The mineral insulated heating cable market in Europe is expected to grow from US$ 63.99 million in 2019 to US$ 89.98 million by 2027; it is estimated to grow at a CAGR of 4.7% from 2020 to 2027.
The growing population across the region and growing living standard is also bolstering the growth of the construction industry. The countries in Europe have accounted for a huge number of residential construction projects in recent years owing to the staggering growth of the population in the regions. Mineral insulated cables are used for power and control circuits of mains supply cables within residential apartment blocks. These cables offer economical commercial and high-end residential floor warming. The emerging energy requirement in the economies demands for power grid interconnections in densely populated areas, which, in turn, creates a huge opportunity for manufacturers of mineral insulated heating cables. This increment in the energy requirement, across different countries of the region, has resulted in mounting investments in the development of smart grids in these countries, which is further driving the demand for mineral insulated heating cables. The progression in power generation from renewable energy sources is expected to positively influence the demand for mineral insulated heating cables.
Additionally, Businesses in the region are facing severe economic difficulties as they either had to suspend their operations or reduce their activities in a substantial manner. The region is a major manufacturing and industrial hub for sectors such as construction sector. Hence, due to business lockdowns, travel bans, and supply chain disruptions, the region is anticipated to an economic slowdown in 2020 and most likely in 2021 also. The member states of Europe such as Italy, Spain and Germany have implemented drastic measures and travel restrictions to limit the spread of coronavirus among its citizens. European countries represent a major market for mineral insulated heating cable adoption and growth owing to the high purchasing power of individual customers and boosting mineral insulated heating cable industry.
Based on sheath type, the copper segment dominated the Europe mineral insulated heating cable market in 2019. Copper has high temperature resistance, due to which it is one of the most popular materials among cable manufacturers worldwide. This ideal property of the material has attracted a significant number of mineral insulated heating cable market players over the years. Copper cables have the capability to operate seamlessly at a maximum temperature of 250°C. This factor has gained interest among numerous industrial players, which has raised the procurement of copper insulated heating cables over the years. Copper insulated heating cables have wide applications, including commercial snow melting, commercial and residential floor warming, and electrical power generation and supply systems. These factors are expected to drive the copper segment of the market during the forecast period.
The overall Europe mineral insulated heating cable market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Europe mineral insulated heating cable market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the Europe mineral insulated heating cable market. Major players operating in the Europe mineral insulated heating cable market include Bartec, BriskHeat, Chromalox, Eltherm GmbH, Emerson Electric Co., Mineral Insulated Cable Company (MICC) Ltd., Thermocoax Group, and Thermon.