North America Mineral Insulated Heating Cable Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Cable Type; Sheath Type; Temperature Range; End-user and Country

The mineral insulated heating cable market in North America is expected to grow from US$ 114.9 million in 2019 to US$ 140.4 million by 2027; it is estimated to grow at a CAGR of 2.8% 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 North America 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, and they offer economical commercial and high-end residential floor warming. The emerging requirement for energy in the economies demands the need for power grid interconnections in densely populated areas, which, in turn, create 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 regions, which is further driving the demand for mineral insulated heating cables. The progression in power generation from renewable energy sources is among the other factors expected to positively influence the demand for mineral insulated heating cables.

In terms of cable type, the single core segment dominated the North America mineral insulated heating cables market in 2019. The cables are rugged and are safe to use under varying conditions. These cables are capable of withstanding high temperatures. These benefits attract a significant number of industrial manufacturers across the world. The increasing adoption of single core cables ensures the growth of the mineral insulated heating cable market. The single core mineral insulated heating cable manufacturers produce cables that are resistant to chemicals and support high power output per meter. Owing to these properties, the demand for single core cables is high. This, in turn, boosts the growth of the mineral insulated heating cable market. The demand for single core cable is maximum in industries such as chemicals & petrochemicals, oil & gas, and nuclear power plants. The continuously rising number of production plants among the industries mentioned above is surging the demand for single core cables, which ultimately drives the growth of the mineral insulated heating cable market. Furthermore, North America is one of the most important region for the adoption and growth of new technologies owing to favorable government policies to boost innovation, presence of huge industrial base, and high purchasing power especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the economic growth of the region in a negative manner. Presently, the US is the world’s worst affected country due to COVID-19 outbreak.

The overall North America 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 North America 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 North America mineral insulated heating cable market. Key players operating in the North America mineral insulated heating cable market include Bartec, BriskHeat, Chromalox, Eltherm GmbH, Emerson Electric Co., Mineral Insulated Cable Company (MICC) Ltd., Thermocoax Group, Thermon, and Valin.