Summary
Major players in the electric heat tracing market are Thermon Group Holding Inc., Bartec Top Holding GmbH, Danfoss, eltherm GmbH, Emerson Electric Co., Drexan Energy System Inc., Chromalox Inc., Briskheat Corporation, Parker Hannifin Corporation, Drexan Energy Systems Inc., Warmup Inc., Ives Equipment Inc., Spirax-Sarco Engineering plc, Neptech Inc., Perma-Pipe International Holdings Inc., QmaxTest Research Corporation, and SST Group Inc.
The global electric heat tracing market is expected to grow from $2.25 billion in 2022 to $2.43 billion in 2023 at a compound annual growth rate (CAGR) of 8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The electric heat tracing market is expected to reach $3.18 billion in 2027 at a CAGR of 7%.
The electric heat tracing market consists of revenues earned by entities by providing engineering services, project management, supply, installation and maintenance.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Electrical heat tracing is a high-precision electrical system used to maintain or raise the temperature in critical lines. The systems use heat tracing cables to maintain the temperature of pipes, valves, and instrument panels.
North America was the largest region in the electric heat tracing market in 2022.Asia-pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the electric heat tracing report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of electric heat tracing are self-regulating, constant wattage, mineral-insulated and skin-effect.Self-regulating refers to the type of heat trace cable specifically designed to self-adjust its power output in response to surface temperature and ambient conditions.
The components involved are electric heat tracing cables, power connection kits, control and monitoring systems, thermal insulation materials, and others that are used in oil and gas, chemical, commercial, residential, power and energy, food and beverage, pharmaceutical, water and wastewater treatment and others vertical. It is used in various applications such as freeze protection processes and temperature maintenance, roof and gutter de-icing, floor heating and others.
Growing automation and industrialization across the globe are expected to propel the growth of the electric heat tracing market going forward.Automation and industrialization refer to the process of transitioning from a manual labour-based economy to a machine labour-driven industrial society.
Growing automation in electric heat system manufacturing processes offers reduced operating costs, improved worker safety, reduced factory lead times, and easy monitoring of heat trace processes.For instance, according to the report published by the International Federation of Robotics, a Germany-based organization for industrial automation services, in 2021, an estimated 3 million industrial robots are operating in factories across the world, with an increase of 10% for 384,000 units shipped globally in 2020.
Therefore, growing automation and industrialization across the globe are driving the growth of the electric heat tracing market forward.
Product development and innovation are gaining popularity as a key trend in the electric heat tracing market.Major market players are introducing innovative electric heat tracing systems that include cutting-edge technologies such as self-regulating, power limiting, parallel constant wattage, series resistance (polymer or mineral), and skin effect tracing.
For instance, in June 2021, nVent Electric plc, UK-based electric heat tracing solution provider company, introduced nVent Raychem HTV Heating Cable.The nVent Raychem HTV is used in a newly developed semi-conductive polymer nanocomposite material with improved heat stability.
The material has better thermal strength, providing better energy preservation at high temperatures. The cable can operate at temperatures as high as 205°C (400°F) continuously and resist temperatures as high as 260°C (500°F).
In July 2021, Nibe Industrier, a Sweden-based heat trace, and heating technology company acquired Heat Trace Ltd for an undisclosed amount. The acquisition aims to merge Heat Trace Ltd. into the NIBE Element business area along with extending NIBE’s product portfolio for intelligent heating solutions and components. Heat Trace Ltd is UK based manufacturer of electric heat tracing equipment.
The countries covered in the electric heat tracing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products
The electric heat tracing market research report is one of a series of new reports that provides electric heat tracing market statistics, including electric heat tracing industry global market size, regional shares, competitors with a electric heat tracing market share, detailed electric heat tracing market segments, market trends and opportunities, and any further data you may need to thrive in the electric heat tracing industry. This electric heat tracing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
