Press release
Mineral Insulated Cable Market to Hit USD 368.85 Million by 2030 at 4.3% CAGR
Mineral Insulated Cable Market
The Mineral Insulated Cable (MICC) Market is on track for steady expansion, with increasing demand from power generation, building construction, and industrial heating applications. According to Maximize Market Research, the market was valued at USD 274.7 million in 2023 and is projected to reach USD 368.85 million by 2030, expanding at a CAGR of 4.3% from 2024 to 2030
With their superior temperature resistance, accuracy, and durability, MIC cables are especially favored in critical sectors such as oil & gas, nuclear power plants, and high-rise residential and commercial buildings.
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Competitive Landscape and Higher Demand in Asia-Pacific
Key players including Raychem HTS, Emerson, ABB, Baosheng, and Eltherm are investing heavily in R&D to launch next-generation copper- and stainless-steel-sheath cables. The Asia-Pacific region is witnessing higher demand due to rapid infrastructure development, smart-grid investments, and expanding manufacturing hubs
Mineral Insulated Cable Market Growth Opportunities in Vietnam
Vietnam's accelerating industrialization-especially in petrochemicals and high-rise construction-is driving uptake of MIC cables. Government incentives for power infrastructure and collaborations with international cable manufacturers are unlocking significant growth opportunities.
Mineral Insulated Cable Market Trends in Thailand
Thailand's shift toward renewable energy and upgradation of pharmaceutical facilities is fueling demand for fire-safe and high-reliability MIC cables. Local players are entering partnerships with global suppliers to integrate MIC solutions into new power plants and data centers.
Mineral Insulated Cable Market Updation in Japan
Japan continues to spearhead technological advances in MICC, focusing on ultra-high-temperature cable assemblies for nuclear and semiconductor fabrication. Recent product updates by ABB and Emerson include wireless-monitoring-ready sheathed cables with enhanced MgO insulation.
Mineral Insulated Cable Market Consolidation in South Korea
South Korea's market is consolidating as Raychem HTS acquired a local heating-cable specialist to broaden its portfolio. This strategic move strengthens presence in shipbuilding and chemical industries, where MIC cables are critical for safety and process reliability.
Mineral Insulated Cable Market Opportunities in Singapore
Singapore's role as a regional logistics and data-center hub is driving demand for MIC cables in mission-critical facilities. The government's "Smart Nation" initiatives and collaborations between Eltherm and local integrators are creating new opportunities for automated cable-management solutions.
Mineral Insulated Cable Market Growth in the US
The US held 45% of global MICC market revenue in 2023, underpinned by robust oil & gas pipelines and power-transmission projects. Domestic players like Emerson and ABB are expanding manufacturing capacity in Texas and Pennsylvania to meet rising demand.
Mineral Insulated Cable Market Growth in China
China's rapid expansion of power-generation capacity and smart-grid deployments is fueling MIC cable adoption. International firms such as ABB have entered joint ventures with local manufacturers to establish integrated production lines, improving supply-chain resilience.
Mineral Insulated Cable Market Trends in Europe
Europe's stringent fire-safety regulations and growing pharmaceutical sector are driving adoption of MIC cables. Raychem HTS and Baosheng recently launched ROHS-compliant copper-sheath cables to meet evolving environmental and safety standards.
Country-Specific Mergers and Acquisitions
Vietnam & Thailand: Local cable fabricators are merging with global MIC specialists to enhance technology transfer and scale production.
Japan: ABB's acquisition of a Japanese nuclear-grade cable business in early 2024 has fortified its high-temperature offering.
South Korea: Raychem HTS acquired a regional heating-cable manufacturer to gain market share in shipbuilding applications.
Singapore: Partnerships between Eltherm and automated warehouse providers have integrated MIC cable storage solutions.
US: Emerson's 2023 acquisition of a Texas-based MICC producer expanded its North American footprint.
China: Joint ventures between ABB and domestic firms have increased local production capacity for copper MIC cables.
Europe: Baosheng merged with a UK-based nuclear-grade cable maker to bolster its presence in the European power market.
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Key Recent Developments
Raychem HTS debuted a next-generation stainless-steel MIC cable for chemical-processing plants, featuring improved corrosion resistance.
Emerson launched wireless-enabled MIC assemblies for remote condition monitoring in oil & gas facilities.
ABB introduced a low-profile copper MIC cable designed for high-rise building fire-safety systems.
Baosheng unveiled a new MgO insulation formulation to extend cable lifespan under extreme temperatures.
Eltherm announced expansion of its automated MIC cable assembly line in Germany, increasing annual output by 25%.
Mineral Insulated Cable Market Segmentation:
by Type
Power Cable
Heating Cable
The global market for mineral insulated cables is divided into two segments based on type: heating cables and power cables. Because of its many advantages, including a high melting point, enhanced performance, and increased resistance to corrosion and temperature, the heating cable market is anticipated to grow significantly throughout the forecast period. Additionally, demand may be impacted by alternatives to heating cables. Customers in some of the most well-known regions, like North America and Europe, favour conventional heating options like heat pumps or furnaces.
by Material
Copper
Stainless Steel
Others
The market is divided into different material segments, such as stainless steel and copper. In 2023, the mineral insulated heating cable market was dominated by the copper segment in terms of size. The market for this category has grown because copper insulated heating cables have been used in a variety of applications, such as electrical power generation and supply systems, commercial snow melting, and floor warming in both residential and commercial settings.
by Application
Building Construction
Power Generation
Others
The market has been divided into segments based on application, such as power generating and building construction. The construction market is expected to rise as a result of the increasing number of new homes and flats being built worldwide. Furthermore, because of the installation of new plants, machines, and industries, power infrastructure is anticipated to play a vital role in the predicted scenario.
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Mineral Insulated Cable Market Key Players:
1. Raychem HTS
2. Emerson
3. ABB
4. KME
5. TEC
6. Baosheng
7. Uncomtech
8. Wrexham
9. Mil GmbH
10. Yuancheng Cable
11. Watlow
12. Ari Industries
13. Chromalox
14. MiCable Technologies
15. Eltherm
16. Hanhe Cable
17. OMEGA
18. Conax Technologies
19. Others
Key questions answered in Mineral Insulated Cable Market are:
What is Mineral Insulated Cable?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Mineral Insulated Cable Market?
Which factors are the lucrative opportunities for the Mineral Insulated Cable market growth?
Which factors are limiting the scope of the Mineral Insulated Cable market?
How is the intervention from regulatory authority shaping the Mineral Insulated Cable Market?
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