According to our latest market study on "Mineral Insulated Cable Market Forecast to 2027 - COVID-19 Impact and Global Analysis - Type (Power Cable, Heating Cable); Cladding (Copper, Stainless Steel, Others.); End-User Industry (Energy and Power, Oil and Gas, Construction, Pharmaceuticals, Others), and Geography," the market was valued at US$ 951.72 million in 2019 and is projected to reach US$ 1,337.00 million by 2027; it is expected to grow at a CAGR of 5.7% during the forecast period. The report highlights key factors driving the market growth, and prominent players and their developments in the market.
In the energy and power sector, temperature and tension measurement instruments play a significant job in large-scale power plants, peak-load electricity generation plants, and decentralized frameworks, among others. The globally mounting number of gas turbine power plants; coal, gas, nuclear, hydro power, and thermal power stations; biogas plants; and wind power stations — to satisfy the consistently increasing demand for electricity — is fueling the adoption of temperature and tension measurement instruments. This factor is probably going to influence the adoption of mineral insulated cables in the temperature and strain measurement frameworks in these facilities.
MICC Limited manufactures GDCD16 cable plans for power stations. It has been chosen as a provider by key power generation companies, including E.ON, EDF, and RWE, as well as by Nuclear Sellafield sites in the UK. Such abundant presence of coal-terminated plants, power generation plants, and nuclear sites plays a significant job in boosting the growth of the mineral insulated cable market for the energy and power industry. Thus, the use of cables in high-temperature applications is rising with the growing construction of nuclear power plants in the US, South Africa, Saudi Arabia, and so on.
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COVID-19 Impact on Mineral Insulated Cable Market
COVID-19 outbreak has been affecting each business globally since December 2019. Continuous growth in the quantity of virus-infected patients has constrained legislatures to put a bar on humans and products transport. The COVID-19 pandemic has weakened various activities across numerous industries. The energy and power generation industry is also hit hard by the outbreak because of limited manpower and disruption in production network of components and administrations. The mineral insulated cable market players in various nations also faced the challenge of confined manpower availability, whereas in several nations, the activities of nuclear decommissioning have been required to be postponed owing to the imposition of lockdowns by separate state run administrations.
The Report Segments the Mineral Insulated Cable Market as Follows:
- Power Cable
- Heating Cable
- Stainless Steel
By End-User Industry
- Energy and Power
- Oil and Gas
- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of MEA
- South America (SAM)
- Rest of SAM
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