Press release
Mineral Insulated Cable Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type, Cladding, End-User Industry, and Geography
The mineral insulated cable market was valued at US$ 951.72 million in 2019 and is expected to grow at a CAGR of 5.7% during the forecast period of 2020 to 2027 to reach US$ 1,337.00million by 2027.Expansion of nuclear power plants and projects to support mineral insulated market growth during forecast period
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 & power sector, temperature and pressure measurement instruments play a significant role in large-scale power plants, peak-load electricity generation plants, and decentralized systems, 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 fulfill the ever-increasing demand for electricity—is fueling the adoption of temperature and pressure measurement instruments. This factor is likely to influence the adoption of mineral insulated cables in the temperature and pressure measurement systems in these facilities.
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MICC Limited manufactures GDCD16 cable designs for power stations. It has been selected as a supplier 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-fired plants, power generation plants, and nuclear sites plays a significant role in boosting the growth of the mineral insulated cable market for the energy & 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.
COVID-19 Impact on Mineral Insulated Cable Market
COVID-19 outbreak has been affecting every business globally since December 2019. Continuous growth in the number of virus-infected patients has compelled governments to put a bar on humans and goods 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 due to limited manpower and disruption in supply chain of components and services. The mineral insulated cable market players in various countries also faced the challenge of restricted manpower availability, whereas in several countries, the activities of nuclear decommissioning have been put on hold owing to the imposition of lockdowns by respective governments.
The Report Segments the Mineral Insulated Cable Market as Follows:
By Type
Power Cable
Heating Cable
By Cladding
Copper
Stainless Steel
Others
By End-User Industry
Energy and Power
Oil and Gas
Construction
Pharmaceuticals
Others
By Geography
North America
US
Canada
Mexico
Europe
Germany
UK
France
Italy
Russia
Rest of Europe
Asia Pacific (APAC)
China
India
Japan
Australia
South Korea
Rest of APAC
Middle East & Africa (MEA)
South Africa
Saudi Arabia
UAE
Rest of MEA
South America (SAM)
Brazil
Argentina
Rest of SAM
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense.
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