PUBLISHER: The Business Research Company | PRODUCT CODE: 1409378
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409378
“Electric Heat Tracing Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on electric heat tracing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for electric heat tracing? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The electric heat tracing market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Electrical heat tracing is a highly precise electrical system utilized to maintain or elevate the temperature in critical lines. This system employs heat tracing cables to regulate the temperature of pipes, valves, and instrument panels.
The primary types of electric heat tracing include self-regulating, constant wattage, mineral-insulated, and skin-effect. Self-regulating refers to a type of heat trace cable designed to automatically adjust its power output based on surface temperature and ambient conditions. The components involved in electrical heat tracing systems include heat tracing cables, power connection kits, control and monitoring systems, thermal insulation materials, and others. These systems find applications in various verticals such as oil and gas, chemical, commercial, residential, power and energy, food and beverage, pharmaceutical, water and wastewater treatment, and others. Common applications include freeze protection processes and temperature maintenance, roof and gutter de-icing, floor heating, and more.
The electric heat tracing market research report is one of a series of new reports from The Business Research Company 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.
The electric heat tracing market size has grown strongly in recent years. It will grow from $2.43 billion in 2023 to $2.62 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth observed during the historic period in the field of electrical heat tracing can be attributed to several factors. These include the widespread use in commercial and residential applications, a growing focus on energy efficiency, the expansion of the oil and gas industry, the increasing demand for freeze protection in various sectors, and the adoption of electrical heat tracing in industrial applications. These factors collectively contributed to the development and utilization of electrical heat tracing solutions during that time.
The electric heat tracing market size is expected to see strong growth in the next few years. It will grow to $3.5 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the forecast period for electrical heat tracing can be attributed to various factors. These include the integration of digitalization and the Internet of Things (IoT), the increasing growth in pharmaceutical and chemical manufacturing, the expansion of cold chain logistics, the adherence to stringent safety standards, and ongoing infrastructure development. Major trends expected in the forecast period encompass the utilization of electrical heat tracing in cold chain logistics, a focus on applications in the pharmaceutical and chemical industries, considerations for renewable energy and sustainability, a heightened emphasis on regulatory compliance and standards, and an increased focus on safety and reliability in the implementation of electrical heat tracing systems.
The anticipated surge in global automation and industrialization is set to drive the growth of the electric heat tracing market. The evolution towards automation and industrialization signifies a shift from manual labor-oriented economies to machine-driven industrial societies. This transition fosters advancements in electric heat system manufacturing processes, resulting in reduced operational expenses, heightened worker safety, decreased factory lead times, and enhanced monitoring capabilities for heat trace processes. Notably, a report from the International Federation of Robotics revealed that in 2021, approximately 3 million industrial robots were operational in worldwide factories, marking a 10% increase with 384,000 units shipped globally in 2020. This trend underscores how burgeoning automation and industrialization are pivotal drivers propelling the electric heat tracing market's growth trajectory.
The escalating development of green buildings is poised to significantly boost the electric heating market. Green building practices involve employing resource- and environmentally conscious methods throughout a building's lifecycle, from design and construction to operation and deconstruction. Electric heating systems are gaining traction in green buildings due to their efficiency, cleanliness, and sustainability advantages over conventional fossil fuel-based heating systems. A notable example lies in the surge of LEED (Leadership in Energy and Environmental Design) certification, where over 36,835 projects totaling 4.63 billion gross square feet received certification between 2017 and 2021, as per the US Green Building Council (USGBC). The consistent rise, with over 5,000 new projects certified in the first three quarters of 2022, underscores the increasing integration of electric heating systems in green buildings across regions such as the United States, Canada, East Asia, and Europe, propelling the electric heating market.
The trend of product development and innovation stands out as a key driver in the electric heat tracing market. Noteworthy market players are introducing cutting-edge electric heat tracing systems equipped with advanced technologies such as self-regulating, power limiting, parallel constant wattage, series resistance (polymer or mineral), and skin effect tracing. For instance, nVent Electric plc, a UK-based electric heat tracing solution provider, launched the nVent Raychem HTV Heating Cable in June 2021. This cable incorporates a newly developed semi-conductive polymer nanocomposite material, ensuring improved heat stability and enhanced thermal strength. With the ability to function continuously at temperatures up to 205°C (400°F) and withstand temperatures as high as 260°C (500°F), this innovation represents a significant leap in energy preservation and operational efficiency in high-temperature environments.
Leading companies within the electric heat tracing market are prioritizing strategic collaborations with major manufacturing entities to fortify their market positions. These strategic alliances enable firms to join forces with other companies possessing specialized expertise, facilitating the transformation of conceptual ideas into tangible products and solutions. For instance, in October 2023, Eltherm Group, a Germany-based manufacturer specializing in electrical heat tracing cables and systems, unveiled a strategic partnership with Thorne & Derrick International, a UK-based firm specializing in electrical equipment, electrical processes, and trace heating solutions. Through this alliance, Eltherm Group aims to secure access to the largest inventory of heat-tracing cables in the UK, enhancing its market presence and offerings.
In July 2021, Nibe Industries, a Swedish company specializing in heat trace and heating technology, made an undisclosed acquisition of Heat Trace Ltd. This strategic acquisition strategy involves integrating Heat Trace Ltd. into NIBE's Element business area, thereby expanding NIBE's product portfolio concerning intelligent heating solutions and components. Heat Trace Ltd., a UK-based manufacturer specializing in electric heat tracing equipment, represents a key addition to NIBE's offerings, aligning with its goal of diversifying and enhancing its range of intelligent heating solutions.
Major companies operating in the electric heat tracing market report 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, Warmup Inc, Ives Equipment Inc., Spirax-Sarco Engineering plc, Neptech Inc., Perma-Pipe International Holdings Inc., QmaxTest Research Corporation, SST Group Inc., Pentair Plc., Urecon Ltd., Supermec, Raychem RPG, nVent Electric plc, NIBE Industrier AB, Watlow Electric Manufacturing Company, Heat Trace Limited, Tyco Thermal Controls, Trasor Corp, Delta-Therm Corporation, Nelson Heat Trace, RSCC Heat Trace, Technitrace .
North America was the largest region in the electric heat tracing market in 2023. Asia-pacific is expected to be the fastest-growing region in the electric heat tracing market during the forecast period. The regions covered in the electric heat tracing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the electric heat tracing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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.
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.