Electric Heat Tracing Market Set to Grow at the Fastest Rate- Time to Grow your Revenue
The 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.
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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Electric Heat Tracing is a system used to maintain or raise
the temperature of pipes and vessels in various industrial applications. The
system involves the use of electric heating cables or mats to provide heat to
the pipes or vessels, thereby preventing the formation of ice or maintaining
process temperatures. The Electric Heat Tracing Market is expected to grow due
to increasing demand for energy-efficient and cost-effective heating solutions
in various industries such as oil and gas, chemical, pharmaceutical, and food
and beverage. The market is also driven by factors such as rising
infrastructure development, growth in industrial automation, and increasing
safety concerns in the workplace. However, the market may be hindered by
factors such as high initial investment costs and stringent government
regulations.
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.
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.
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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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