[Research Report] The mineral insulated heating cable market was valued US$ 254.55 million in 2019 and is expected to reach US$ 350.10million by 2027; it is estimated to grow at a CAGR of 4.4% during 2020–2027.
North America accounted for the largest market share in 2019. It is one of the most advanced regions in terms of adoption of mineral insulated heating cable. In 2019, the region contributed ~45% to the overall market for the same. In North America, due to the growing oil & gas industry and emerging power transmission projects, the adoption of mineral insulated heating cables is at peak. Owing to high vibration and temperature capacity, they are strong enough to withstand in conditions these industries. 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. Asia-Pacific is expected to be the fastest-growing market for mineral insulated heating cables during the forecast period. In developing nations such as China and India, construction and manufacturing industries are flourishing at an impressive pace. This factor is anticipated to offer ample growth opportunities for the mineral insulated heating cable market players in the region. The rising smart grid investments, growing power generation capacity, and increasing investments in transmission and distribution infrastructure boost the penetration of mineral insulated heating cables in APAC. The mineral insulated heating cable manufacturers in the region are highly focused on creating huge prospects in several industries. Manufacturers of cables and accessories are continuously incorporating their existing technologies to design new products and to improve the capacity of mineral insulated heating cables in various fields. Europe is another crucial region for the future growth of mineral insulated heating cable market during the forecast period. In Europe, the growing oil &gas and pharmaceuticals industries are generating high 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 provide optimal protection in these fields. Further, Europe is also characterized by the presence of well-developed nations, such as Germany, the UK, and France, whichopt for advanced safety products in risky and hazardous work locations.
Impact of COVID-19 Pandemic on Mineral Insulated Heating Cables Market
The US is a major market for mineral insulate heating cables, especially in due to high internet penetration and well-established electronics & semiconductor sector. The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take a worst hit in 2020, the impact of which is likely to persist in 2021 as well. Electronic &semiconductors is one of the major industries of the world, whichis suffering serious disruptions due to the COVID-19 crisis. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have impacted the mineral insulated heating cable market.
Lucrative Regional Mineral Insulated Heating Cable Market
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Market Insights–Mineral Insulated Heating Cable Market
Increasing Demand for Energy & Power Projects Drives Market Growth
The surge in industrialization has led to urbanization, resulting in rapid increase in energy consumption. To meet the growing need for power, the establishment of intrastate transmission and sub-transmission networks is on the rise. The demand for energy and power is set to increase owing to growing household incomes and increasing manufacturing and heavy industries. As per the International Energy Agency (IEA), the electricity demand is anticipated to grow at 2.1% per year until 2040, globally. Renewable energy also plays a primary role in offering access to electricity. Southeast Asia has a significant potential for renewable energy, and the region witnesses the highest demand for electricity across the world.
Cable Type-Based Insights
Based on cable type, the mineral insulated heating cable market is segmented into single core and twin core. The single core segment led the market in terms of share in 2019.The single core mineral insulated heating cables are extremely light and offer higher flexibility in various applications across industries. The cables are rugged and are safe to use under varying conditions. These cables are capable of withstanding high temperatures.
Mineral Insulated Heating Cable Market, by Cable Type– 2019
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Sheath Type-Based Insights
Based on sheath type, the mineral insulated heating cable market is segmented into copper, stainless steel, cupronickel, and others. In 2019, copper segment led the mineral insulated heating cable market in terms of size. The growth of the market for this segment is ascribed to the use of copper insulated heating cables in a wide range of applications, including commercial snow melting, commercial and residential floor warming, and electrical power generation and supply system, among others.
Temperature Range-Based Insights
Based on temperature range, the mineral insulated heating cable market is segmented into less than 200°C, 201–500°C, 501–700°C, and above 700°C.The copper and cupronickel have the capability to resist temperatures ranging from 201°C to 500°C. Several end users from the energy & power industry, as well as the construction industry, opt for these cables.
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Mineral Insulated Heating Cable Market: Strategic Insights
Market Size Value in US$ 254.55 Million in 2019 Market Size Value by US$ 350.10Million by 2027 Growth rate CAGR of 4.4% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Mineral Insulated Heating Cable Market: Strategic Insights
| Market Size Value in | US$ 254.55 Million in 2019 |
| Market Size Value by | US$ 350.10Million by 2027 |
| Growth rate | CAGR of 4.4% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
- In 2020, Emerson announced the investment of ~US$ 100 million for expanding its manufacturing operations in Colorado.
- In 2019, Bartec announced the change of ownership, which is led by EQT Credit Opportunities funds, to further enhance the management team on its customer focus, value creation initiatives centered on operational excellence, and best in class products.
Mineral Insulated Heating Cable Market – By Cable Type
- Single Core
- Twin Core
Mineral Insulated Heating Cable Market – By Sheath Type
- Copper
- Stainless Steel
- Cupronickel
- Others
Mineral Insulated Heating Cable Market – By Temperature Range
- Less than 200°C
- 201-500°C
- 501 to 700°C
- Above 700°C
Mineral Insulated Heating Cable Market – By End User
- Energy & Power
- Oil & Gas
- Construction
- Pharmaceutical
- Others
Mineral Insulated Heating Cable Market- Companies
- Bartec
- Raychem RPG Private Limited
- BriskHeat
- Chromalox
- Eltherm GmbH
- Emerson Electric Co.
- Mineral Insulated Cable Company (MICC) Ltd.
- Thermocoax Group
- Thermon
- Valin
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Cable Type ,Sheath Type , Temperature Range ,End User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The List of Companies - Mineral Insulated Heating Cable Market
- Bartec
- Raychem RPG Private Limited
- BriskHeat
- Chromalox
- Eltherm GmbH
- Emerson Electric Co.
- Mineral Insulated Cable Company (MICC) Ltd.
- ThermocoaxGroup
- Thermon
- Valin
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- 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.
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- 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.
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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
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Below is the breakup of our primary respondents by company, designation, and region:
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.
- 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.
- 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.
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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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