Mineral Insulated Cable Market Research Report 2021-2031
The Mineral Insulated Cable Market size is projected to reach US$ 505.49 billion by 2031 from US$ 211.56 billion in 2023. The market is expected to register a CAGR of 6.8% in 2023–2031. The increasing demand from construction and infrastructure projects is likely to remain a key mineral-insulated cable market trend.
Mineral Insulated Cable Market Analysis
The growing need for power and energy is driving the mineral-insulated cable industry globally. Other growth drivers include increased manufacturing and heavy industries, as well as rising household earnings. In addition to implementing cutting-edge technology and increasing investments, the manufacturers In the upcoming years, there will be plenty of prospects in the mineral insulated heating cables industry. Because magnesium oxide insulation in mineral-insulated cable (MICC) exceeds all other materials in radiation protection, MICC cable assemblies are a great option for applications involving nuclear power plants.
Mineral Insulated Cable Market Overview
To build mineral-insulated (MI) cables, copper rods are inserted into a circular copper tube with high conductivity, and the spaces left between are filled with inorganic dry magnesium powder, which serves as a fireproof insulator and seal. After that, the complete assembly is forced between rollers to lengthen and decrease its diameter, making the cable more fire-resistant and fully functional afterward. For any electrical circuit, mineral-insulated cable offers a workable or long-term solution. It removes the risk associated with conduit and cable as well as the expense of additional components like pull boxes, unions, grounding wires, conduit seals, and other fittings.
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Mineral Insulated Cable Market: Strategic Insights
Mineral Insulated Cable Market
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![](https://www.theinsightpartners.com/assets/images/rd_int_img/cagr.png)
CAGR (2023 - 2031)
6.8%
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Market Size 2023
US$ 211.56 billion
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Market Size 2031
US$ 505.49 billion
Market Dynamics
GROWTH DRIVERS
- The Increase in Control Systems and Industrial Automation
FUTURE TRENDS
- The increasing demand from construction and infrastructure projects
OPPORTUNITIES
- New Approaches to Cable Manufacturing and Design
Key Players
- Raychem HTS
- Emerson
- ABB
- KME
- TEC
- Baosheng
- Uncomtech
- Wrexham
- Mil GmbH
- Yuancheng Cable
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Type
- Power Cable and Heating Cable
Cladding
- Copper
- Stainless Steel
- Others
End-User Industry
- Energy and Power
- Oil and Gas
- Construction
- Pharmaceuticals
- Others
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Mineral Insulated Cable Market: Strategic Insights
-
CAGR (2023 - 2031)6.8% -
Market Size 2023
US$ 211.56 billion -
Market Size 2031
US$ 505.49 billion
![](https://www.theinsightpartners.com/assets/images/rd_int_img/tip-logo.jpg)
Market Dynamics
- The Increase in Control Systems and Industrial Automation
- The increasing demand from construction and infrastructure projects
- New Approaches to Cable Manufacturing and Design
Key Players
- Raychem HTS
- Emerson
- ABB
- KME
- TEC
- Baosheng
- Uncomtech
- Wrexham
- Mil GmbH
- Yuancheng Cable
Regional Overview
![](https://www.theinsightpartners.com/assets/images/rd_int_img/ig-regional.png)
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
![](https://www.theinsightpartners.com/assets/images/rd_int_img/cust_bullet_danger.png)
- Power Cable and Heating Cable
![](https://www.theinsightpartners.com/assets/images/rd_int_img/cust_bullet_warning.png)
- Copper
- Stainless Steel
- Others
![](https://www.theinsightpartners.com/assets/images/rd_int_img/cust_bullet_primary.png)
- Energy and Power
- Oil and Gas
- Construction
- Pharmaceuticals
- Others
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Mineral Insulated Cable Market Drivers and Opportunities
The Increase in Control Systems and Industrial Automation
For industrial automation and control systems to operate smoothly and safely, high-performance wire solutions are necessary. These applications are a good fit for mineral-insulated cables, which provide superior protection against mechanical stress, elevated temperatures, and electromagnetic interference (EMI). The demand for mineral-insulated cables for use in control systems, machinery, and equipment is predicted to rise as enterprises automate and digitize their processes.
New Approaches to Cable Manufacturing and Design
Developments in cable design and production technology are propelling innovation in the market for mineral-insulated cables. To satisfy changing consumer demands, manufacturers are creating cables with increased flexibility, bend radius, and installation efficiency. In addition, the performance and functionality of mineral-insulated cables are being improved by the incorporation of intelligent features, such as temperature and fault monitoring. Mineral-insulated cables can now provide exceptional performance and dependability in a variety of applications thanks to these advancements. Thus, new approaches to cable manufacturing and design are anticipated to present new opportunities for the mineral insulated cable market players during the forecast period.
Mineral Insulated Cable Market Report Segmentation Analysis
Key segments that contributed to the derivation of the mineral-insulated cable market analysis are cable type, shealth type, temperature range, and end user.
- Based on cable type, the mineral insulated cable market is bifurcated into single-core and twin-core. The single core segment held a larger market share in 2023.
- By sheath type, the market is segmented into copper, stainless steel, cupronickel, and others. The gallium arsenide (GaAs) segment held the largest share of the market in 2023.
- By temperature range, the market is segmented into less than 200°C, 201–500°C, 501– 700°C, and above 700°C.
- Based on the end user, the mineral insulated cable market is bifurcated into energy & power, oil & gas, construction, pharmaceuticals, and others.
Mineral Insulated Cable Market Share Analysis by Geography
The geographic scope of the mineral insulated cable market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. In terms of revenue, North America accounted for the largest mineral insulated cable market share. When it comes to the use of mineral-insulated heating cables, it is among the most developed areas. In North America, the use of mineral insulated heating cables is at an all-time high because of the growing power transmission projects and the oil and gas industry.
Mineral Insulated Cable Market Report Scope
Report Attribute
Details
Market size in 2023
US$ 211.56 billion
Market Size by 2031
US$ 505.49 billion
Global CAGR (2023 - 2031)
6.8%
Historical Data
2021-2022
Forecast period
2024-2031
Segments Covered
By Type - Power Cable and Heating Cable
By Cladding - Copper
- Stainless Steel
- Others
By End-User Industry - Energy and Power
- Oil and Gas
- Construction
- Pharmaceuticals
- Others
Regions and Countries Covered
North America - US
- Canada
- Mexico
Europe - UK
- Germany
- France
- Russia
- Italy
- Rest of Europe
Asia-Pacific - China
- India
- Japan
- Australia
- Rest of Asia-Pacific
South and Central America - Brazil
- Argentina
- Rest of South and Central America
Middle East and Africa - South Africa
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
Market leaders and key company profiles
Raychem HTS Emerson ABB KME TEC Baosheng Uncomtech Wrexham Mil GmbH Yuancheng Cable
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 211.56 billion |
Market Size by 2031 | US$ 505.49 billion |
Global CAGR (2023 - 2031) | 6.8% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Type
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Mineral Insulated Cable Market News and Recent Developments
The mineral insulated cable market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
- In April 2020, Larsen and Toubro (L&T) said that it had secured substantial contracts to update power distribution and transmission systems across multiple nations, including India. To improve load bifurcation and system dependability, the business plans to incorporate more overhead and subterranean lines.
(Source: Larsen and Toubro (L&T), Press Release)
Mineral Insulated Cable Market Report Coverage and Deliverables
The “Mineral Insulated Cable Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
![Report Coverage](https://www.theinsightpartners.com/assets/rdimages/report_coverage.png)
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
![Segment Covered](https://www.theinsightpartners.com/assets/rdimages/segment_covered.png)
Segment Covered
Type, Application, End User
![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
![Country Scope](https://www.theinsightpartners.com/assets/rdimages/country_scope.png)
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The global mineral insulated cable market was estimated to be US$ 211.56 billion in 2023 and is expected to grow at a CAGR of 6.8% during the forecast period 2023 - 2031.
The increase in control systems and industrial automation and new approaches to cable manufacturing and design are the major factors that propel the global mineral insulated cable market.
Increasing demand from construction and infrastructure projects is anticipated to play a significant role in the global mineral insulated cable market in the coming years.
The key players holding majority shares in the global mineral insulated cable market are Raychem HTS, Emerson, ABB, KME, and TEC.
The global mineral insulated cable market is expected to reach US$ 505.49 billion by 2031.