Mineral Insulated Cable Market - Overview
MI cables are basically used for maintaining the circuit integrity for operation under harsh conditions. Mineral insulated (MI) cable consists of a metal conductors that are embedded in high quality insulation material particularly magnesium oxide (mgO) and are pressed into a metal tube made up of material which is oxidation and corrosion resistant. The metal tube can be made up of an alloy or a stainless steel material. MI cables can withstand corrosive conditions and extreme high temperature conditions. The cables are bendable and hence can be installed in complex locations and can operate under harsh environmental conditions.
Depending upon the applications, MI cables can be configured by the manufacturers along with variety of diameters and lengths. MI cables are extensively used in the construction of temperature sensors including thermocouples and resistance temperature detectors (RTDs). Various manufacturers are offering MI cables as per the configurations demanded by the customers. Key players can also be seen to develop MI cables that can withstand higher temperature which are upwards of 2000 degree Celsius. The key players are also introducing advanced MI cables into the market which have low diameter ranges for specific applications. Additionally, various key players are entering into strategic partnerships in order foster innovation in the products and to drive their sales growth into tangential spaces. Furthermore, wires and cable users are ensuring that the MI cables they are using the prescribed industry standards particularly, the accuracy, quality, and internal specifications.
Mineral Insulated Cable Market - Drivers and Restraints
The MI cables are characterized by robust built, high insulation resistance, high endurance, high temperature resistance, high accuracy and high quality. This is said to be the major force behind the adoption of MI cables across various industry verticals. Furthermore, the growing power demand especially from the developing regions is said to be another factor which is driving the growth of the MI cable market. Other factors which are impacting the mineral insulated cable market positively include growing demand from the commercial sector, availability of customized MI cables by the manufacturers, growing concerns regarding the safety of human life, and increasing investment in the R&D activities by the key players in order to gain competitive edge and gain in increased market share, among others. However, the insulating material which is MgO is very susceptible to moisture especially at the terminal end if it is left exposed. Hence, utmost care must be taken to protect the MgO against the moisture to maintain their insulation characteristics. This is said to be a challenge for the MI cable market. Nevertheless, the growing adoption by various industry verticals in the developing regions is anticipated to pose significant growth opportunities for the mineral insulated cable market.
Mineral Insulated Cable Market - Segmentation
The mineral insulated cable market has been segmented on the basis of type, cladding material, industry, and geography. Based on type, the mineral insulated cable market has been divided into mineral insulated power cable and mineral insulated heating cable. In terms of cladding material, the mineral insulated cable market has been segregated into copper, stainless steel, and others. On the basis of industry, the mineral insulated cable market has been segmented into power, fire and security, construction, medical, oil & gas, aerospace and defense, manufacturing, and others. As per geography, the mineral insulated cable market has been divided into North America, Asia Pacific, Europe, Middle East and Africa, and South America.
Mineral Insulated Cable Market - Key Players
Some of the major players in the global mineral insulated cable market include MI Cable Technologies Inc., Zhejiang Taisuo Technology Co. Ltd, Trasor Corporation, Nexans S.A., The Emerson Electric Company, Sumitomo Group, M.I. Cable Technologies, Inc., ARi Industries, Inc., AEI Cables, Thermom, jiusheng Electric Co., Ltd., Wuhu Jiahong New Material Co. Ltd., Wrexham Mineral Cables, among others.
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