PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490248
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490248
Electric Heat Tracing Market size was valued at USD 2,878.32 Million in 2023, expanding at a CAGR of 7.8% from 2024 to 2032.
Electric heat tracing involves using heat tracing cables to increase the temperature of floors, pipes, tanks, and other infrastructure surfaces. This Vertical is crucial in areas where temperatures can drop significantly, leading to the freezing of vessels, pipes, and other industrial components.
Electric Heat Tracing Market- Market Dynamics
The growing adoption of electric heat tracing systems over traditional steam tracing systems to propel market demand
The growing adoption of electric heat tracing systems over traditional steam tracing systems has significantly contributed to market growth. Key factors driving this growth include the growth in demand for energy-efficient electric heat tracing systems and their lower maintenance costs. Additionally, the demand from various end-user industries and the growing use of heat tracing systems in power plants are expected to create substantial growth opportunities during the forecast period. Electric heat tracing systems offer several advantages over steam tracing systems, such as a broader range of temperature control, reduced maintenance costs, and the ability to be monitored remotely. These systems need minimal maintenance and can be replaced without damaging existing structures. The increasing adoption of permanent heating solutions across many industries and the decreasing operational and maintenance costs are also significant factors contributing to market expansion.
Electric Heat Tracing Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.8% over the forecast period (2024-2032)
Based on Vertical segmentation, oil & gas was predicted to show maximum market share in the year 2023
Based on product type segmentation, self-regulating was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Electric Heat Tracing Market is segmented based on System Component, Product Type, Application, Vertical, and Region.
The market is divided into four categories based on Product type: Self-Regulating, Constant Wattage, Mineral- Insulated and Skin Effect. In 2023, the self-regulating segment held the largest market share and is anticipated to grow the fastest over the forecast period. Self-regulating heat tracing cables are highly versatile, finding applications across various sectors including oil & gas, chemicals, commercial, and residential. Their ability to adjust their output based on ambient temperatures makes them ideal for a wide range of uses, contributing to their market dominance.
The market is divided into nine categories based on Vertical: Oil & Gas, Chemical, Commercial, Residential, Power & Energy, Food & Beverages, Pharmaceuticals, Water & Wastewater Treatment and Others. The oil & gas segment is projected to dominate the market during the forecast period. This industry extensively utilizes electric heat tracing for applications such as freeze protection, viscosity control, and temperature maintenance. Heat tracing ensures that liquids maintain the necessary temperature or viscosity, preventing component separation and gas condensation. In cold climates, it is vital to prevent the freezing of pipes, tanks, and vessels, and to maintain process temperatures as required. The global trend towards increased automation and industrialization is expected to further drive the growth of the electric heat tracing market in the coming years.
Electric Heat Tracing Market- Geographical Insights
Geographically, this market has a widespread presence across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America is expected to experience significant growth during the forecast period. This region, being colder than the Asia Pacific, Middle East, and Africa, sees a higher demand for electric heat tracing systems to prevent the freezing of pipes and vessels. The cold weather conditions in North America have driven the demand for these systems, bolstering market growth in the region.
In the electric heat tracing industry, companies adopt several strategies to maintain their competitive edge such as ongoing research and development to improve the efficiency and reliability of heat tracing systems. Companies also focus on diversifying their product lines to serve a wide range of applications and industries. Furthermore, leveraging digital technologies such as IoT and data analytics allows for the creation of smart heat tracing solutions that enhance energy efficiency and maintenance.
In July 2021, Emerson introduced an economical upgrade for electric heat tracing systems with the launch of the Nelson AXPC100-CM-GP and CM-GP microprocessor-based digital controllers, enhancing the functionality and efficiency of existing systems.
GLOBAL ELECTRIC HEAT TRACING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Anhui Huanrui Heating Manufacturing Co., Ltd.,
Bartec GmbH
Briskheat
Chromalox
Danfoss A/S
Drexan Energy Systems, Inc.
Drexma Industries Inc.
Ebeco AB
Emerson Electric Company
Heat Trace Products, LLC.
Ives Equipment, Inc.
Neptech Inc.
Parker-Hannifin Corporation
Pentair PLC
Perma-Pipe, Inc.
Others