The electric heat tracing global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Electric Heat Tracing Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The electric heat tracing market size has grown strongly in recent years. It will grow from $2.43 billion in 2023 to $2.62 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to commercial and residential applications, energy efficiency focus, oil & gas industry growth, freeze protection needs, industrial applications..
The electric heat tracing market size is expected to see strong growth in the next few years. It will grow to $3.5 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to digitalization and iot integration, rise in pharmaceutical & chemical manufacturing, cold chain logistics expansion, stringent safety standards, infrastructure development. Major trends in the forecast period include cold chain logistics, pharmaceutical and chemical industries, renewable energy and sustainability, regulatory compliance and standards, focus on safety and reliability..
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Scope Of Electric Heat Tracing Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Electric Heat Tracing Market Overview
Market Drivers –
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 labor-based economy to a machine labor-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.
Market Trends –
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. For instance, in June 2021, nVent Electric plc, UK-based electric heat tracing solution provider company, introduced nVent Raychem HTV Heating Cable. The nVent Raychem HTV is used in a newly developed semi-conductive polymer nanocomposite material with improved heat stability. The material has better thermal strength, providing better energy preservation at high temperatures. The cable can operate at temperatures as high as 205°C (400°F) continuously and resist temperatures as high as 260°C (500°F).
The electric heat tracing market covered in this report is segmented –
1) By Components: Electric Heat Tracing Cables, Power Connection Kits, Control And Monitoring Systems, Thermal Insulation Materials, Other Components
2) By Type: Self-Regulating, Constant Wattage, Mineral-Insulated, Skin Effect
3) By Vertical: Oil And Gas, Chemical, Commercial, Residential, Power And Energy, Food And Beverage, Pharmaceutical, Water And Wastewater Treatment, Other Verticals
4) By Application: Freeze Protection Process And Temperature Maintenance, Roof And Guttering De-Icing, Floor Heating, Other Applications
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Regional Insights –
North America was the largest region in the electric heat tracing market in 2023. Asia-pacific is expected to be the fastest-growing region in the electric heat tracing market during the forecast period. The regions covered in the electric heat tracing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the electric heat tracing market report 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, Warmup Inc, Ives Equipment Inc., Spirax-Sarco Engineering plc, Neptech Inc., Perma-Pipe International Holdings Inc., QmaxTest Research Corporation, SST Group Inc., Pentair Plc., Urecon Ltd., Supermec, Raychem RPG, nVent Electric plc, NIBE Industrier AB, Watlow Electric Manufacturing Company, Heat Trace Limited, Tyco Thermal Controls, Trasor Corp, Delta-Therm Corporation, Nelson Heat Trace, RSCC Heat Trace, Technitrace .
Table of Contents
1. Executive Summary
2. Electric Heat Tracing Market Report Structure
3. Electric Heat Tracing Market Trends And Strategies
4. Electric Heat Tracing Market – Macro Economic Scenario
5. Electric Heat Tracing Market Size And Growth
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27. Electric Heat Tracing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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