Electric Heat Tracing Market
Electric Heat Tracing Market Forecasts to 2030 - Global Analysis By Type (Skin Effect, Self-Regulating, Mineral-insulated and Constant Wattage), Component (Heating Cables, Monitoring Systems, Termination Kits and Other Components), Application, End User and By Geography
According to Stratistics MRC, the Global Electric Heat Tracing Market is accounted for $2.7 billion in 2023 and is expected to reach $4.9 billion by 2030 growing at a CAGR of 8.8% during the forecast period. Electric heat tracing is a method of maintaining desired temperatures in pipes, vessels, and other equipment using electrical heating elements. It involves wrapping or embedding electric cables along the surfaces to prevent freezing or maintain the process temperature. The heat generated by the cables prevents the contents from solidifying or condensing, ensuring operational efficiency and integrity in various industrial applications.
According to a report by the International Energy Agency (IEA), in 2019, the industrial sector accounted for about 37% of global final energy consumption. Additionally, the report highlights that the demand for process heating is expected to increase in the coming years.
Market Dynamics:
Driver:
Growing demand for temperature control in industrial processes
The increasing need for precise temperature control in various industrial processes is a key driver for the electric heat tracing market. Industries such as oil and gas, chemicals, pharmaceuticals, and food processing require accurate temperature maintenance to ensure product quality, prevent freezing, and optimize production efficiency. Electric heat tracing systems provide reliable and efficient temperature control solutions, enabling industries to maintain desired temperatures in pipes, vessels, and equipment, thereby driving the demand for these systems.
Restraint:
High investment costs
Implementing comprehensive heat tracing solutions requires significant capital expenditure, including the cost of heating cables, control systems, and installation services. These upfront costs may deter some industries, particularly small and medium-sized enterprises, from adopting electric heat tracing technologies, especially in price-sensitive markets. The high investment costs can limit the widespread adoption of electric heat tracing systems, particularly in developing economies.
Opportunity:
Focus on energy-saving solutions
Industries are increasingly seeking energy-saving solutions to reduce operational costs and minimize their environmental footprint. Electric heat tracing systems that offer advanced control and monitoring capabilities, such as self-regulating cables and smart controllers, enable optimized energy consumption and reduce energy waste. The development of innovative, energy-efficient electric heat tracing technologies aligns with the global trend towards sustainable practices and opens up new market opportunities.
Threat:
Competition from alternative heating methods
The electric heat tracing market faces competition from alternative heating methods, such as steam tracing and fuel-fired heating systems. These traditional heating methods are well-established in certain industries and may pose a threat to the adoption of electric heat tracing systems. Steam tracing, for instance, is widely used in industries with existing steam infrastructure, and the familiarity with this technology can hinder the transition to electric heat tracing. Moreover, the presence of alternative heating methods can intensify market competition and challenge the growth of the electric heat tracing market.
Covid-19 Impact:
The COVID-19 pandemic has had a mixed impact on the electric heat tracing market. While overall industrial activity slowed down due to lockdowns and supply chain disruptions, certain sectors, such as pharmaceuticals and healthcare, witnessed increased demand for temperature-critical applications. The need for reliable temperature maintenance in the production and storage of vaccines and medical supplies drove the adoption of electric heat tracing systems. However, the oil and gas industry, a key end-user, faced significant challenges due to reduced demand and project delays, negatively impacting market growth.
The constant wattage segment is expected to be the largest during the forecast period
The constant wattage segment is expected to be the largest during the forecast period. Constant wattage electric heat tracing systems offer consistent and reliable temperature maintenance, making them suitable for a wide range of industrial applications. These systems provide a fixed wattage output per unit length, ensuring uniform heat distribution along the traced surface. Furthermore, industries such as oil and gas, chemicals, and power generation extensively use constant wattage heat tracing for freeze protection and process temperature maintenance, driving the segment's growth.
The monitoring systems segment is expected to have the highest CAGR during the forecast period
The monitoring systems segment is expected to have the highest CAGR during the forecast period. Monitoring systems play a crucial role in ensuring the efficient and safe operation of electric heat tracing systems. The increasing adoption of advanced monitoring technologies, such as IoT-based solutions and wireless communication, is driving the high growth rate of this segment. Industries are recognizing the benefits of monitoring systems in optimizing energy consumption, preventing system failures, and enhancing operational efficiency, fueling the demand for these advanced solutions.
Region with largest share:
Asia Pacific is positioned to dominate the electric heat tracing market. The Asia Pacific region, with its rapidly growing industrial sector and increasing infrastructure development, is expected to hold the largest share in the electric heat tracing market. Countries like China, India, and Southeast Asian nations are investing heavily in industrial expansion, particularly in sectors such as oil and gas, chemicals, and power generation. Additionally, the presence of a large number of market players and the availability of cost-effective solutions further strengthen Asia Pacific's market dominance.
Region with highest CAGR:
In addition to holding the largest market share, the Asia-Pacific region is also projected to experience the highest CAGR in the electric heat tracing market during the forecast period. The region's fast-paced industrialization, urbanization, and rising energy demand are key factors driving this rapid growth. Governments in the region are focusing on infrastructure development, including the construction of new industrial facilities, pipelines, and power plants, which require efficient temperature control solutions. Moreover, the increasing adoption of advanced technologies and growing awareness about energy efficiency are propelling the demand for innovative electric heat tracing systems in the Asia-Pacific region.
Key players in the market
Some of the key players in Electric Heat Tracing Market include ASC Engineered Solutions, LLC, Bartec GmbH, BriskHeat Corporation, Chromalox, Inc., Drexan Energy Systems Inc., eltherm GmbH, Emerson Electric Co., Flexelec, Heat Trace Products LLC, nVent Electric plc, Parker Hannifin Corporation, Pentair plc, QMax Industries Inc., Raychem, SST Group, Supermec Private Limited, Technitrace, Thermon Group Holdings Inc., Trasor Corporation and Warmup plc.
Key Developments:
In December 2023, nVent Electric plc (“nVent”), a global leader in electrical connection and protection solutions, announced it will open a new distribution center in Dayton, Minnesota. The current distribution center in Anoka will be used to expand the manufacturing of liquid cooling products for data centers. nVent plans to move into the new distribution center by the end of 2023.
In October 2023, Operating capacity for the electric heating technology pioneered by Chromalox more than 100 years ago will be expanding at the company’s Ogden, UT, facility during 2024. In conjunction with Utah’s Weber County Economic Development Office, Chromalox announced a major upgrade and expansion to its Ogden factory that produces thermal electric heating technology used for sustainable heating applications in industrial and commercial installations throughout the globe.
In October 2023, Emerson announced it has closed its acquisition of NI, a leading provider of software-connected automated test and measurement systems, at an equity value of $8.2 billion. The acquisition of NI advances Emerson's position as a global automation leader and expands its opportunity to capitalize on key secular trends like nearshoring, digital transformation, and sustainability and decarbonization.
Types Covered:
• Skin Effect
• Self-Regulating
• Mineral-insulated
• Constant Wattage
Components Covered:
• Heating Cables
• Monitoring Systems
• Termination Kits
• Thermostats & Controls
• Other Components
Applications Covered:
• Process Temperature Maintenance
• Floor Heating
• Freeze Protection
• Roof and Gutter De-icing
• Tank Heating
• Other Applications
End Users Covered:
• Chemicals
• Commercial
• Food & Beverage
• Oil & Gas
• Power & Energy
• Residential
• Water & Wastewater Management
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Electric Heat Tracing Market, By Type
5.1 Introduction
5.2 Skin Effect
5.3 Self-Regulating
5.4 Mineral-insulated
5.5 Constant Wattage
6 Global Electric Heat Tracing Market, By Component
6.1 Introduction
6.2 Heating Cables
6.3 Monitoring Systems
6.4 Termination Kits
6.5 Thermostats & Controls
6.6 Other Components
7 Global Electric Heat Tracing Market, By Application
7.1 Introduction
7.2 Process Temperature Maintenance
7.3 Floor Heating
7.4 Freeze Protection
7.5 Roof and Gutter De-icing
7.6 Tank Heating
7.7 Other Applications
8 Global Electric Heat Tracing Market, By End User
8.1 Introduction
8.2 Chemicals
8.3 Commercial
8.4 Food & Beverage
8.5 Oil & Gas
8.6 Power & Energy
8.7 Residential
8.8 Water & Wastewater Management
8.9 Other End Users
9 Global Electric Heat Tracing Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 ASC Engineered Solutions, LLC
11.2 Bartec GmbH
11.3 BriskHeat Corporation
11.4 Chromalox, Inc.
11.5 Drexan Energy Systems Inc.
11.6 eltherm GmbH
11.7 Emerson Electric Co.
11.8 Flexelec
11.9 Heat Trace Products LLC
11.10 nVent Electric plc
11.11 Parker Hannifin Corporation
11.12 Pentair plc
11.13 QMax Industries Inc.
11.14 Raychem
11.15 SST Group
11.16 Supermec Private Limited
11.17 Technitrace
11.18 Thermon Group Holdings Inc.
11.19 Trasor Corporation
11.20 Warmup plc
List of Tables
1 Global Electric Heat Tracing Market Outlook, By Region (2021-2030) ($MN)
2 Global Electric Heat Tracing Market Outlook, By Type (2021-2030) ($MN)
3 Global Electric Heat Tracing Market Outlook, By Skin Effect (2021-2030) ($MN)
4 Global Electric Heat Tracing Market Outlook, By Self-Regulating (2021-2030) ($MN)
5 Global Electric Heat Tracing Market Outlook, By Mineral-insulated (2021-2030) ($MN)
6 Global Electric Heat Tracing Market Outlook, By Constant Wattage (2021-2030) ($MN)
7 Global Electric Heat Tracing Market Outlook, By Component (2021-2030) ($MN)
8 Global Electric Heat Tracing Market Outlook, By Heating Cables (2021-2030) ($MN)
9 Global Electric Heat Tracing Market Outlook, By Monitoring Systems (2021-2030) ($MN)
10 Global Electric Heat Tracing Market Outlook, By Termination Kits (2021-2030) ($MN)
11 Global Electric Heat Tracing Market Outlook, By Thermostats & Controls (2021-2030) ($MN)
12 Global Electric Heat Tracing Market Outlook, By Other Components (2021-2030) ($MN)
13 Global Electric Heat Tracing Market Outlook, By Application (2021-2030) ($MN)
14 Global Electric Heat Tracing Market Outlook, By Process Temperature Maintenance (2021-2030) ($MN)
15 Global Electric Heat Tracing Market Outlook, By Floor Heating (2021-2030) ($MN)
16 Global Electric Heat Tracing Market Outlook, By Freeze Protection (2021-2030) ($MN)
17 Global Electric Heat Tracing Market Outlook, By Roof and Gutter De-icing (2021-2030) ($MN)
18 Global Electric Heat Tracing Market Outlook, By Tank Heating (2021-2030) ($MN)
19 Global Electric Heat Tracing Market Outlook, By Other Applications (2021-2030) ($MN)
20 Global Electric Heat Tracing Market Outlook, By End User (2021-2030) ($MN)
21 Global Electric Heat Tracing Market Outlook, By Chemicals (2021-2030) ($MN)
22 Global Electric Heat Tracing Market Outlook, By Commercial (2021-2030) ($MN)
23 Global Electric Heat Tracing Market Outlook, By Food & Beverage (2021-2030) ($MN)
24 Global Electric Heat Tracing Market Outlook, By Oil & Gas (2021-2030) ($MN)
25 Global Electric Heat Tracing Market Outlook, By Power & Energy (2021-2030) ($MN)
26 Global Electric Heat Tracing Market Outlook, By Residential (2021-2030) ($MN)
27 Global Electric Heat Tracing Market Outlook, By Water & Wastewater Management (2021-2030) ($MN)
28 Global Electric Heat Tracing Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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