Electric Heat Tracing Systems Market Overview:
Components of an electric heat tracing system include electric heat tracing cables (parallel constant watts, series constant watts, power-limiting, or self-regulating), cable end termination systems, a power connection kit, temperature sensors, thermal insulation, a monitoring and control panel, and other accessories. The use of electric heat tracing systems in the commercial sector began in the 1950s when steam tracing was no longer an option. A heat tracing system was used in the electric tracing of oil, asphalt, and wax transfer lines.
Electric heat tracing systems are commonly used in the oil & gas industry. There is a high level of volatility in the oil & gas industry worldwide. During the last couple of years, oil & gas production has been slowing. Electric heat tracing systems are expected to experience substantial growth in the near future, due to recent stability. The near future is also expected to see the award of many new projects. During the forecast period, electric heat tracing systems are expected to gain in demand. Additionally, the market for electric heat tracing systems is expected to benefit from an increase in oil and gas exploration projects in subsea and the Arctic region.
There has been a significant increase in the adoption of electric heat tracing systems over conventional steam tracing, along with an increase in investment in developing infrastructure for oil and gas pipelines. Industrial heat tracing such as tars, petroleum residues, and waxes has traditionally used steam tracing since the 19th century. Most industrial heat tracing systems use steam tracing, which accounts for 70% of the total. When compared to electric heat tracing systems, steam tracing systems are inefficient and complex to control.
The energy sector is predicted to showcase significant industrial fragmentation in the upcoming years, and this is primarily due to the rising awareness regarding the utilization of renewable sources of energy over conventional energy sources. The energy sector is also benefitting from the introduction of blockchain technology as this can help in trading energy with efficiency and this technology also provides transparency which can be useful for consumers as well as the service providers. With global warming turning to be a significant existential issue for the entire world, the sustainability sector is predicted to witness substantial market growth in the next few years with initiatives untaken by governments across the world in creating a plastic-free infrastructure. Moreover, the automobile sector has slowly initiated in adopting electric vehicles and by the looks at its continuous growth, this shall be regularised over the next few years.
The assessment of the Electric Heat Tracing Systems Market is performed taking various factors into consideration, like for instance, the business expansion policies of key players, competitive analysis of the progress of new entrants and emerging players, the revenue, financial, and opportunity analysis of market players. The Electric Heat Tracing Systems Market is also analyzed based on the regional segmentation, product type or technique, end-user spectrum, etc. This research will be conducted with the implementation of the latest market research methodologies which shall help organizations comprehend the overall market scenario and strategize accordingly.
Major players included in the Electric Heat Tracing Systems Market:
• Pentair PLC
• Thermon Inc.
• Emerson Electric Co.
• Danfoss
• Parker Hannifin Corp
• BARTEC GmbH
• Warmup
• Heat Trace Limited
• Chromalox
• Eltherm GmbH
• BriskHeat
• Urecon
• Supermec Private Limited
• Raychem RPG
(Note: The list of the major players will be updated with the latest market scenario and trends)
Electric Heat Tracing Systems Market Segmentation:
By Component
• Electric Heat Tracing Cables
• Power Connection Kit
• RTD Sensors (Thermostat)
• Other Accessories
By Application
• Process Temperature Maintenance
• Hot Water Temperature Maintenance
• Floor Heating
• Freezing Protection
By End-user Industry
• Industrial
• Commercial
• Residential
By Region
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
Electric Heat Tracing Systems Market Competitive Analysis:
• Tier-1 Players
• Tier-2 Players
• Emerging Players
• New Entrants
Future Market Analytics Focus Points:
• SWOT Analysis
• Key Market Trends
• Key Data -Points Affecting Market Growth
• Revenue and Forecast Analysis
• Growth Opportunities For New Entrants and Emerging Players
• Key Player and Market Growth Matrix
Objectives of the Study:
• To provide a comprehensive analysis on the Electric Heat Tracing Systems Market by component, by application, by end-user industry and by region
• To cater extensive insights on factors influencing the market growth (drivers, restraints, industry-specific restraints, business expansion opportunities)
• To anticipate and analyse the market size expansion in key regions- North America, Europe, Asia Pacific, Latin America and Middle East and Africa
• To record and evaluate competitive landscape mapping- strategic alliances and mergers, technological advancements and product launches, revenue and financial analysis of key market players
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