Dublin, June 14, 2023 (GLOBE NEWSWIRE) -- The "Electric Heat Tracing Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global electric heat tracing market is expected to grow from $2.25 billion in 2022 to $2.43 billion in 2023 at a compound annual growth rate (CAGR) of 8%. The electric heat tracing market is expected to reach $3.18 billion in 2027 at a CAGR of 7%.
Major players in the electric heat tracing market 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, Drexan Energy Systems Inc., Warmup Inc., Ives Equipment Inc., Spirax-Sarco Engineering plc, Neptech Inc., Perma-Pipe International Holdings Inc., QmaxTest Research Corporation, and SST Group Inc.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Electrical heat tracing is a high-precision electrical system used to maintain or raise the temperature in critical lines. The systems use heat tracing cables to maintain the temperature of pipes, valves, and instrument panels.
The main types of electric heat tracing are self-regulating, constant wattage, mineral-insulated and skin-effect. Self-regulating refers to the type of heat trace cable specifically designed to self-adjust its power output in response to surface temperature and ambient conditions.
The components involved are electric heat tracing cables, power connection kits, control and monitoring systems, thermal insulation materials, and others that are used in oil and gas, chemical, commercial, residential, power and energy, food and beverage, pharmaceutical, water and wastewater treatment and others vertical. It is used in various applications such as freeze protection processes and temperature maintenance, roof and gutter de-icing, floor heating and others.
Product development and innovation are gaining popularity as a key trend in the electric heat tracing market. Major market players are introducing innovative electric heat tracing systems that include cutting-edge technologies such as self-regulating, power limiting, parallel constant wattage, series resistance (polymer or mineral), and skin effect tracing.
North America was the largest region in the electric heat tracing market in 2022. Asia-pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric heat tracing report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and 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.
Growing automation and industrialization across the globe are expected to propel the growth of the electric heat tracing market going forward. Automation and industrialization refer to the process of transitioning from a manual labour-based economy to a machine labour-driven industrial society. Growing automation in electric heat system manufacturing processes offers reduced operating costs, improved worker safety, reduced factory lead times, and easy monitoring of heat trace processes.
For instance, according to the report published by the International Federation of Robotics, a Germany-based organization for industrial automation services, in 2021, an estimated 3 million industrial robots are operating in factories across the world, with an increase of 10% for 384,000 units shipped globally in 2020. Therefore, growing automation and industrialization across the globe are driving the growth of the electric heat tracing market forward.
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
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $2.43 billion |
| Forecasted Market Value (USD) by 2027 | $3.18 billion |
| Compound Annual Growth Rate | 7.0% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Electric Heat Tracing Market Characteristics
3. Electric Heat Tracing Market Trends And Strategies
4. Electric Heat Tracing Market - Macro Economic Scenario
4.1. COVID-19 Impact On Electric Heat Tracing Market
4.2. Ukraine-Russia War Impact On Electric Heat Tracing Market
4.3. Impact Of High Inflation On Electric Heat Tracing Market
5. Electric Heat Tracing Market Size And Growth
5.1. Global Electric Heat Tracing Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Electric Heat Tracing Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Electric Heat Tracing Market Segmentation
6.1. Global Electric Heat Tracing Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Self-Regulating
- Constant Wattage
- Mineral-Insulated
- Skin Effect
6.2. Global Electric Heat Tracing Market, Segmentation By Components, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Electric Heat Tracing Cables
- Power Connection Kits
- Control And Monitoring Systems
- Thermal Insulation Materials
- Other Components
6.3. Global Electric Heat Tracing Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Oil And Gas
- Chemical
- Commercial
- Residential
- Power And Energy
- Food And Beverage
- Pharmaceutical
- Water And Wastewater Treatment
- Other Verticals
6.4. Global Electric Heat Tracing Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Freeze Protection Process And Temperature Maintenance
- Roof And Guttering De-Icing
- Floor Heating
- Other Applications
7. Electric Heat Tracing Market Regional And Country Analysis
7.1. Global Electric Heat Tracing Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Electric Heat Tracing Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/56u3y5
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
