The mineral insulated cable market was valued at US$ 951.72 million in 2019 and is expected to grow at a CAGR of 5.7% during the forecast period of 2020 to 2027 to reach US$ 1,337.00million by 2027.
The pharmaceutical industry is one of the key end users of mineral insulated cables, after energy, nuclear power plants, and oil & gas industries. In medical devices, these cables are used to ensure safer operations, as these devices need to comply with safety standards; any process variation can cause life-threatening issues. Therefore, mineral insulated cables are calibrated and verified on the basis of the National Institute of Standards and Technology (NIST) standards at OMEGA Engineering against known certified thermometers or other temperatures measurement instruments. The NIST confirms temperature accuracy under real operating conditions and provides documentation accordingly.
In the pharmaceutical industry, cables developed for medical applications should be safe and reliable. Surgery robot systems, sterilization and disinfection, dental technology, imaging techniques, surgical lights, operation tables and treatment units, electro-surgical systems, electro-therapy devices, and laboratory equipment are among the medical applications where mineral insulated cables are used enormously. With the growing consumption of medical devices across hospitals, clinics, and laboratories, the scope of mineral insulated cable is also rising to ensure uninterrupted business in the pharmaceutical industry.
The energy & power segment led the mineral insulated cables market based on end user industry in 2019. Temperature and pressure measurement instruments play a significant role in large-scale power plants, peak-load electricity generation plants, and decentralized systems in the energy & power sector. The use of temperature and pressure measurement instruments is further rising with the mounting number of gas turbine power plants; coal, gas, nuclear, hydro power, and thermal power stations; biogas plants; and wind power stations in the world to fulfill the ever-increasing demand for electricity. This factor is likely to fuel the adoption of mineral insulated cables in the temperature and pressure measurement applications in these facilities.
The overall mineral insulated cables 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 mineral insulated cables 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 of this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers—along along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the mineral insulated cables market. Bartec Top Holding GmbH, Raychem RPG Pvt Limited, Briskheat Corporation, eltherm GmbH, Emerson Electric Co., Thermocoax Group, Thermon Industries, Inc., MI Cable Technologies Inc., Trasor Corp., and Zhejiang Taisuo Technology Company, Ltd. are among a few players operating in the mineral insulated cables market.