry (Energy and Power, Oil and Gas, Construction, Pharmaceuticals, and Others), and Geography
Expansion of nuclear power plants and projects to support mineral insulated market growth during forecast period
According to our latest market study on “Mineral Insulated Cable Market Forecast to 2027 – COVID-19 Impact and Global Analysis – Type (Power Cable, Heating Cable); Cladding (Copper, Stainless Steel, Others.); End-User Industry (Energy and Power, Oil and Gas, Construction, Pharmaceuticals, Others), and Geography,” the market was valued at US$ 951.72 million in 2019 and is projected to reach US$ 1,337.00 million by 2027; it is expected to grow at a CAGR of 5.7% during the forecast period. The report highlights key factors driving the market growth, and prominent players and their developments in the market.
In the energy & power sector, temperature and pressure measurement instruments play a significant role in large-scale power plants, peak-load electricity generation plants, and decentralized systems, among others. The globally mounting number of gas turbine power plants; coal, gas, nuclear, hydro power, and thermal power stations; biogas plants; and wind power stations—to fulfill the ever-increasing demand for electricity—is fueling the adoption of temperature and pressure measurement instruments. This factor is likely to influence the adoption of mineral insulated cables in the temperature and pressure measurement systems in these facilities.
MICC Limited manufactures GDCD16 cable designs for power stations. It has been selected as a supplier by key power generation companies, including E.ON, EDF, and RWE, as well as by Nuclear Sellafield sites in the UK. Such abundant presence of coal-fired plants, power generation plants, and nuclear sites plays a significant role in boosting the growth of the mineral insulated cable market for the energy & power industry. Thus, the use of cables in high-temperature applications is rising with the growing construction of nuclear power plants in the US, South Africa, Saudi Arabia, and so on.
COVID-19 Impact on Mineral Insulated Cable Market
COVID-19 outbreak has been affecting every business globally since December 2019. Continuous growth in the number of virus-infected patients has compelled governments to put a bar on humans and goods transport. The COVID-19 pandemic has weakened various activities across numerous industries. The energy and power generation industry is also hit hard by the outbreak due to limited manpower and disruption in supply chain of components and services. The mineral insulated cable market players in various countries also faced the challenge of restricted manpower availability, whereas in several countries, the activities of nuclear decommissioning have been put on hold owing to the imposition of lockdowns by respective governments.
The Report Segments the Mineral Insulated Cable Market as Follows:
By End-User Industry