Report : North America 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 to 700°C, and Above 700°C); End-user (Energy & Power, Oil & Gas, Construction, Pharmaceutical, and Others) and Country
Copper CableSegment to DominateNorth America Mineral Insulated Heating Cable Market during 2019–2027
According to The Insight Partners market research study on “North America Mineral Insulated Heating Cable Marketto 2027 – COVID-19 Impact and 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 North America mineral 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 North America ineral insulated heating cable market. However, issues associated with the moisture damage hinder the growth of North America mineral insulated heating cable market. Additionally, North America is one of the most important region for the adoption and growth of new technologies owing to favorable government policies to boost innovation, presence of huge industrial base, and high purchasing power especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the economic growth of the region in a negative manner.
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 North America mineral 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, Thermon, and Valinare among the leading companies in the North America mineral 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 2020, Emerson announced the investment of about US$ 100 Mn for expanding manufacturing operations in Colorado.
The report segments the North America Mineral Insulated Heating Cable marketas follows:
North America Mineral Insulated Heating Cable Market – By Cable Type
North America Mineral Insulated Heating Cable Market – By Sheath Type
North America Mineral Insulated Heating Cable Market – By Temperature Range
North America Mineral Insulated Heating Cable Market – By End User
North America Mineral Insulated Heating Cable Market – By Country