New York, United States , Nov. 21, 2023 (GLOBE NEWSWIRE) -- The Global Electric Heat Tracing Market Size is to grow from USD 2.7 billion in 2022 to USD 5.9 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.8% during the projected period.
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Electrical trace heating, commonly referred to as heat tracing, is a means of adjusting or increasing the ambient temperature of instrument impulse lines, pipelines, and even tanks using custom-designed cables. Trace heating is frequently used to keep pipes from freezing, to maintain a constant stream temperature in water heating systems, or to maintain process temperatures in piping that are required to transport substances that harden at room temperature. The increased need for highly energy-efficient electric heat tracing systems, as well as the low maintenance cost of electric heat tracing systems, are driving the growth of the electric heat tracing market over the forecast period. The use of trace heating in conjunction with the correct thermal insulation for the operational ambient temperature ensures a thermal balance in which the trace heating's thermal output equals the heat loss from the pipe. The rising popularity of energy-efficient solutions, increased industrialization, the expansion of the commercial sector, and the need for improved freeze protection solutions are some of the important drivers driving the electric heat tracing market during the forecast period. Furthermore, increased demand for heat tracing systems from various end-user industries, as well as increased use of heat tracing systems in power plants, are expected to provide potential opportunities throughout the projection period.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global Electric Heat Tracing Market Size, Share, and COVID-19 Impact Analysis, By Type (Self-Regulating, Constant Wattage, Mineral-insulated, Skin Effect, Others), By Application (Freeze Protection & Process Temperature Maintenance, Roof & Guttering De-icing, Floor Heating, Others), By End-Use (Chemical, Commercial, Power & Energy, Food & Beverage, Residential, Pharmaceutical, Oil & Gas, Water & Wastewater Treatment, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032".
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The self-regulating segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global electric heat tracing market is segmented into self-regulating, constant wattage, mineral-insulated, skin effect, and others. Among these, the self-regulating segment is dominating the market with the largest revenue share of 53.7% over the forecast period. Heat tracing cables with self-regulating output adjust their operation when the ambient temperature varies. The heat output of the wire increases as the ambient temperature falls and decreases as the ambient temperature rises. In contrast, as temperature rises, resistance decreases, resulting in higher power output.
The freeze protection & process temperature maintenance segment is expected to hold the largest share of the global electric heat tracing market during the forecast period.
Based on the application, the global electric heat tracing market is classified into freeze protection & process temperature maintenance, roof & guttering de-icing, floor heating, and others. Among these, the freeze protection & process temperature maintenance segment is expected to hold the largest share of the electric heat tracing market during the forecast period. The extensive industrial need for continuous temperature maintenance, as well as the critical importance of preventing freezing in a variety of operations, accounts for this segment's significant market penetration. Electric heat tracing is used in this subsegment to prevent freezing in pipes, tanks, and other equipment, particularly in industries where fluid transfer is critical.
The oil & gas segment accounted for the largest revenue share of more than 32.8% over the forecast period.
On the basis of end-uses, the global electric heat tracing market is segmented into chemical, commercial, power & energy, food & beverage, residential, pharmaceutical, oil & gas, water & wastewater treatment, and others. Among these, the oil & gas segment is dominating the market with the largest revenue share of 32.8% over the forecast period, because of the critical requirements for safety, operational efficiency, and the movement of precious resources. The flow of very viscous fluids in pipelines is crucial in the oil and gas industry, especially in colder climates.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 38.7% market share over the forecast period. The combination of a vast industrial base, particularly in the oil and gas sector, technology breakthroughs, and different climatic requirements has propelled North America to the forefront of the worldwide electric heat tracing market. Electric heat tracing systems are in high demand in places with significant oil and gas resources and infrastructure, particularly in the United States and Canada. On the contrary, Asia Pacific is predicted to grow the fastest during the forecast period. The Asia Pacific region, which includes China, India, Japan, and a number of Southeast Asian countries, has been a hotspot of industrial expansion and infrastructure development. The Asia Pacific energy sector is developing, particularly in the discovery and processing of oil and gas, which fuels the demand for electric heat tracing systems. During the forecast period, the Europe market is expected to rise at a significant CAGR.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Electric Heat Tracing Market include Danfoss, eltherm GmbH, Emerson Electric Co., Watlow Electric Manufacturing Company, Drexan Energy System, Inc., NIBE Industrier AB, BARTEC Top Holding GmbH, nVent Electric plc, Thermon Group Holding, Inc., Spirax-Sarco Engineering plc, BriskHeat, Parker Hannifin, Pentair Plc., Supermec, Emerson Electric Company, and among others.
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Recent Market Developments
On July 2023, nVent Electric plc, a global pioneer in electrical connection and protection solutions, announced the acquisition of TEXA Industries, which will operate within its Enclosures business area. The purchase of TEXA Industries and its highly complementary portfolio boosts nVent's position as a global solutions provider. TEXA Industries offers modern cooling technologies, such as revolutionary industrial air conditioners and chillers, to help customers effectively solve for increasing heat loads while developing systems.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Electric Heat Tracing Market based on the below-mentioned segments:
Electric Heat Tracing Market, Type Analysis
- Self-Regulating
- Constant Wattage
- Mineral-insulated
- Skin Effect
- Others
Electric Heat Tracing Market, Application Analysis
- Freeze Protection & Process Temperature Maintenance
- Roof & Guttering De-icing
- Floor Heating
- Others
Electric Heat Tracing Market, End-Use Analysis
- Chemical
- Commercial
- Power & Energy
- Food & Beverage
- Residential
- Pharmaceutical
- Oil & Gas
- Water & Wastewater Treatment
- Others
Electric Heat Tracing Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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