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Global Mineral Insulated (MI) Cable Market Size, Share, Forecast: By Type: Heating Cable, Power Cable; By Material: Stainless Steel, Copper, Others; By Application: Power Generation, Building Construction, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
Global Mineral Insulated (MI) Cable Market Outlook
The global mineral insulated (MI) cable market size attained a value of approximately USD 1,134.06 million in 2023. The market is further expected to grow at a CAGR of 5.1% between 2024 and 2032, reaching a value of USD 1,782.07 million by 2032.
Key Trends in the Market
Mineral insulated (MI) cable is a type of specialised cable where the conductors are enclosed in a metal sheath and insulated with minerals such as magnesium oxide. MI cables exhibit low flammability and oxidation reduction properties, making them suitable for harsh weather conditions and high temperatures. These cables are highly accurate and are majorly deployed in fire protection applications.
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- The mineral insulated (MI) cable market is being driven by the increasing applications of MI cables in nuclear reaction processes, oil and gas operations, air pressure systems, and operating rooms of healthcare units, among others.
- Rising demand for mineral insulated (MI) cables in the power generation sector, owing to the growing demand for power across the urban areas of the emerging economies, rapid digitalisation, and growing standards of living, is further propelling the market growth.
- The thriving building and construction sector across the developing nations is generating a steady demand for mineral insulated (MI) cables to ensure protection and to cope with the increasing demand for electricity among the end users.
- The increasing emphasis on fire safety across commercial areas such as schools, hospitals, colleges, offices, apartments, government buildings, and shopping malls, among others, is likely to pose as a major opportunity for the mineral insulated (MI) cable market.
Market Analysis
Based on type, the market is bifurcated into heating cable and power cable. On the basis of material, the market is classified into stainless steel, and copper, among others. By application, the market is segmented into power generation, and building construction, among others. The regional markets for mineral insulated (MI) cables are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global mineral insulated (MI) cable market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- ABB Limited
- MICC Corporation
- KME Germany GmbH
- TEC International LLC
- Tempsens Instrument Pvt. Ltd.
- Others
Market Share by Type
The heating cable segment, based on type, accounts for a healthy share of the mineral insulated (MI) cable market. Mineral insulated (MI) heating cables are used across various sectors such as chemical, oil and gas, and petrochemical, among others, to facilitate operations in high temperatures. In addition, some of the crucial applications of MI cables include panel heating, underwater radiation, transportation of sodium through pipes, heating processes in bitumen plants, and various heating operations in refineries. Further, the anticipated increase in the deployment of MI heating cables in the residential and commercial sectors to heat pipes and valves is expected to bolster the segment’s growth.
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Market Share by Material
Based on material, the copper segment accounts for a significant share in the mineral insulated (MI) cable market. In terms of electrical conductivity, copper cables are capable of handling heavy loads of current which makes them suited for electricity generation applications. Copper cables are used in commercial and industrial power generation operations owing to their high resistance to heat, high malleability and ductility, and high resistance to corrosion. Meanwhile, the stainless-steel segment is expected to attain a steady growth in the forecast period, due to the advantages offered such as low maintenance, easy cleanability, longevity, and high strength and durability, among others.
Competitive Landscape
ABB Limited is a leading automation company which manufacturers a range of electrification equipment, robotics, and automotive components, among others. The company was founded in 1988 and is currently headquartered in Zurich, Switzerland. ABB Limited also caters to the demands of utilities, transportation, and industrial plants.
MICC Corporation is one of the largest manufacturers of a full range of insulated mineral cables, dedicated towards providing sustainable, high-performance, and reliable solutions for the industrial and commercial sectors. MICC Corporation was established in 1945 and is headquartered in Ohio, United States.
KME Germany GmbH is a leading manufacturer of copper and copper alloys, providing innovative solutions to the industrial sector through a worldwide distribution network. Founded in 2021, KME Germany GmbH is currently headquartered in Lower Saxony, Germany.
Other market players include TEC International LLC, and Tempsens Instrument Pvt. Ltd., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Material |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Mineral Insulated (MI) Cable Market Analysis
8.1 Key Industry Highlights
8.2 Global Mineral Insulated (MI) Cable Historical Market (2018-2023)
8.3 Global Mineral Insulated (MI) Cable Market Forecast (2024-2032)
8.4 Global Mineral Insulated (MI) Cable Market by Type
8.4.1 Heating Cable
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Power Cable
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.5 Global Mineral Insulated (MI) Cable Market by Material
8.5.1 Stainless Steel
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Copper
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 Others
8.6 Global Mineral Insulated (MI) Cable Market by Application
8.6.1 Power Generation
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Building Construction
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.6.3 Others
8.7 Global Mineral Insulated (MI) Cable Market by Region
8.7.1 North America
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2023)
8.7.1.3 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2023)
8.7.2.3 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2023)
8.7.3.3 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2023)
8.7.4.3 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2023)
8.7.5.3 Forecast Trend (2024-2032)
9 North America Mineral Insulated (MI) Cable Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2023)
9.1.3 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2023)
9.2.3 Forecast Trend (2024-2032)
10 Europe Mineral Insulated (MI) Cable Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2023)
10.1.3 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2023)
10.2.3 Forecast Trend (2024-2032)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2023)
10.3.3 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2023)
10.4.3 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Mineral Insulated (MI) Cable Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2023)
11.1.3 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2023)
11.2.3 Forecast Trend (2024-2032)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2023)
11.3.3 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2023)
11.5.3 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Mineral Insulated (MI) Cable Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2023)
12.1.3 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2023)
12.2.3 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2023)
12.3.3 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Mineral Insulated (MI) Cable Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2023)
13.1.3 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2023)
13.2.3 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2023)
13.3.3 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2023)
13.4.3 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 ABB Limited
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 MICC Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 KME Germany GmbH
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 TEC International LLC
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Tempsens Instrument Pvt. Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Mineral Insulated (MI) Cable Market: Key Industry Highlights, 2018 and 2032
2. Global Mineral Insulated (MI) Cable Historical Market: Breakup by Type (USD Million), 2018-2023
3. Global Mineral Insulated (MI) Cable Market Forecast: Breakup by Type (USD Million), 2024-2032
4. Global Mineral Insulated (MI) Cable Historical Market: Breakup by Material (USD Million), 2018-2023
5. Global Mineral Insulated (MI) Cable Market Forecast: Breakup by Material (USD Million), 2024-2032
6. Global Mineral Insulated (MI) Cable Historical Market: Breakup by Application (USD Million), 2018-2023
7. Global Mineral Insulated (MI) Cable Market Forecast: Breakup by Application (USD Million), 2024-2032
8. Global Mineral Insulated (MI) Cable Historical Market: Breakup by Region (USD Million), 2018-2023
9. Global Mineral Insulated (MI) Cable Market Forecast: Breakup by Region (USD Million), 2024-2032
10. North America Mineral Insulated (MI) Cable Historical Market: Breakup by Country (USD Million), 2018-2023
11. North America Mineral Insulated (MI) Cable Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Europe Mineral Insulated (MI) Cable Historical Market: Breakup by Country (USD Million), 2018-2023
13. Europe Mineral Insulated (MI) Cable Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Asia Pacific Mineral Insulated (MI) Cable Historical Market: Breakup by Country (USD Million), 2018-2023
15. Asia Pacific Mineral Insulated (MI) Cable Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Latin America Mineral Insulated (MI) Cable Historical Market: Breakup by Country (USD Million), 2018-2023
17. Latin America Mineral Insulated (MI) Cable Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Middle East and Africa Mineral Insulated (MI) Cable Historical Market: Breakup by Country (USD Million), 2018-2023
19. Middle East and Africa Mineral Insulated (MI) Cable Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Global Mineral Insulated (MI) Cable Market Structure
Key Questions Answered in the Report
The market reached a value of USD 1,134.06 million in 2023.
The market is projected to grow at a CAGR of 5.1% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 1,782.07 million by 2032.
The rising demand for mineral insulated (MI) cables in the power generation sector, increasing importance of fire protection, and thriving building and construction sector across the developing nations are the major drivers of the market.
The key trends in the market include the rapid digitalisation across the emerging economies, advancements in technology, and increasing applications of MI cables in nuclear reaction process, oil and gas operations, air pressure systems, and operating rooms of healthcare units.
Heating cable and power cable are the major types of mineral insulated cables in the market.
Power generation, and building construction, among others, are the significant applications of mineral insulated cables in the market.
ABB Limited, MICC Corporation, KME Germany GmbH, TEC International LLC, and Tempsens Instrument Pvt. Ltd., among others, are the key players in the mineral insulated (MI) cable market, according to the report.
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