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The Electric Heat Tracing market is projected to grow from USD 2.5 Billion in 2022 to USD 3.8 Billion in 2027; it is expected to grow at a CAGR of 8.3% from 2022 to 2027
The increasing adoption of electric heat tracing over conventional steam tracing systems and rising demand of energy-efficient heat tracing systems are the driving factors providing promising growth potential to the market.
New York, Sept. 16, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Heat Tracing Market by Type, Application, Vertical and Region - Global Forecast to 2027" - https://www.reportlinker.com/p05208347/?utm_source=GNW
Similarly, growing demand of heat tracing systems from various end user industries providing opportunities and contributing to the growth of the electric heat tracing market.
Self regulating is expected to grow at highest CAGR during the forecasted period.
In a self-regulating heating cable, the electric current is passed between two bus wires that carry electricity but do not produce heat.The bus wires are encased in a specially designed mix of carbon and polymer.
The polymer pathways join the bus wires together creating an infinitely parallel circuit.Self-regulating systems can be easily installed on any outline, such as pipe elbows, valves, and different fittings, due to their flexibility. These types of systems hardly require any maintenance and also have a long life since these systems do not create any hotspot at any point.
Market for freeze protection & process temperature maintenance application is to grow at highest CAGR during forecast period.
The freeze protection application is especially important since freezing can damage pipes and equipment.Pipe tracing cable systems are used to respond to the effects of heat from piping and equipment through its insulation.
The heat loss allows a drop in temperature, bringing about unacceptable consequences such as frozen pipes and reduced fluid viscosity.Hence, to overcome this, products can be freeze protected by using thermostats, controllers, sensors, and control panels.
For water-based products, it is vital to provide freeze protection as they begin to crystallize and freeze at 0°C/32°F. Heat trace systems prevent the freezing of fluids in pipes for several industrial applications as well as in hazardous and non-hazardous environments.
US to offer significant growth opportunities for Electric heat tracing market between 2022 and 2027.
The US holds the largest share of the electric heat tracing market in North America. The long duration of cold weather in the US, the replacement of conventional systems with electric heat tracing systems, the expansion of oil and gas production pipelines, new construction projects of oil & gas pipelines, growing exploration and production of oil & gas activities, and rising demand for heat tracing systems from chemicals, commercial, and residential industries are a few of the major driving factors for the market growth.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the Electric heat tracing marketspace. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 – 45%, Tier 2 – 30%, and Tier 3 – 25%
• By Designation: C-level Executives – 40%, Directors – 35%, and Others – 25%
• By Region: North America –45%, Europe – 30%, Asia Pacific– 15%and RoW – 10%
The report profiles key players in the Electric heat tracing market with their respective market ranking analysis. Prominent players profiled in this report arenVent Electric plc (UK), Thermon Group Holding, Inc. (US), Spirax-Sarco Engineering plc (UK), NIBE Industrier AB (Sweden), BARTEC Top Holding GmbH (Germany), Danfoss (Germany), eltherm GmbH (Germany), Emerson Electric Co. (US), Watlow Electric Manufacturing Company (US), Drexan Energy System, Inc. (Canada)are the major players in the market
Research Coverage:
This research report categorizes the Electric heat tracingmarket on the basis By type, component,application, vertical, and region.The report describes the major drivers, restraints, challenges, and opportunities pertaining to the Electric heat tracingmarket and forecasts the same till 2027.
Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the Electric heat tracingecosystem.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Electric heat tracingmarket and the subsegments.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 market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05208347/?utm_source=GNW
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