The mineral insulated cable market size is expected to reach US$ 1,337.00million by 2027, registering at a CAGR of 5.7% during the forecast period of 2020 to 2027, according to a new research study conducted by The Insight Partners.
Expansion of nuclear power plants and projects to support mineral insulated market growth during 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.
Mineral Insulated Cable Market Breakdown—by Region, 2019
Mineral Insulated Cable Market Size, Share | Forecast 2027
Download Free Sample
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
Mineral Insulated Cable Market Size, Share | Forecast 2027
Download Free SampleMineral 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
The Report Segments the Mineral Insulated Cable Market as Follows:
By Type
- Power Cable
- Heating Cable
By Cladding
- Copper
- Stainless Steel
- Others
By End-User Industry
- Energy and Power
- Oil and Gas
- Construction
- Pharmaceuticals
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- Japan
- Australia
- South Korea
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
- South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com