Growth of Mineral Insulated Cable Market by 2027

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Market Introduction

The increasing demand for electric power across the world, mainly due to growing industrialization and economic growth, is highlighting the need for robust heat-tracing wires for high-temperature applications. Mineral insulated cables majorly finding their applications in industrial manufacturing, power generation plants, nuclear reactors, and nuclear physics equipment. Changing trends in the power generation and oil & gas industries are triggering the adoption of new systems and products. Also, the scope of using heat tracing wires is rising owing to the expansion of existing power plants, oil rigs, gas pipelines, refineries, and oil and gas tankers.

Market Dynamics

Companies are expanding their plants or modernizing their fields are approving growing expenditure on oil & gas projects. For instance, Alaska LNG Liquefaction Plant (US), Al Zour Refinery (Kuwait), South Pars Phases 13-14 (Iran), Scarborough Gas Project & Pluto LNG Expansion (Australia), and Nord Stream 2 Gas Pipeline (Russia) are among the ongoing oil & gas projects. The continuous developments in liquefied natural gas industry and recovery of oil prices are drawing investments in the energy and power sector, thereby leading to the commencement of new projects. Therefore, the growth of oil & gas and power sectors worldwide is propelling adoption of mineral insulated cables.

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Lucrative Regional Markets for Mineral Insulated Cables Providers

The Key players influencing the Market are Sellafield Nuclear Decommissioning, France Nuclear Power Plant Upgrades, Baihetan Hydropower Station, State Grid Corporation of China (SGCC) Transmission Lines, Barakah Nuclear Power Project (ENEC), and Hinkley Point C Nuclear Power Plant among others.

Impact of COVID - 19 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.

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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

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

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