The global electric heat tracing market size is expected to reach USD 4.74 billion by 2030 according to a new study by Polaris Market Research. The report “Electric Heat Tracing Market Share, Size, Trends, Industry Analysis Report, By Type (Self-Regulating, Constant Wattage, Mineral Insulated, Skin Effect); By System Components; By Application; By Vertical; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing use of electric heat tracing systems in place of traditional steam tracing systems, the low expense of electric heat tracing systems, and the growing adoption of this system in power plants are the factors responsible for accelerating the market’s growth.
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Electric heat tracing benefits several industrial sectors, including petrochemical plants, refineries, pharmaceutical manufacturing, power generation, and waste treatment facilities which have propelled the market’s growth. Additionally, heat tracing systems operate with minimal maintenance and can be replaced without damaging existing structures is the crucial factor influencing the market’s growth.
Moreover, increasing interest by organizations across multiple industries in operational improvements to enhance efficiency and ongoing adoption of automated monitoring and control solutions is expected to propel the expansion of electric heat tracing worldwide.
Electric Heat Tracing Market Report Highlights
- Self-regulating accounted for the largest market revenue as they are the latest and advanced components designed to regulate output per process needs.
- The growth of the electric heat tracing cable segment is attributed to growing applications such as temperature maintenance, anti-condensation, and soil warming and is expected to grow fastest over the forecast period.
- Freeze protection & process temperature maintenance segment is expected to grow at the fastest CAGR due to increasing utilization of electric heat tracing systems with ambient air sensing for temperature control.
- The oil & gas industries are expected to grow at highest CAGR during the forecast period as heat tracing in this industry is used to prevent the pipes, tanks, and vessels in cold climates.
- North America is anticipated to witness significant growth due to the presence of major players in the US region.
- Major players operating in the industry include Anhui Huanrui Heating Manufacturing Co., Ltd., Bartec GmbH, Briskheat, Chromalox, Danfoss A/S, Drexan Energy Systems, Inc., Drexma Industries Inc., Ebeco AB, Emerson Electric Company, Heat Trace Products, LLC., Ives Equipment, Inc.
Polaris Market Research has segmented the electric heat tracing market report based on type, system component, application, vertical, and regions:
Electric Heat Tracing, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Constant Wattage
- Skin Effect
Electric Heat Tracing, System Component Outlook (Revenue – USD Billion, 2018 – 2030)
- Electric Heat Tracing Cables
- Power Connection Kits
- Control and Monitoring Systems
- Thermal Mineral Insulations
Electric Heat Tracing, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Freeze Protection & Process Temperature Maintenance
- Roof & Guttering De-icing
- Floor Heating
Electric Heat Tracing, Vertical Outlook (Revenue – USD Billion, 2018 – 2030)
- Oil & Gas
- Power & Energy
- Food & Beverages
- Water & Wastewater Treatment
Electric Heat Tracing, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa