Market Research Report
Electric Heat Tracing Market with COVID-19 Impact, by Type (Self Regulating, Constant Wattage), Application (Freeze Protection & Process Temperature Maintenance), Vertical (Oil & Gas, Chemicals, & Others), Region-Global Forecast to 2025
|Published by||MarketsandMarkets||Product code||962418|
|Published||Content info||173 Pages
Delivery time: 1-2 business days
|Electric Heat Tracing Market with COVID-19 Impact, by Type (Self Regulating, Constant Wattage), Application (Freeze Protection & Process Temperature Maintenance), Vertical (Oil & Gas, Chemicals, & Others), Region-Global Forecast to 2025|
|Published: September 24, 2020||Content info: 173 Pages||
Electric Heat Tracing Market with COVID-19 Impact
by Type (Self Regulating, Constant Wattage), Application (Freeze Protection & Process Temperature Maintenance), Vertical (Oil & Gas, Chemicals, Residential, Commercial), and Region - Global Forecast to 2025.
The global electric heat tracing market size is expected to grow from USD 1.7 billion in 2020 to USD 2.5 billion by 2025, at a CAGR of 8.2%. The market has a promising growth potential due to several factors, including increasing adoption of electric heat tracing systems over conventional steam tracing systems, rising demand for energy-efficient electric heat tracing systems, and low maintenance cost associated with electric heat tracing systems.
The major factor restraining the growth of the electric heat tracing market is the devastating effects of overlapping of heating cables. The main purpose of using an electrical heat tracing system is to compensate for heat loss and maintain the process temperature. Hence, the heating cables should not touch, crossover, and overlap themselves after the installation since the overlapping of cables results in overheating and burnout and can damage the heat tracing system beyond repair. This is expected to impact the electric heat tracing market negatively in coming years.
The market is expected to decline in 2020 mainly due to the impact of COVID-19. As the oil & gas industry is one of the most impacted industries in 2020, players in this industry are focusing on reducing CAPEX, which would affect the electric heat tracing market. Though the market is expected to be impacted in 2020, it is expected to start to recover by 2021 and will fully recover by 2022.
Self-regulating is the fastest-growing segment of the electric heat tracing market, by type. In self-regulating heat tracing systems, heating cables are designed and built to regulate their output according to the requirements. The heat output is automatically adjusted in response to the increase or decrease of ambient temperatures. The self-regulating feature of the system prevents the creation of high surface temperature. Hence, there are negligible chances of any fire hazard even in the presence of inflammable gases or liquids in and around the pipelines. Moreover, infinitely parallel heating circuit enables cutting self-regulating heating cables to any length in the field or during the design process, thereby minimizing waste and increasing installation flexibility. These advantages are expected to propel the demand for self-regulating cables during the forecast period.
The electric heat tracing market for freeze protection & process temperature maintenance application is expected to hold the largest market share from 2019 to 2025. The freeze protection application is especially important since freezing can damage pipes and equipment. During low-temperature conditions, it becomes important for various end-user industries to protect their products or materials carrying pipelines and preserve vessels and tanks against freezing. Also, in the process temperature maintenance application, generally, there is a need to maintain a higher temperature of fluids, such as fuel oil, acids, and fertilizers. There are numerous upcoming oil & gas and chemical projects planned across major regions such as North America and Europe, which is expected to increase the demand for electric heat tracing systems for freeze protection & process temperature applications during the forecast period.
The North American region is expected to dominate the electric heat tracing market and is projected to grow at the highest CAGR during the forecast period. Replacement of conventional systems with electric heat tracing systems and the expansion of oil and gas production pipelines, increasing adoption of electric heat tracing systems for freeze protection and floor heating applications in countries such as the US and Canada, and various new oil & gas and chemical projects planned in North America in the next 3 to 5 years are among the major factors driving the market growth in the region.
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs.
The break-up of the primaries is as follows:
The report profiles key players in the global electric heat tracing market with their respective market share analysis. Prominent players profiled in this report are nVent (UK), Thermon (US), Spirax-Sarco Engineering (UK), NIBE Industrier (Sweden), BARTEC (Germany), eltherm (Germany), Watlow (US), Heat Trace (UK), Emerson (US), Danfoss (Denmark), SST Group (Russia), Ebeco (Sweden), Heat Trace Products (US), Nexans (France), Warmup (UK), Urecon (Canada), King Electric (US), Drexma Industries (Canada), Drexan Energy Systems (Canada), and Trasor (US).
The report segments the electric heat tracing market and forecasts its size, by value and volume, based on region (North America, Europe, APAC, and RoW), by type (self-regulating, constant wattage, mineral insulated, and skin effect), application (freeze protection & process temperature maintenance, roof & gutter de-icing, floor heating, and others), and vertical (oil & gas, chemicals, commercial, residential, power & energy, food & beverages, pharmaceuticals, water & wastewater management, and others).
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the electric heat tracing market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the electric heat tracing market and provides them information on key market drivers, restraints, challenges, and opportunities.
(Business and financial overview, Products offered, Recent developments, COVID-19-specific developments, SWOT analysis, and MNM view)**
*Details on Business and financial overview, Products offered, Recent developments, COVID-19-specific developments, SWOT analysis, and MNM view might not be captured in case of unlisted companies.