Electric Heat Tracing Market worth $4.34 billion by 2029 - Exclusive Report by MarketsandMarkets™

CHICAGO, March 25, 2024 /PRNewswire/ -- The Electric Heat Tracing Market is projected to grow from USD 2.96 billion in 2024 to USD 4.34 billion by 2029; it is expected to grow at a CAGR of 7.9% from 2024 to 2029 according to a new report by MarketsandMarkets™. The market's growth is propelled by a rising inclination towards electric heat tracing systems compared to conventional steam tracing methods. Factors like heightened demand for energy-efficient electric heat tracing systems and cost-effectiveness in terms of maintenance contribute significantly to the overall expansion of the electric heat tracing market.

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Browse in-depth TOC on "Electric Heat Tracing Market" 192 – Tables
51 – Figures
210 – Pages

Electric Heat Tracing Market Report Scope:

Self-regulating electric heat tracing cable type is projected to grow at the highest CAGR during the forecast period.

In self-regulating heat tracing systems, heating cables are designed to automatically adapt their heat output in response to changes in ambient temperature. An electric current pass through two non-heating bus wires, enclosed in a specialized combination of carbon and polymer. This distinctive polymer composition creates pathways that connect the bus wires, forming an infinitely parallel circuit. Self-regulating heating cables are well-suited for applications requiring temperature maintenance and frost prevention, adjusting heat output to colder conditions and reducing it in warmer conditions. As a result, the market for self-regulating heat tracing cables is poised to capture the largest market share and demonstrate the highest CAGR throughout the forecast period.

Freeze protection & process temperature maintenance is projected to hold the largest market share during forecast period.

In the forecast period, freeze protection and process temperature maintenance applications are anticipated to dominate the market share. In regions with cold temperatures, relying solely on thermal insulation may not suffice to prevent pipe fluids from freezing. The primary objective of the freeze protection application is to safeguard fluids like process water, drain water, and fire water from freezing within pipes. An electric heat tracing system is specifically engineered to offer pipe freeze protection, preventing the freezing of fluids in pipes across a diverse range of industrial, commercial, and residential applications, as well as in hazardous, non-hazardous, and steam-cleanable environments. Self-regulating cables play a pivotal role in applications focused on pipe freeze protection.

Oil & Gas industry is projected to have the largest market share of electric heat tracing market during forecast period.

In the forecasting period, the electric heat tracing market within the oil & gas industry is poised to dominate the market share. Heat tracing serves a crucial role in supporting the processing, transportation, and prevention of freezing in energy products across both upstream and downstream applications in the oil & gas sector. The upstream segment necessitates elevated temperatures for the extraction of crude oil and raw natural gases to the surface. Conversely, the downstream sector relies on freeze protection for refined petrochemical products. In the oil & gas industry, electric heat tracing systems find diverse applications, including process temperature maintenance, viscosity control, and freeze protection. Numerous companies provide electric heat tracing solutions tailored for the oil & gas vertical. Notably, industry leaders such as nVent (UK) and Spirax-Sarco Engineering (UK) are at the forefront, offering electric heat tracing systems to various sectors, including oil & gas.

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North America to is projected to have the largest electric heat tracing industry in 2029.

During the forecast period, the North American market is poised to secure the largest market share and exhibit the highest Compound Annual Growth Rate (CAGR). Encompassing countries such as the US and Canada, known for their extreme cold climates, North America witnesses a rising embrace of electric heat tracing. This adoption is evident across applications like freeze protection, temperature maintenance, roof & gutter de-icing, and floor heating. The prolonged cold weather in these nations, the gradual shift from conventional systems to electric heat tracing solutions, the expansion of oil and gas production pipelines, the initiation of new construction projects for oil & gas pipelines, burgeoning exploration and production activities in the oil & gas sector, and the escalating demand for heat tracing systems across chemical, commercial, and residential industries collectively contribute as significant drivers propelling market growth.

Key Players

The Electric heat tracing Companies includes significant Tier I and II players like nVent Electric PLC (UK), Thermon Group Holdings (US), Spirax-Sarco Engineering Plc (UK), Nibe Industrier AB (Sweden), Bartec Top Holdings Gumby (Germany), and others. These players have a strong market presence for Electric heat tracings across various North America, Europe, Asia Pacific, and RoW countries.

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