Mineral Insulated Cable Market Size, Share | Forecast 2027

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

  • Report Code : TIPRE00017333
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 163
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The mineral insulated cable market was valued at US$ 951.72 million in 2019, it is estimated to grow at a CAGR of 5.7% during the forecast period of 2020 to 2027

The increasing demand for electric power across the world, mainly due to growing industrialization and economic growth, is highlighting the need for robust heat-tracing wires for high-temperature applications. Mineral insulated cables majorly finding their applications in industrial manufacturing, power generation plants, nuclear reactors, and nuclear physics equipment. Changing trends in the power generation and oil & gas industries are triggering the adoption of new systems and products. Also, the scope of using heat tracing wires is rising owing to the expansion of existing power plants, oil rigs, gas pipelines, refineries, and oil and gas tankers. Sellafield Nuclear Decommissioning, France Nuclear Power Plant Upgrades, Baihetan Hydropower Station, State Grid Corporation of China (SGCC) Transmission Lines, Barakah Nuclear Power Project (ENEC), and Hinkley Point C Nuclear Power Plant are among the key power generation plants in the world.

Moreover, companies are expanding their plants or modernizing their fields are approving growing expenditure on oil & gas projects. For instance, Alaska LNG Liquefaction Plant (US), Al Zour Refinery (Kuwait), South Pars Phases 13-14 (Iran), Scarborough Gas Project & Pluto LNG Expansion (Australia), and Nord Stream 2 Gas Pipeline (Russia) are among the ongoing oil & gas projects. The continuous developments in liquefied natural gas industry and recovery of oil prices are drawing investments in the energy and power sector, thereby leading to the commencement of new projects. Therefore, the growth of oil & gas and power sectors worldwide is propelling adoption of mineral insulated cables.

The COVID-19 outbreak across the globe has weakened various activities across 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 player also operated with restricted manpower in various countries, whereas, in several countries the activity of nuclear decommissioning is put on hold owing to imposition of lockdown measures by respective governments.

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Mineral Insulated Cable Market: Strategic Insights

mineral-insulated-cable-market
Market Size Value inUS$ 951.72 million in 2019
Market Size Value byUS$ 1,337.00 Million by 2027
Growth rateCAGR of 5.7% from 2020 to 2027
Forecast Period2020 - 2027
Base Year2020
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Lucrative Regional Markets for Mineral Insulated CablesProviders

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Mineral Insulated Cables Market Segmentation

Mineral Insulated Cables Market – by Type

  • Power Cable
  • Heating Cable

Mineral Insulated Cables Market – by Cladding

  • Copper
  • Stainless Steel
  • Others

Mineral Insulated Cables Market – byEnd User Industry

  • Energy & Power
  • Oil & Gas
  • Construction
  • Pharmaceuticals
  • Others

Mineral Insulated Cables Market – by Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • UK
    • Russia
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of APAC
  • Middle East & Africa (MEA)

    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South America (SAM)
    • Brazil
    • Argentina
    • Rest of SAM


Mineral Insulated Cables Marke – Companies Mentioned

  • Bartec Top Holding GmbH
  • Raychem RPG PvtLimited
  • BriskheatCorporation
  • eltherm GmbH
  • Emerson Electric Co.
  • ThermocoaxGroup
  • Thermon Industries, Inc.
  • MI Cable Technologies Inc.
  • Trasor Corp.
  • Zhejiang Taisuo Technology Company, Ltd
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Application, End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
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


Which end-use industry led the mineral insulated cable market?

The energy & power is leading the global mineral insulated cable market. In the energy & power industry, temperature and pressure measurement instruments play a significant role in large-scale power plants, peak-load electricity generation plants, and decentralized systems, among others. This factor is likely to influence the adoption of mineral insulated cables in the temperature and pressure measurement applications in these facilities.

Which factor is driving growth of the mineral insulated cable market?

With the increasing demand for power across the world mainly due to industrialization and economic growth, the need for a robust heat tracing wire for high temperature applications is imminent. Mineral insulated cables are majorly finding their applications in industrial manufacturing, power generation plants, nuclear reactors, and nuclear physics equipment. With changing trends in power generation and oil & gas industries, new systems and products are getting adopted increasingly. The growth of oil & gas and power industries, and projects running worldwide are contributing significantly toward the adoption of mineral insulated cables.

Which region led the mineral insulated cable market in 2019?

Presently, North America held the largest share of the global mineral insulated cable market. With running oil & gas projects, increasing demand for electricity generated from renewable energy sources, and highest number of nuclear power plants in the US is contributing towards the growth oil & gas and power generation industry. This factor is estimated to help in the deployment of mineral insulated cable. Gigantic players of oil & gas industry also plays a positive role in stimulating the use of advanced cables for high-temperature applications present in oil & gas industry.

The List of Companies - Mineral Insulated Cable Market

  1. BARTEC Top Holding GmbH
  2. Raychem RPG Pvt Limited
  3. Briskheat Corporation
  4. eltherm GmbH
  5. Emerson Electric Co
  6. THERMOCOAX GROUP
  7. THERMOCOAX GROUP
  8. MI Cable Technologies Inc.
  9. Trasor Corp.
  10. ZheJiang Taisuo Technology Company, Ltd.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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