CHICAGO, Sept. 2, 2022 /PRNewswire/ -- 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, according to a new report by MarketsandMarkets. The growth of the market is attributed to the increasing adoption of electric heat tracing systems over conventional steam tracing systems, the rising demand for energy-efficient electric heat tracing systems, and low maintenance cost of electric heat tracing systems are the factors driving the growth of the electric heat tracing market.
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Browse in-depth TOC on "Electric Heat Tracing Market"
134 - Tables
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Self-regulating electric heat tracing type to grow at highest CAGR during the forecast period
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. 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 heating cables are ideal for temperature maintenance and frost-prevention installations because they produce more heat in cold and conversely less heat in warm conditions. Therefore, the market for self-regulating heat tracing cables is expected to hold the largest share as well as grow at the highest CAGR during the forecast period.
Freeze protection & process temperature maintenance to hold largest market share during forecast period
Freeze protection and process temperature maintenance applications are expected to hold the largest market share during the forecast period. In cold locations, thermal insulation alone cannot prevent fluids in the pipe from freezing. The main purpose of the freeze protection application is to prevent fluids, such as process water, drain water, and fire water from freezing in pipes. An electric heat tracing system is designed to provide pipe freeze protection that can prevent the freezing of fluids in pipes for a variety of industrial, commercial, and residential applications and also for hazardous, non-hazardous, and steam cleanable areas. The self-regulating cable is primarily used for pipe freeze protection applications.
Oil & Gas industry to register largest market share of electric heat tracing market during forecast period
The electric heat tracing market for the oil & gas industry is expected to hold the largest market share during the forecast period. In oil & gas industry, electric heat tracing is used to prevent pipes, vessels, and tanks from freezing in long duration cold weather regions such as North America and Europe. Similarly,the electric heat tracing is also used in process temperature maintenance in oil & gas industry to maintain the temperature of oil and gas in defined ranges per the requirement. Similarly, expansion of oil & gas production pipelines, new construction projects of oil & gas pipelines, growing exploration and production of oil & gas activities rising the demand of electric heat tracing. Several companies offer electric heat tracing systems for the oil & gas vertical. nVent (UK) and Spirax-Sarco Engineering (UK) are the leading companies that offer electric heat tracing systems to several verticals including oil & gas.
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North America to lead electric heat tracing market in 2027
The market in North America is expected to hold the largest share as well as grow at the highest CAGR during the forecast period. The region is one of the long duration cold weather regions, therefore, the demand for electric heat tracing is more compared to the other regions. These electric heat tracing is to prevent pipes and vessels from freezing and maintain the process temperature. Furthermore, US has the largest network of oil & gas pipelines in the region, Similarly, Canada is one of the largest energy producers in the world. Hence, protecting the pipelines from freezing in cold weather and maintaining the temperature of fluids in pipelines is important.
The key players in the Electric heat tracing market include nVent 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).
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