Electric heat tracing market is expected to witness a CAGR of 4.70% during the forecast period to reach a total market value of US$2.476 billion by 2023, increasing from US$1.880 billion in 2017. Rapidly growing industries like chemical, oil and gas, food and beverage and others are the major drivers for this market. Increasing concerns regarding energy conservation across industries are augmenting the demand for energy efficient heat tracing systems, thus boosting the market growth. Furthermore, increasing focus of industry players towards reducing costs, enhancing productivity and improving margins is also fuelling the adoption of these systems among, thereby contributing to the market growth. Geographically, North America holds a significant share in this market on account booming oil and gas industry in this region. Middle East and Africa, and Asia Pacific regions also hold a decent share of the electric heat tracing market. Flourishing oil and gas industry in Middle East and Africa and rising number of manufacturing facilities in Asia Pacific are the major factors driving the market growth in these regions.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the global electric heat tracing value chain. Last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the market.
Major industry players profiled as part of the report are Spirax-Sarco Engineering plc, Danfoss, eltherm GmbH, BriskHeat, Parker Hannifin Corp and nVent among others.
• By Type of Heating Cable
o Self-Regulating Heating Cables
o Power-Limiting Heating Cable
o Parallel Constant Watt Heating Cable
o Series Constant Watt Heating Cables
• By Method
o Electric Resistance Heat Tracing
o Skin Effect Tracing
o Impedance Heat Tracing
o Induction Heating
• By End-User Industry
o Food and Beverage
o Energy and Power
o Oil and Gas
• By Geography
o North America
o South America
o Middle East and Africa
o Asia- Pacific