According to a new market research report published by Credence Research “Mineral Insulated Cable Market Size (By Cladding Material (Copper, Stainless Steel, Others), By End-use (Manufacturing and Processing, Construction, Power Plant, Oil and Gas Rigs, Others)) Market – Growth, Future Prospects and Competitive Landscape, 2017-2025”, mineral insulated cable market is estimated to grow at CAGR of 4.2% from 2017 to 2025.
Market Insights
The perpetual rise in the manufacturing and heavy industries sector worldwide has led to continued increase in the demand for electricity. However, one of the major concerns for the coupled with need for the energy supply system is requirement of more efficient mode to supply electricity. Implementation of smarter electric systems and potential technology & devices requires a versatile electric conductor capable of conducting electricity under harsh conditions with minimal losses.
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Mineral insulated cable is one such preference for uninterrupted, long lasting electric conduction in hostile conditions. Mineral insulated cable is a copper conductor cable which is enclosed in another copper or stainless steel tube for protection of conductors. The intermediate space between the conductor and outer tubing is filled with an insulator, generally magnesium oxide. This magnesium oxide aids as an insulator for the inner copper conductor and prevents any kind of contact between outer and inner metal, thereby avoiding short circuit.
The overall mineral insulating cables market is primarily driven by the ever-rising manufacturing industry worldwide. Exponential growth across the industrial sector has led to surge in energy consumption which requires higher electricity generation and better conducting channels such as mineral insulated cables. The need for a durable cable, capable of conducting electricity through stringent conditions, has promoted the adoption of mineral insulating cables. Although covered with copper or stainless tubing, mineral insulated cables can be bent over obstacles and can be made to follow an intricate shape. Merits such as higher stability in heavy duty applications, longer life, and resistance to electromagnetic interference and sparking have widened the scope of application of mineral insulated cable. Consequently, mineral insulated cables have found a wide array of applications across industrial manufacturing, fire protection equipment, power generation plants, nuclear reactors, and nuclear physics equipment. With the rise in demand for power generation across the aforementioned sectors, overall mineral insulated cable market is also expected to demonstrate strong growth in the coming years.
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Mineral insulated cables market is classified based on their cladding material and end-use. On the basis of outer cladding material, mineral insulating cables are classified as copper cladding, stainless steel cladding and others. Further, the mineral insulating cable is classified according to their end-use application into manufacturing & processing, construction (residential and commercial infrastructure), power plants, oil & gas rigs and others. The other applications segment include medical devices, measurement devices, and aerospace.
Key Trends:
Extensive use of mineral insulating cables for fire protection devices and equipment
Rise in power generation through the nuclear source
Manufacturing of mineral insulating cable with conductors ranging from 1 to 19 and more as per requirement
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