Dublin, Aug. 09, 2023 (GLOBE NEWSWIRE) -- The "Global Electric Heat Tracing Market by Component, Type, Temperature, Application, Vertical - Cumulative Impact of COVID-19, Russia Ukraine Conflict, and High Inflation - Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The Global Electric Heat Tracing Market size was estimated at USD 2.71 billion in 2022, USD 2.93 billion in 2023, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 8.99% to reach USD 5.40 billion by 2030.
Market Dynamics:
Drivers:
- Surging Demand from Industrial, Commercial, and Residential Applications: The need for efficient temperature control in diverse sectors is driving a surge in demand for electric heat tracing systems, offering enhanced operational efficiency and cost-effectiveness.
- Increasing Adoption of Electric Heat Tracing Systems Over Conventional Steam Tracing: Electric heat tracing systems are being widely embraced due to their flexibility, ease of installation, and reduced maintenance costs compared to traditional steam tracing methods.
- Rising Investment in the Development of Oil & Gas Pipeline Infrastructure: Substantial investments in the development of oil & gas pipeline infrastructure are creating a favorable environment for the adoption of electric heat tracing systems.
Restraints:
- Thermal Inconsistencies in Electric Heat Tracing Systems: Certain challenges, such as thermal inconsistencies, are being addressed by industry stakeholders to ensure the optimal performance of electric heat tracing systems.
Opportunities:
- Rising Adoption of Heat Tracing Systems in Power Plants and Pharmaceutical & Chemical Industry: The growing adoption of heat tracing systems in power plants and the pharmaceutical & chemical industry presents new avenues for market expansion.
- Growing Advancements in Electric Heat Tracing Cables: Advancements in electric heat tracing cables are expected to drive innovation and increase the efficiency of the heat tracing systems.
Challenges:
- Installation Hazards Leading to Failure in Functioning and Shock & Fire: The market faces challenges concerning proper installation practices to mitigate hazards, such as electrical shock and fire, emphasizing the need for robust safety standards.
As the market for electric heat tracing systems evolves, industry players are proactively addressing the challenges while capitalizing on the opportunities to meet the increasing demand for efficient temperature control solutions in various sectors.
The Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and High Inflation is expected to have significant long-term effects on the Global Electric Heat Tracing Market. The ongoing research considers the changes in consumer behavior, supply chain disruptions, and government interventions caused by the pandemic.
Similarly, the report considers the ongoing political and economic uncertainty in Eastern Europe caused by the Russia-Ukraine Conflict and its potential implications for demand-supply balances, pressure on pricing variants, and import/export and trading. Additionally, the report addresses the impact of High Inflation on the global economy and details fiscal policies measuring and reducing its effects on demand, supply, cash flow, and currency exchange.
Market Segmentation & Coverage:
This research report categorizes the Global Electric Heat Tracing Market in order to forecast the revenues and analyze trends in each of following sub-markets:
- Based on Component, the market is studied across Control and Monitoring Systems, Electric Heat Tracing Cables, Power Connection Kits, and Thermal Insulation Materials. The Control and Monitoring Systems is further studied across Resistance Temperature Detectors, Thermocouples, and Thermostats. The Control and Monitoring Systems commanded largest market share of 29.78% in 2022, followed by Thermal Insulation Materials.
- Based on Type, the market is studied across Constant Wattage, Mineral-Insulated, Self-Regulating, and Skin Effect. The Self-Regulating commanded largest market share of 28.73% in 2022, followed by Mineral-Insulated.
- Based on Temperature, the market is studied across 101C to 250C, Above 250C, and Up to 100C. The Up to 100C commanded largest market share of 45.30% in 2022, followed by Above 250C.
- Based on Application, the market is studied across Floor Heating and Roof & Gutter De-Icing. The Roof & Gutter De-Icing commanded largest market share of 38.92% in 2022, followed by Floor Heating.
- Based on Vertical, the market is studied across Chemicals, Commercial, Food & Beverages, Oil & Gas, Pharmaceuticals, Power & Energy, Pulp & Paper, Residential, Textile, Transportation, and Water & Wastewater Management. The Oil & Gas commanded largest market share of 18.63% in 2022, followed by Residential.
- Based on Region, the market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States.
Companies Mentioned
- BARTEC GmbH
- Danfoss A/S
- Drexan Energy Systems, Inc.
- Drexma Industries Inc.
- Ebeco AB
- eltherm GmbH
- Emerson Electric Co.
- Ives Equipment, Inc.
- King Electric Company
- Nexans S.A.
- NIBE Industrier AB
- nVent Electric PLC
- Parker Hannifin Corporation
- Spirax-Sarco Engineering PLC
- SST Group
- Thermon Group Holdings, Inc.
- Urecon Ltd. by GF Piping Systems
- Warmup PLC
- Watlow Electric Manufacturing Company
- Wuhu Jiahong New Materials Co., Ltd.
- XAREX by E&STEC Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/4yzrg9
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