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Mineral Insulated (MI) Cable Market Size, Share & Industry Analysis, By Type ( Power Cable, Heating Cable ), By Material ( Copper, Stainless Steel, Others ), By Application ( Building Construction, Power Generation, Oil & Gas, Industrial Manufacturing, Others ) and regional Forecast, 2024-2032

Region : Global | Report ID: FBI103953 | Status : Ongoing

 

KEY MARKET INSIGHTS

Mineral insulated (MI) cable is one of the safest methods for electrical heat tracing and protection as well as prevention of power and heating imbalance. It is a type of bendable cable that is exercised in temperature sensor manufacture and consists of materials such as copper sheath, conductors, and magnesium oxide.


MI cables are constructed by placing copper rods within a high conductivity circular copper tube and filling the intervening spaces with inorganic dry magnesium powder, which acts as a seal and fireproof insulator. The entire assembly is then pressed between rollers to reduce its diameter and increase its length, thus ensuring that the cable can withstand the effects of fire and is fully usable afterward. The mineral insulated cable serves as a viable or permanent solution for any electrical circuit. It eliminates not only the uncertainty of conduit and wire, but also the cost of additional materials, including grounding wires, conduit seals, pull boxes, unions, and the rest of the fittings.

The mineral insulated (MI) cable market is classified based on type, material, application, and geography. Based on type, the global industry can be primarily divided into the power cable and heating cable. The heating cable is set to observe significant growth over the forecast period owing to its extensive properties like high melting point, enhanced performance, and improved temperature & corrosion resistance.

Based on material, the market is segmented as copper, stainless steel, and others. Furthermore, the applications segment is divided into building construction, power generation, oil & gas, industrial manufacturing, and others. Increasing construction of new apartments and households across the globe is set to propel the product demand. Additionally, power infrastructure is likely to hold a significant portion during the forecast scenario owing to the set up of new plants, machinery, industries. The products are readily used at a very large scale across establishments to mitigate the possibilities of circuit malfunctions and fire hazards efficiently.

Mineral insulated cable is a fireproof cable having the capacity to withstand an extremely high temperature of about 1,000 degrees due to the inorganic components present in it. The cable also offers waterproof operations due to the metallic sheath and impermeable fittings in it to disallow any infiltration into the cables. The copper sheathing is used in the cable in order to make it waterproof and resistant to ultraviolet light and many corrosive elements. The metallic cover acts as a protective layer helping the MI cable to bear considerably high mechanical stress, such as crushing and curvature, with a bending radius of around six times the diameter of the cable. The cable is flexible in nature, which means that the cable can be bent in any way or can be bent around any object allowing it to have a neat and clear visual appearance when exposed.

However, mineral insulated cables come with few demerits where the cable cannot be used in places where heavy vibrations are caused as it will lead to the failure of it. The products also have a voltage limit and can be installed in locations operating till 1,000 volts. Besides, the magnesium oxide insulation present in the cable has a high degree to combine with moisture, thus exposing it to the risk of absorption. Moisture exposed into the cable can create electrical leakage from the internal conductors to the metal sheath.

Key Market Driver -

Increasing demand due to enhanced operational characteristics

Key Market Restraint -

Installation constraints coupled with risks of voltage limits & leakages


Key Players Covered:


Some of the major companies operating in the mineral insulated (MI) cables market are Emerson, KME, M.I. Cable Technologies, Inc., Conax Technologies, Qingdao Hanhe Cable Co., Ltd, AEI Cables, Trasor Corp., ARI INDUSTRIES, INC., Doncaster Cables, Raychem RPG (P) Ltd., Watlow, and Yuancheng Cable Co., Ltd.

Regional Analysis:


The MI cables market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is currently expanding industrial establishments and promoting the construction of new power plants propelling the demand for MI cables. Europe is likely to observe significant growth over the forecast timeframe due to the growing emphasis on improving and increasing safe operations in building infrastructures. Furthermore, Asia Pacific is projected to be one of the emerging territories, wherein India and China are specifically developing industrial substructures and substantially expanding their transmission and distribution network.

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Segmentation


























ATTRIBUTES    

DETAILS

By Type



  • Power Cable

  • Heating Cable



By Material



  • Copper

  • Stainless Steel

  • Others



By Application



  • Building Construction

  • Power Generation

  • Oil & Gas

  • Industrial Manufacturing

  • Others



By Geography



  • North America (U.S. and Canada)

  • Europe (UK, Germany, France, Italy, Spain, and Rest of Europe)

  • Asia Pacific (China, India, Japan, Australia, Southeast Asia, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)



 

Key Industry Developments



  • In April 2020, Larsen and Toubro (L&T) declared that it received significant contracts to modernize power transmission and distribution networks in various countries, including India. The company aims to integrate additional overhead & underground lines to enhance load bifurcation and system reliability,

  • In February 2019, Emerson announced to acquire industry giant General Electric’s Intelligent Platforms division. The new integration will enable the company to extend its product lines more efficiently to industrial customers.


  • Ongoing
  • 2023
  • 2019-2022

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