The Global Mineral Insulated Power Cable Market size is projected to grow at a CAGR of 3.2% from 2021 to 2028. The adoption of the latest technology in power cables will be one of the key factors that will drive this growth.
A mineral insulated power cable (MIPC) is an electric wire or conductor that has insulation made of electrically non-conductive material. The term "mineral" in the name indicates that, unlike other types of electrical cables, these are not plastics but insulators derived from minerals. Mineral insulated power cables are available in single-core and multi-core. The insulation of these cables is impregnated with mineral oil or wax, which protects it against environmental conditions including moisture, dirt & dust, etc. These cables have an excellent dielectric strength to withstand temperature variations up to 90 deg Celsius for long periods without burning out the cable. Mineral insulated power cables also have good fire resistance as they do not emit any toxic fumes if burnt.
On the basis of Type, the global mineral-insulated power cable market is segmented into single-core and multi-core.
A single-core mineral insulated power cable is one that has only one conductor (wire) in it. It is often used for industrial purposes, to carry voltage up to 1000V AC or 1500V DC. The single-core mineral insulated cables have insulation covering only one conductor. These are mostly used for indoor applications. A single-core mineral insulated power cable is advantageous because the insulation material used in it is much more reliable, which means that it can be installed in a wide range of environmental conditions. It also has higher operating voltage and current ratings when compared to other types of mineral insulated cables. Thus, these cables replace metal conductors completely in high-temperature applications.
Multi-core mineral insulated power cable consists of two or more conductors covered with an insulating material. This type of cable is used to provide electric current at high voltage through several circuits, either simultaneously or alternating currents. A multi-core cable contains multiple wires for both single-core and three-phase cables in one conductor. The main advantage of this kind of cabling system is the ability to supply electricity on a large scale while maintaining safety standards.
On the basis of Application, the global mineral-insulated power cable market is segmented into Buildings, Power Plant and Manufacturing Factory, and Others.
Mineral insulated power cable is used in buildings for the transfer of electrical power from one point to another. The insulation material provides protection against fire, electric shock, and leakage current which results in safety concerns among the users. A mineral-insulated power cable is an electrical conductor made up of one or more conductors covered by a flexible, moisture-resistant layer. It works in Buildings to distribute electricity for lighting and other equipment. The outer jacket protects the insulated conductors inside it from physical damage and atmospheric conditions like moisture etc.
There are several types of mineral-insulated power cables used in the Power Plant. The insulation material mainly includes EPR, XLPE, and others. Single-core is common for underground applications due to its lowest cost per meter compared with multi-core alternatives. Mineral-insulated power cable is used in the Power Plant, to carry high voltage energy from the generation source of electricity. They are mostly installed on towers and poles for transmitting electric power over long distances with low line losses.
The application of mineral-insulated power cable in the Manufacturing Factory includes various aspects such as increasing demand for electricity, a growing number of electrical appliances, and a rising need for energy conservation. It is used for transferring electrical energy at high voltage to production lines, lighting, etc., away from human traffic and machinery. It is used in places where there are high chances of accidents due to electrical faults caused by low-quality cables.
On the basis of Region, the global mineral-insulated power cable market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America held the largest market share in 2016 with over 35% of the global mineral-insulated power cable market revenue. The North American region is expected to continue its dominance throughout the forecast period owing to better electricity infrastructure facilities as well as increased demand for high voltage cables in the U.S.
The Asia Pacific is projected to be the fastest-growing regional market due to high demand for power transmission and distribution in developing countries such as China, Malaysia & India, etc., which will drive the mineral insulated-power cable market during 2017 – 2028. The rise of the world’s third-largest economy i.e.: India along with growing power consumption in China and Malaysia is expected to fuel the demand for mineral insulated-power cable during the forecast period. The Latin American region is expected to be the second-largest market for mineral-insulated power cables in 2018. The Middle East & Africa region has been estimated to be one of the most powerful regions in terms of demand for electricity, which drives revenue growth across various end-user segments such as manufacturing factories and buildings (residential).
The growth in this market can be attributed to factors, such as increasing demand for renewable energy sources and growing need for uninterrupted supply (UPS) systems across enterprises & buildings. Furthermore, growing demand from end-users such as buildings, manufacturing factories & others owing to rising electrical vehicles, an increasing number of commercial construction projects across the world especially in developing countries such as India, China, and others are the factors driving the growth of this market.
Up Market Research published a new report titled “Mineral Insulated Power Cable Market research report which is segmented by Types (Single Core, Multi Core), By Applications (Buildings, Power Plant and Manufacturing Factory, Others), By Players/Companies Raychem HTS, Emerson, ABB, SST, Thermon, Bartec, KME, TEC, Baosheng, Uncomtech, Wrexham, Mil GmbH, Yuancheng Cable, Watlow, Ari Industries, Chromalox, MiCable Technologies, Eltherm, Hanhe Cable, OMEGA, Conax Technologies”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
|Report Attributes||Report Details|
|Report Title||Mineral Insulated Power Cable Market Research Report|
|By Type||Single Core, Multi Core|
|By Application||Buildings, Power Plant and Manufacturing Factory, Others|
|By Companies||Raychem HTS, Emerson, ABB, SST, Thermon, Bartec, KME, TEC, Baosheng, Uncomtech, Wrexham, Mil GmbH, Yuancheng Cable, Watlow, Ari Industries, Chromalox, MiCable Technologies, Eltherm, Hanhe Cable, OMEGA, Conax Technologies|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||241|
|Number of Tables & Figures||169|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Single Core, Multi Core and By Application Buildings, Power Plant and Manufacturing Factory, Others.
Some of the companies that are profiled in this report are:
Mineral Insulated Power Cable Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Mineral Insulated Power Cable Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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