North America Mineral Insulated Heating Cable Market
A mineral insulated heating cable is used in environmental conditions with high temperatures as it has low flammability. The cable comprises copper wires inside a copper and stainless steel sheath. It is insulated by magnesium oxide (MgO), which makes a tremendous electrical insulation material because it can resist oxidation and ionizing radiation, as well as physically and chemically stable at high temperatures. Various sheath types that cover mineral insulated cable help safeguard the thermocouple wires from oxidation when used in wet environments. As the cable is resistant against corrosion, it is ideal for use in areas where failure and replacement could be dangerous. Mineral insulated cables are used for power and control circuits of mains supply cables within residential apartment blocks, and they offer economical commercial and high-end residential floor warming. Thus, the growth in the construction sector is expected to create a significant demand for mineral insulated heating cables in the coming years, which is further anticipated to drive the mineral insulated heating cable market. Furthermore, with US being one of the important markets for mineral insulated heating cable growth. The factory and business shutdowns across the US, Canada and Mexico are impacting the adoption of mineral insulated heating cable market. North America region is home to a large number of manufacturing and technology companies and thus the impact of coronavirus outbreak is anticipated to be quite severe in the year 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation in the US is going to impact the mineral insulated heating cable market growth of North America region in a negative manner for the next few quarters.
Strategic insights for the North America Mineral Insulated Heating Cable provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 114.9 Million |
| Market Size by 2027 | US$ 140.4 Million |
| Global CAGR (2020 - 2027) | 2.8% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Cable Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Mineral Insulated Heating Cable refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The mineral insulated heating cable market in North America is expected to grow from US$ 114.9 Mn in 2019 to US$ 140.4 Mn by 2027; it is estimated to grow at a CAGR of 2.8% from 2020 to 2027. Mineral insulated heating cables retain their precision even during exposure to high temperatures; thus, they are ideal in several industries such as oil & gas, energy & power, and medical devices where safety standards are strictly imposed. The cable is verified using the National Institute of Standards and Technology (NIST) standards. The energy & power generation industry witnesses tremendous growth across the region; also, various construction and electrical projects are in line, especially in the North American countries. Thus, the mineral insulated heating cables offer future growth opportunities for market players operating in the North American market as the need for higher electricity generation and better-conducting channels are increasing in several industries. This is bolstering the growth of the mineral insulated heating cable market.
In terms of sheath type, the copper segment accounted for the largest share of the North America mineral insulated heating cable market in 2019. In terms of cable type, the single core segment held a larger market share of the mineral insulated heating cable market in 2019. Further, the energy & power segment held a larger share of the market based on end user in 2019.
A few major primary and secondary sources referred to for preparing this report on the mineral insulated heating cable market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Bartec, BriskHeat, Chromalox, Eltherm GmbH, Emerson Electric Co., Mineral Insulated Cable Company (MICC) Ltd., Thermocoax Group, Thermon, and Valin among others.
The North America Mineral Insulated Heating Cable Market is valued at US$ 114.9 Million in 2019, it is projected to reach US$ 140.4 Million by 2027.
As per our report North America Mineral Insulated Heating Cable Market, the market size is valued at US$ 114.9 Million in 2019, projecting it to reach US$ 140.4 Million by 2027. This translates to a CAGR of approximately 2.8% during the forecast period.
The North America Mineral Insulated Heating Cable Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Mineral Insulated Heating Cable Market report:
The North America Mineral Insulated Heating Cable Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Mineral Insulated Heating Cable Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Mineral Insulated Heating Cable Market value chain can benefit from the information contained in a comprehensive market report.
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