Electric heat tracing is based on insulation and electricity for temperature maintenance to resist efficiency loss and freeze damage
Covid-19 Impact & Market Status
Covid-19 is one of the most deplorable calamities that has befallen and has devasted businesses and industries globally. Current business scenarios suggest that the implications of the Covid-19 aftermath are likely to remain persistent as industries are coping up with constant challenges. This research report is designed to serve as a pathfinder and gauge the eminent complexities currently visible in the Covid-19 era and beyond.
All the potential growth paths undertaken by several frontline players and innovations triggered by emerging business aspirants have been thoroughly discussed in the report. A crisp analysis of consumer behavior, preferences, buying potential, spending choices, as well as demand, supply, and purchasing patterns, are highlighted in thorough detail. The study also explains market estimations, forecasts, and Covid-19 specific industry insights to ensure smooth sail in the global electric heat tracing space.
Self-regulating Heat Tracing Segment Bags Maximum Revenues
Self regulating heat tracing type segment is emerging as the most remunerative segment owing to its various advantages such as ease of installation and use, safety, and energy efficiency. These factors are expediting the adoption of self-regulating heat tracing across end-use industries.
Chemical and Oil & Gas Industries to Remain Top End-Users
In the coming years, owing to oil and gas industry advances and developments in the chemical vertical, O&G and chemical industries are likely to witness large scale adoption of electric heat tracing.
North America Emerges as the Most Agile Growth Hub, APAC Claims Second Position
Developed economies such as North America are anticipated to sustain lead in the global electric heat tracing market owing to its progressive end-user applications across industries such as oil and gas, chemicals, F&b, among others. Additionally, the region is also known for its stringency in industrial safety and the need for energy-efficient solutions which are sustainable. Therefore, reliance on electric heat tracing components has soared in the past years and is likely to remain so in the coming years as well. Additionally, leading countries across the APAC region that boast of rapid industrialization, such as China and India, are expected to push APAC as an upcoming agile market with immense growth potential.
Advances in heat tracing components such as a self-regulating cable for heat tracing are paving new growth milestones
Heat tracing methods are used to trap the loss of heat which occurs during fluid transfer in the piping systems. Heat tracing happens during heat mobility across electrical wires or tubes and helps in regulating and maintaining an optimum temperature within the piping system.
The electric heat tracing method is a freeze barrier practice most prevalent in piping systems to maintain optimum temperature across piping insulation infrastructure. To avoid unusual rise in fluid temperatures, heat tracing is crucial across end-use applications comprising oil and gas. The global electric heat tracing market is estimated to be worth USD 3.2 billion, registering a CAGR of 6.5% during the forecast span, 2021-2028.s
Large scale end-user adoption of electric heat tracing to offset the challenges of production deficit, lack of efficiency, and resource mismanagement resulting in faulty production owing to freezing have amplified electric heat tracing reliance. Occurences of frozen pipes and viscosity rise are quite common during winters which drastically affect overall production and industrial efficiency. Besides offering ample freeze barrier capabilities electrical heat tracing is integral to maintain viscosity and uniformity in fluid transfer allowing users to streamline and control productivity.
The oil and gas industry is one of the prominent end-use industries of electric heat tracing. Several market players specifically invest in developing advanced heat tracing components to achieve temperature maintenance.
The leading players in the global electric heat tracing market invest in new growth strategies and portfolio differentiation projects to fortify their position in the global competitive landscape. Additionally, players are also investing in geographical expansion to improve reach and mass adoption. Some of the leading players profiled in the global electric heat tracing market comprise Eltherm GmbH, Pentair plc., Emerson Electric Co., Warmup Plc., Bartec, Thermon, Inc., Parker-Hannifin, Chromalox, Inc., and Danfoss
Additionally, various new and aspiring players are improving their product lines and upgrading technological capabilities to improve revenue streams amidst Covid-19 impact. Market participants in the global electric heat tracing market strive to achieve product differentiation aligning with end-use industry requirements.
- In this light, RAYCHEM, one of the leading companies in electric heat tracing space, is best known for providing self-regulating heating cables that offer extensive anti-freeze protection for pipes. Its latest range of self-regulating electric heat tracing elements is nVent, widely recognized and adopted for heat tracing.
The report lends an outlook on the competitive strategies and highlights the possibilities of existing capabilities pf players and the rampant opportunities available. The report allows vendors to re-define their goals and business objectives and guides readers to make informed dceisions regarding collaborations, take-vers, M&A deals and geographic potential.
Latest Innovations in the Electric Heat Tracing Market: a Snapshot
In February 2021, Thermon Manufacturing Company and 3M Canada have agreed to commercialize the heat tracing product of Thermon. The collaboration granted exclusive control to 3M to market the heat tracing components under the brands TTS™ and KSR™ within Canada.
In June 2021, Emerson has announced the global launch of cost-efficient electrical heat tracing components, CM-GP microprocessor-based digital controllers and Nelson AXPC100-CM-GP, which is designed to monitor and maintain temperatures of industrial pipes. It can also substitute legacy electro-mechanical thermostats to integrate leakage detection, remote alarm, and sensor monitoring functions.
Electric Heat Tracing Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 3.2 billion|
|Growth Rate||CAGR of 6.5% during 2021-2028|
|Segment Covered||Type, Application, Regions, By Vertical|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||comprise Eltherm GmbH, Pentair plc., Emerson Electric Co., Warmup Plc., Bartec, Thermon, Inc., Parker-Hannifin, Chromalox, Inc., and Danfoss|
Key Segments of the Global Electric Heat Tracing Market
Type Overview, 2018-2028 (USD Billion)
- Constant Wattage
- Mineral Insulated
- Skin Effect
Application Overview, 2018-2028 (USD Billion)
- Freeze Protection
- Process Temperature Maintenance
- Viscosity Control
- Roof & Gutter
- Floor Heating
- Oil & Gas
- Power & Energy
- Food & Beverages
- Water & Wastewater Management
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa