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Global electric heat tracing market review to 2023 scrutinized in new research

Global electric heat tracing market review to 2023 scrutinized in new research

Learn details of Electric Heat Tracing Market Global Review From 2017 to 2023 of 155 pages added by reports and reports explores Global Electric Heat Tracing Market size, trends, demand, share, growth, industry, and companies’ analysis to 2023. According to this study Global Electric Heat Tracing Market reaching $1.35 billion at a CAGR of 5.3% by 2023.

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Electric Heat Tracing Company Analyzed-Pentair (UK), Thermon (US), BARECT (Germany), Chromalox (US), Emerson (US), BriskHeat (US), eltherm (Germany), Parker-Hannifin (US), Heat Trace Products (UK), Danfoss (Denmark), and Warmup (UK).

“Electric Heat Tracing Market is to grow at the highest CAGR during forecast period”

The growing demand for heat tracing systems from several industries such as oil & gas, chemicals, and power & energy, increasing demand for energy-efficient self-regulating cables, replacement of steam heat tracing with electric heat tracing systems are some driving factors for the growth of the electric heat tracing market, while devastating effects of overlapping of heating cables restrains the growth of the electric heat tracing market.

“Electric heat tracing market for self-regulating cables expected to grow at the highest CAGR during the forecast period”

The market for self-regulating cables is expected to grow at the highest CAGR between 2017 and 2023. Self-regulating cables are most widely used for various applications such as freeze protection and process temperature maintenance, floor heating, and roof and gutter.

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These cables are easy to install as they can be cut to any length in the field or during the design process, minimizing waste and increasing installation flexibility since the heating circuit is infinitely parallel. Hence, self-regulating cables are more energy-efficient cables than any other type of cables.

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“Oil & gas vertical held the largest share of the electric heat tracing market in 2016”

Oil & gas held the largest share of the electric heat tracing market in 2016.In the oil & gas industry, heat tracing systems are used for various purposes, namely offshore and onshore drilling, down hole heating in midstream processing plants. The increase in projects of new pipelines and expansion of old pipelines provide opportunities to the players in the heat tracing system market.

Moreover, many end-user industries are replacing conventional systems, such as steam tracing, with electric heat tracing systems as they more energy-efficient, which is one of the major driving factors for the market growth.

“Electric heat tracing market in North America expected to grow at the highest CAGR during the forecast period”

The electric heat tracing market in North America is expected to grow at the highest CAGR between 2017 and 2023. In North America, the US is expected to continue to be a major contributor to the electric heat tracing market in the near future.

Most industries such as oil & gas, power & energy, chemicals in the US require heat tracing systems for freezing prevention and proper fluid temperature maintenance applications.

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Research Coverage: The report provides qualitative insights about growth rates, and market drivers for all sub segments. It maps market sizes and growth rates for each sub segment and identifies segments poised for rapid growth in each geographic segment.

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