The market for mineral insulated cables (MICC cable or MI cable) It is expected to grow at a CAGR of 4,3% during the period 2023-2029. The market is expected to reach US$ 353,65 million for the year 2029.
MICC cables are distinguished by their robust construction, high insulation resistance, temperature resistance, precision and quality. cables and assemblies MI wires they are highly reliable and widely used in hospitals, buildings for emergency generators, fire pumps, multiplex alarm systems and instrumentation applications.
Factors Driving the Mineral Insulated Cable Market
The global market for MICC cables is driven by the increasing demand for energy and power. Besides, increase in household income, increased manufacturing and heavy industry are other contributing growth factors. And the adoption of advanced technologies and investments on the rise, manufacturers in the mineral insulated heating cable market will see ample opportunities in the coming years.
Types of MI Cables
based on type, The global market for mineral insulated cables is segmented into Power cables and heating cables. Heating cable is expected to grow significantly during the forecast period due to its many properties, as its high melting point, better performance and improved resistance to temperature and corrosion.
Mineral Insulated Cable Materials
Regarding the materials, the MICC cable market is segmented into copper, stainless steel and others. in terms of size, The copper segment led the mineral insulated heating cable market in 2022. Copper insulated heating cables have been used in a variety of applications, including commercial snow melting, heating commercial and residential floors, and electric power generation and supply systems, among others.
MICC Cables Applications
Depending on the application, the MI cables market has been segmented into building construction, power generation and others. Increased construction of new apartments and homes around the world will drive growth in the construction segment. Besides, it is expected that the energy infrastructure play an important role in the forecast scenario due to the establishment of new plants, machinery and industries.
Regional Markets for Mineral Insulated Cables
In 2022, North America held the largest market share for MICC cables in the 45% of total market revenue. It is one of the most advanced regions in terms of mineral insulated heating cable adoption. The Asia-Pacific region is expected to be the fastest growing mineral insulated heating cable market during the forecast period.
Besides, during the forecast period, Europe is another important region for future growth of the mineral insulated heating cables market.. The expansion of the oil and gas and pharmaceutical industries in Europe is driving the demand for mineral insulated cables. The main players in the global market for MICC cables are Nexans, Bartec, Thermon, Emerson, Raychem, Chromalox, etc.
Resume
The mineral insulated cable market has great potential. Estes special insulated cables have excellent overall performance and their downstream applications include nuclear power, the aerospace and aviation sector, oil mining, metallurgical power generation and many other fields. As the downstream market continues to develop, the size of the MICC cables market will gradually expand.