Report : Mineral Insulated Heating Cable Market Forecast to 2027 - Covid-19 Impact and Global 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, Above 700°C),End User (Energy & Power, Oil & Gas, Construction, Pharmaceuticals, and Others), and Geography
According to our latest market study on “Mineral Insulated Heating CableMarket to 2027-- COVID-19 Impact and 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, Above 700°C), End User (Energy & Power, Oil & Gas, Construction, Pharmaceuticals, and Others); and Geography,” the market was valued at US$ 254.5million in 2019 and is projected to reach US$ 350.1 million by 2027; it is expected to grow at a CAGR of 4.4% from 2020 to 2027.
The mineral insulated heating cable market is broadly segmented into five major regions—North America, Europe, APAC, the MEA, and SAM. In North America, the adoption of mineral insulated heating cables is at peak due to the growing oil & gas industry and emerging power transmission projects. Owing to its high vibration and high temperature capacity, they are strong enough to withstand in any environment condition. For instance, Birtle Transmission Project, Canada; Central Virginia Transmission Reliability Project, US; Gates 500 kV Dynamic Reactive Power Support Project, US; and New England Clean Energy Connect (NECEC), US are among the electric power transmission projects in North America that propel the demand for mineral insulated heating cables. In Europe, the growing oil & gas and pharmaceutical industries are boosting the demand for these cables. Mineral insulated heating cables deliver rugged and reliable heat tracing for several oil & gas and pharmaceutical applications, and they are designed with critical circuit protection, which is ideal for protection in the pharmaceutical and oil & gas fields. Further, the region is characterized by the presence of well-developed nations such as Germany, the UK, and France that opt for advanced safety products in risky and hazardous work locations.
APAC is anticipated to be the fastest-growing market for mineral insulated heating cables, with an impressive CAGR of 6.9% during 2020–2027. The projected growth is attributed to the presence of various developing economies such as China and India, and several Southeast countries, as well as developed economies, such as Japan and South Korea. In China and India, construction and manufacturing industries are flourishing at an impressive pace. These factors are anticipated to offer ample growth opportunities for mineral insulated heating cable market players in the coming years. The rising smart grid investments, growth in power generation capacity, and increasing investments in transmission and distribution infrastructure in APAC shoot the penetration of mineral insulated heating cables in the region. The mineral insulated heating cable manufacturers in APAC are highly focused on creating huge prospects in several industries. Cable and accessory manufacturers are continuously incorporating their existing technologies to design new products to surge the capacity of mineral insulated heating cables in various fields. Due to increasing investments in infrastructure development and oil & gas projects, other developing regions such as the Middle East, Africa, and South America are also expected to grow at a steady pace during the forecast period.
During 2020–2027, the mineral insulated heating cable market in all the major regions is estimated have a positive growth outlook. However, due to the ongoing COVID-19 outbreak, all the major countries in regions such as Europe, Asia Pacific, and North America have imposed strict restrictions on business activities, and goods and people’s movement. All these factors are anticipated to affect both supply and demand of mineral insulated heating cable, thus affecting the revenue growth of the global mineral insulated heating cable market, especially in 2020 and 2021. However, the market is expected stabilize 2022 onward.
Impact of COVID-19 on Mineral Insulated Heating Cable Market
According to latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are a few of the worst-affected countries by the COVID-19 outbreak. The outbreak first began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace worldwide. As per the WHO figures on 30th June 2020, there are around 10.18 million confirmed COVID-19 cases globally, with ~ 503,862 total deaths, and the number is growing at varying rates in different countries. The COVID-19 crisis is affecting the industries worldwide and the global economy is anticipated to take a worst hit in 2020, as well as in 2021. Electronics and semiconductors is one of the major industries suffering serious disruptions due to COVID-19 crisis is impacting the growth of global mineral insulated heating cable market. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have impacted the mineral market growth.
The report segments the global mineral insulated heating cable market as follows:
By Cable Type
By Sheath Type
By Temperature Range
By End User