Electric Heat Tracing Market worth $2.5 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 24, 2020 /PRNewswire/ -- According to the market research report "Electric Heat Tracing Market with COVID-19 Impact, by Type (Self Regulating, Constant Wattage), Application (Freeze Protection & Process Temperature Maintenance), Vertical (Oil & Gas, Chemicals, Residential, Commercial), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Electric Heat Tracing Market size is expected to grow from USD 1.7 billion in 2020 to USD 2.5 billion by 2025, at a CAGR of 8.2%. The increasing adoption of electric heat tracing systems over conventional steam tracing systems is expected to fuel the demand for electric heat tracing systems. The growing demand for electric heat tracing systems from various end-user industries is expected to play a vital role in the growth of the Electric Heat Tracing Market.
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The Electric Heat Tracing Market includes major Tier I and II players like nVent, Thermon, Spirax-Sarco Engineering, NIBE Industrier, and BARTEC. These players have their manufacturing facilities spread across various countries across Europe, North America, APAC, and RoW. COVID-19 has impacted their businesses as well. Multiple manufacturing facilities of players have shut down due to COVID-19. We expect that the oil & gas industry would decline significantly globally in 2020 due to COVID-19 which would result in reduced demand for heat tracing from oil & gas industry. This also translates into a snowballing effect on the Electric Heat Tracing Market.
Self-regulating type is expected to hold the largest market share during the forecast period
Self-regulating type is estimated to have the largest market share by value. Self-regulating heating cables are ideal for temperature maintenance and frost-prevention installations because they produce more heat in cold and conversely less heat in warm conditions. These cables are highly energy efficient because of their unique self-regulating feature built-in tracers. Moreover, self-regulating systems can be easily installed on any outline, such as pipe elbows, valves, and different fittings, due to their flexibility. These types of systems hardly require any maintenance and also have a long life since these systems do not create any hotspot at any point. These advantages are expected to propel the demand for self-regulating cables during the forecast period.
Oil & gas segment is estimated to be the largest market
The Electric Heat Tracing Market for the oil & gas vertical is expected to hold the largest market share during the forecast period. Heat tracing is used to facilitate the processing, transportation, and freeze protection of energy products in both upstream and downstream applications in the oil & gas industry. In the oil & gas industry, electric heat tracing is used to avoid the freezing of pipes, vessels, and tanks in cold regions such as North America and Europe. With numerous oil & gas projects expected to start construction in the next 3 to 5 years in various regions across the world, the demand for electric heat tracing systems is expected to grow significantly. The market is expected to decline in 2020 mainly due to the impact of COVID-19. As the oil & gas industry is one of the most impacted industries in 2020, players in this industry are focusing on reducing CAPEX, which would affect the Electric Heat Tracing Market. Though the market is expected to be impacted in 2020, it is expected to start to recover by 2021 and will fully recover by 2022.
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North America likely to emerge as the largest Electric Heat Tracing Market
The market in North America is expected to hold the largest market share during 2020–2025. North America includes countries such as the US and Canada, which are among the coldest countries in the world. Electric heat tracing finds increasing adoption in these countries for applications such as freeze protection, roof & gutter de-icing, and floor heating. Moreover, with the new oil & gas pipeline projects planned in the region, the Electric Heat Tracing Market in North America is expected to grow significantly during the forecast period.
Major players in the Electric Heat Tracing Market include nVent (UK), Thermon (US), Spirax-Sarco Engineering (UK), NIBE Industrier (Sweden), BARTEC (Germany), Danfoss (Denmark), Emerson (US), eltherm (Germany), Heat Trace (UK), and Watlow (US).
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