The mineral insulated heating cable market in the MEA is expected to grow from US$ 16.7 million in 2019 to US$ 24.9 million by 2027; it is estimated to grow at a CAGR of 5.5% from 2020 to 2027.
Surge in the need of energy and power projects propels the mineral insulated heating cable market growth in the MEA. The increase in industrialization has led to urbanization, resulting in rapid increase in energy consumption which has boost up the mineral insulated heating cable market growth in MEA. To meet the growing need for power, the establishment of intrastate transmission and sub-transmission networks is on the rise. The demand for energy and power is set to increase owing to growing household incomes and increasing establishment of manufacturing and heavy industries which will drive the MEA mineral insulated heating cable market growth. Renewable energy also plays a primary role in offering access to electricity. Further, the increasing demand from construction sector is another important factor boosting the demand for mineral insulated heating cables in the MEA thereby driving the MEA mineral insulated heating cable market.
In case of COVID-19, MEA is affected badly especially Saudi Arabia. The region comprises of many growing economies such as UAE among others, which are prospective markets for mineral insulated heating cable providers, owing to the huge presence of diverse customer base. The COVID-19 pandemic has rigorously hindered the economic growth of Saudi Arabia and the UAE which has affected the MEA mineral insulated heating cable market negatively. Coronavirus adverse effect on the growth of various industries in the MEA is expected restrain the growth of the mineral insulated heating cable market in 2020 and 2021.
The energy & power segment led the MEA mineral insulated heating cables market, based on end user, in 2019. The MEA energy & power generation sector is majorly dominated by coal-fired thermal power plants and nuclear power plants. However, the nuclear power plants are the prime contributors to the demand for mineral insulated heating cables. The heat generation in nuclear power plants is considerably high, and the facility operators are increasingly focusing on raising their production capacities or increasing the number of production plants. This is catalyzing the growth of the MEA mineral insulated heating cable market. Further, several governments in the MEA have been actively emphasizing and investing in nuclear power plants, which is also fueling the adoption rate of mineral insulated heating cables in the energy & power sector.
The overall MEA 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 MEA mineral insulated heating cable market. The process also serves the purpose of obtaining overview and forecast for the MEA 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 associated with this process include industry expert 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 MEA mineral insulated heating cable market. Bartec; Briskheat Corporation; Chromalox, Inc.; Emerson Electric Co.; and Thermon Group Holdings, Inc. are among the key players operating in the mineral insulated heating cable market in the MEA.