Electrical Heat Tracing Market Size & Analysis - Forecasts To 2025 By Type (Self-Regulating Heating Cables, Power-Limiting Heating Cable, Parallel Constant Watt Heating Cable, and Series Constant Watt Heating Cables); By Application (Petrochemical industry, Electric industry, Pharmaceutical industry, Automotive Industry, Chemical industry, Others) By Region (North America, Europe, Asia- Pacific, Central & South America, and Middle East & Africa); End-use Landscape; Vendor Landscape and Competitive Landscape - Global Market Estimates
Electrical Heat Tracing Market Insights
The global electrical heat tracing market is projected to grow at a significant CAGR over the forecast period. The market is expected to be influenced by a range of benefits associated with it, such as maintenance of optimum process temperature, freeze protection, prevention of chemicals from crystallization or solidification, and low viscosity.
Electric heat tracing system is used to compensate for heat losses and to regulate or increase the temperature of vessels and pipes. Heat tracing cables can be installed on water, sewer lines and at specific locations which are prone to freezing such as fire hydrants, road crossings, and shallow bury locations among others.
The demand for heat tracing systems differs across industries based on the parameters speciï¬c to each application. The leading players are manufacturing a wide range of electric heating cables and control systems to cater to the growing needs of industry.
High cost associated with the installation of electrical heat tracing system coupled with its complex design is anticipated to restrain the market growth over the coming years. Moreover, the availability of alternatives is further likely to hamper the demand over the forecast period.
Electrical Heat Tracing Market: Type Insights
The global electrical heat tracing market is segmented into Self-Regulating Heating Cables, Power-Limiting Heating Cable, Parallel Constant Watt Heating Cable, and Series Constant Watt Heating Cables based on type.
Parallel trace heating cable type is expected to increase at a significant rate over the forecast period mainly due to ease of termination. It consists of two parallel conductors with a conducting material in between. These types of cables are not recommended to exceed the design wattage for safety reasons.
Series constant watt heating cables are further differentiated into Flexible and Semi-rigid. These cables consist of a metallic heating element or a single resistance wire. They are specifically designed to maintain optimum temperature for piping, tanks, and equipment with longer circuit length requirements.
Self-regulating heating cables are projected to grow at a substantial rate due to its ability to increase/decrease power as temperature falls/rises. The growing focus of industries on automation is further expected to drive the demand for self-regulating electric heating cables segment.
Electrical Heat Tracing Market: Application Insights
The global electrical heat tracing market is segmented into Petrochemical industry, Automotive Industry Electric industry, Pharmaceutical industry, and Chemical industry among others based on application.
Electric heat tracing systems are generally used to maintain the temperature of the fluids in many process industries. Petrochemical industry segment is anticipated to witness a significant growth over the forecast period. Growing automation and industrialization across the globe is anticipated to drive for the growth of electrical heat tracing market over the coming years.
In addition, increasing requirement for permanent heating solutions coupled with increased focus on minimizing operational cost is likely to replace the traditional heating systems across industries. This, in turn, is expected to impact the market growth positively over the coming years.
Electrical Heat Tracing Market: Regional Insights
North America accounted for a significant market share in 2016. It is further projected to be the prominent manufacturer of electrical heat tracing systems across the world. China is anticipated to register substantial share in the global electrical heat tracing market followed by Europe, China, Germany, and Russia.
Electrical Heat Tracing Market: End-Use Landscape
The end-use landscape includes a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase products from the global electrical heat tracing market. The major consumers of the product are Enel and Iberdrola among others.
Electrical Heat Tracing Market: Competitive Insights
Some of the leading players operating in the global electrical heat tracing market include Chromalox, eltherm, Heat Trace Ltd., Thermon, Urecon, BriskHeat, and Supermec among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In November 2017, Thermon successfully completed the acquisition of CCI Thermal Technologies Inc.
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The global Electrical Heat Tracing market has been studied from the year 2016 till 2025. However, the CAGR provided in the report is from the year 2017 to 2025. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Electrical Heat Tracing market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies, and customer analytics.
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