Electric Heat Tracing Market to be worth 3.26 Billion US$ by 2023
According to a report by MarketsandMarkets, the overall market is expected to be worth US$ 2.39 Billion in 2017 and is expected to reach US$ 3.26 Billion by 2023, at a CAGR of 5.3% between 2017 and 2023. The increasing adoption of electric heat tracing systems over conventional steam tracing systems and low maintenance cost of electric heat tracing systems compared to steam tracing are the major drivers for the electric heat tracing market growth.
Self-regulating cables expected to hold a major share of the electric heat tracing market between 2017 and 2023
Self-regulating cables led the electric heat tracing market in 2016. Self-regulating cables are offered by most industrial heat tracing manufacturers. Self-regulating cables are energy-efficient heat tracing systems. These cables can be used in hazardous and non-hazardous areas as they are intrinsically safe. Self-regulating heat tracing systems do not overheat or burnout even in the case of self-overlapping; hence, these systems can be used any industry for several applications, for instance, in pipelines carrying flammable materials, such as oil and gas. These systems have a long lifespan and require less maintenance; therefore, they are preferred for various applications. Hence, self-regulating cables are expected to lead the electric heat tracing market.
Oil & gas vertical expected to grow at a high CAGR between 2017 and 2023
The oil & gas industry is one of the major verticals for electric heat tracing. In the oil & gas industry, heat tracing systems are used for various applications such as pipe freeze protection, process temperature maintenance, viscosity control, and tank heating. In many regions, there is an increase in the expansion of oil and gas pipelines as in cold conditions, heat trace systems are required for the continuous flow of a fluid or gas in the pipeline and to protect them from freezing. The increase in the projects of new pipelines and expansion of old pipelines are likely to provide opportunities to heat tracing system manufacturers in the near future.
North America expected to hold a major share of electric heat tracing market between 2017 and 2023
North America is expected to hold the largest share of the electric heat tracing market during the forecast period. North American countries are adopting electric heat tracing systems for various applications such as freeze protection and process temperature maintenance of pipelines. In North America, due to the cold region, the chances of pipe freezing are high. Oil & gas is a major industry in the US, which is important to the economy of North America. The temperature in the US is usually low; hence, to prevent pipelines, carrying oil and gas, chemicals, or any other fluids, from freezing, it becomes necessary to maintain the temperature of the process that can be done using electric heat tracing systems.
Major players in the electric heat tracing market are Pentair (UK), Thermon (US), BARTEC (Germany), Chromalox (US), Emerson (US), Danfoss (Denmark), BriskHeat (US), eltherm (Germany), Parker-Hannifin (US), and Warmup (UK). It also includes start-up companies, namely, Drexan (Canada), Heat Trace Products (US), Neptech (US), QMAX (US), and TECHNITRACE (France).