Global Electric Heat Tracing Market
Dublin, April 28, 2022 (GLOBE NEWSWIRE) -- The "Electric Heat Tracing Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global electric heat tracing market is projected to witness a CAGR of 5.04% during the forecast period to reach a market size of US$2.883 billion by 2026, increasing from US$2.043 billion in 2019.
Heat trace is an advanced electrical system that is used in maintaining or raising the temperature of pipes and vessels. Electric heat has also been known as tracing heat tape or surface heating. It comparatively uses cable designed and developed to offer constant wattage per unit of length, to get uniform heating pipes.
Electric heat tracing has its roots in several industrial applications ranging from oil and gas production and storage facilities, petrochemical plants, refineries, pharmaceutical production, power generation, water, and waste treatment plants, to food processing. Its use across industries helps factor the market ahead. Secondly, the shift from traditional heat tracing systems to these newer electric methods is another noteworthy driver. Along with it, the future potential of energy-efficient heat tracing systems will provide a push to the market in the years to come.
By type, self-regulating heating cables are expected to register the highest growth owing to their idealness for temperature maintenance and frost-prevention installations. By end-user, the oil and gas segment dominates the market. Heat tracing is used in the assistance of the further processing, freeze and storage protection, and transportation of various types of energy products in both downstream and upstream applications in the oil & gas industry. By geography, North America accounts for the largest share due to its climatic conditions and the growing industrial applications.
Electric tracing has been offering and providing the convenience and availability of installation and also offers extensive temperature control and efficient and productive utilization of energy. As these systems, do not require any auxiliary equipment, the total operating cost of the systems is lower compared to other systems. Moreover, the electric systems are an improvement over steam heat tracers as they can be used with non-metal or lined piping and vessels. Furthermore, steam tracing has various types of limitations such as poor temperature control and leakage of steam resulting in high operating costs, and high hot water system costs. Electric heat tracing is thus an optimal solution, through various industrial applications due to these advantages.
Manifold industrial applications
The oil and gas industry is one of the biggest end-users of electric heat tracing systems. Offshore applications of heat systems can help prevent winterization pipes, lay-down areas, helidecks, louvers, lifeboat davits, GPS, and communication antennas among others. While onshore application includes prevention of wax and hydrate formation on separators, test separators, lift gas systems, compressors, scrubber lift gas modules, fuel gas systems, and others. Electric heat tracing systems are also finding increasing demand from power plants. Plant elements requiring supplemental heat include pipes, valves, conveyors, lubrication systems, and lubricants that run through them. These heavy industries rely largely on these electrical heat tracers in their production processes which exert a positive impact on the market augmenting its growth during this period.
The inherent cons of the electric heat tracing systems may pose as restraining factors of the market. While self-regulating cables have shorter circuit lengths and are designed for low temperatures, parallel constant watt cables cannot be used on plastic pipes. Moreover, the overlapping of the respective cables results in burnout and excessive heating and can damage and ruin the heat tracing system beyond repair. The installation of heat tracing systems for larger vessels and tanks is difficult and expensive as there is a massive amount of heat loss from these large systems. These limitations may put forth a challenge for the growth of the market.
Impact of COVID-19 on the Electric Heat Tracing Market
After the onfall of the COVID-19 pandemic, the reliant end-users of the electric heat tracing market have downsized their production levels and the demand for such systems has faced a decline. The oil and gas industry has reduced its capital expenditure to sustain the blow of the pandemic, and this has impacted the heat tracing market negatively. There have also been delays and scarp-off of projects in the oil and power sectors due to the pandemic. But the relaxation of lockdowns has restarted production processes, but the output levels remain lower than anticipated. The growth rates may improve by 2021 and full recovery is expected by 2022.
The market leaders in the Global Electric Heat Tracing Market are Spirax-Sarco Engineering plc, Danfoss, eltherm GmbH, BriskHeat, Parker Hannifin Corp, nVent Thermal LLC, Bartec, TE Connectivity. The imperative players in the market implement several growth strategies to gain a competitive edge over their competitors.
Key Topics Covered:
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. GLOBAL ELECTRIC HEAT TRACING MARKET, BY TYPE OF HEAT CABLE
5.2. Self-Regulating Heating Cables
5.3. Power-Limiting Heating Cable
5.4. Parallel Constant Watt Heating Cable
5.5. Series Constant Watt Heating Cables
6. GLOBAL ELECTRIC HEAT TRACING MARKET, BY METHOD
6.2. Electric Resistance Heat Tracing
6.3. Skin Effect Tracing
6.4. Impedance Heat Tracing
6.5. Induction Heating
7. GLOBAL ELECTRIC HEAT TRACING MARKET, BY END-USER INDUSTRY
7.3. Food and Beverage
7.4. Energy and Power
7.5. Oil and Gas
8. GLOBAL ELECTRIC HEAT TRACING MARKET, BY GEOGRAPHY
8.2. North America
8.2.1. United States
8.3. South America
8.4.3. United Kingdom
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.4. South Korea
9. COMPETITIVE INTELLIGENCE
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. Spirax-Sarco Engineering plc
10.3. eltherm GmbH
10.5. Parker Hannifin Corp
10.6. nVent Thermal LLC
10.8. TE Connectivity
For more information about this report visit https://www.researchandmarkets.com/r/c9b3lt
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