Mineral Insulated (MI) Cable Market Outlook
According to the report by Expert Market Research (EMR), the global mineral insulated (MI) cable market reached a value of approximately USD 1,078 million in 2022. Aided by the Rising demand for mineral insulated (MI) cables in the power generation sector and increasing emphasis on fire safety across commercial areas, the market is projected to further grow at a CAGR of 5.20% between 2023 and 2028 to reach a value of USD 1,455 million by 2028.
Mineral insulated cables, composed of copper conductors inside a copper sheath, insulated by compressed powdered magnesium oxide, are known for their high-temperature resistance and outstanding electrical properties. The cables are extensively used in numerous sectors including energy, construction, and manufacturing due to their superior performance in high-temperature environments, outstanding fire resistance, and exceptional longevity.
The increasing need for high-performance cabling in a variety of industries is one of the primary drivers of global mineral insulated (MI) cable market growth. With the escalating demand for reliable, durable, and safe cabling in sectors like industrial manufacturing, construction, and energy, there has been a significant surge in the demand for MI cables. Their ability to function efficiently under extreme conditions without compromising safety and durability has further augmented their adoption across industries.
The growing applications of MI cables in various sectors also contribute significantly to the mineral insulated (MI) cable market expansion. In the energy sector, MI cables are widely used for power supply and temperature measurement in power plants and substations. The construction industry, on the other hand, utilises MI cables in building wiring systems for their superior fire-resistant properties, protecting people and property during fire incidents. Moreover, their exceptional thermal stability makes MI cables an essential element in temperature measurement and control systems in the process industries.
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Moreover, the emergence of advanced and smart infrastructure has led to a rise in the demand for MI cables. With the advancement of smart cities and the increased focus on energy-efficient building solutions, MI cables’ integral role in delivering reliable and safe power supply bolsters the mineral insulated (MI) cable market growth. Their ability to withstand harsh environmental conditions makes them an ideal choice for outdoor lighting and power networks in advanced infrastructures.
Mineral Insulated (MI) Cable Market Segmentation
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The market can be divided based on type, material, application, and region.
Market Breakup by Type
- Heating Cable
- Power Cable
Market Breakup by Material
- Stainless Steel
- Copper
- Others
Market Breakup by Application
- Power Generation
- Building Construction
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global mineral insulated (MI) cable companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- ABB Limited
- MICC Corporation
- KME Germany GmbH
- TEC International LLC
- Tempsens Instrument Pvt. Ltd.
- Others
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