Electric Heat Tracing Market
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What Will the Electric Heat Tracing Industry Market Size Be by 2025?
Over the last few years, the size of the electric heat tracing market has seen a significant increase. It is expected to expand from $2.57 billion in 2024 to $2.75 billion in 2025, with a compound annual growth rate (CAGR) of 7.0%. Reasons behind this growth during the historic period can be linked back to its use in residential and commercial settings, a concentration on energy efficiency, the boom in the oil & gas industry, the necessity for freeze protection, and various industrial applications.
What’s the Long-Term Growth Forecast for the Electric Heat Tracing Market Size Through 2029?
The market size for electric heat tracing is projected to witness a substantial increase in the coming years, with an expected valuation of $3.67 billion by 2029 at a compound annual growth rate (CAGR) of 7.4%. This robust growth during the forecast period may be a result of the integration of digitalization and IoT, a surge in pharmaceutical & chemical manufacturing, expansion of cold chain logistics, strict safety standards, and infrastructure development. The forecast period is likely to be characterized by major trends such as cold chain logistics, the pharmaceutical and chemical sectors, renewable energy and sustainability, complying with regulations and standards, and a heightened emphasis on safety and reliability.
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What Are the Key Growth Drivers Fueling the Electric Heat Tracing Market Expansion?
The global upswing in automation and industrialization is anticipated to drive the expansion of the electric heat tracing market. The shift from an economy reliant on manual labor to one dominated by machinery and industrial processes represents automation and industrialization. The escalating automation in the manufacturing processes of electric heat systems yields benefits such as diminution of operating costs, augmentation of worker safety, contraction of factory lead times, and simplified supervision of heat trace processes. For example, a report issued by the International Federation of Robotics, an organization based in Germany that provides services for industrial automation, stated in September 2023 that there had been 553,052 installations of industrial robots in factories across the globe, which translates to a 5% growth rate for 2022, year-on-year. A regional breakdown of these figures reveals that 73% of all newly established robots were set up in Asia, followed by 15% in Europe and 10% in the Americas. It is projected that the industrial robot market will see a 7% growth in 2023, resulting in over 590,000 units worldwide. Thus, the rise in global automation and industrialization is a significant catalyst for the progression of the electric heat tracing market.
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What Are the Key Trends Driving Electric Heat Tracing Market Growth?
The trend of product innovation and development is making waves in the electric heat tracing market. Top players in the market are launching advanced electric heat tracing systems that integrate modern technologies, including power limiting, self-regulating, parallel constant wattage, series resistance (either polymer or mineral), and skin effect tracing. For example, nVent, a UK enterprise that creates, markets, installs, and offers services for electrical connection and safeguarding solutions, introduced the RAYCHEM ETS-05 heat tracing thermostat in June 2022. This new addition to the successful RAYCHEM ETS-05 controller collection provides a budget-friendly local heat tracing control solution, with upgraded central monitoring capabilities, catering to the growing demand for device connectivity in industrial infrastructures. The thermostat ETS-05-AL has been improved with an extended voltage range up to 277 volts and a relay for remote alarm supervision. This helps plant managers to identify issues from the central command center, enabling quicker, more effective problem-solving and reducing on-site maintenance costs. Moreover, operators can adjust the fail-safe feature to fit the specific needs of individual applications.
How Is the Electric Heat Tracing Market Segmented?
The electric heat tracing market covered in this report is segmented –
1) By Components: Electric Heat Tracing Cables, Power Connection Kits, Control And Monitoring Systems, Thermal Insulation Materials, Other Components
2) By Type: Self-Regulating, Constant Wattage, Mineral-Insulated, Skin Effect
3) By Vertical: Oil And Gas, Chemical, Commercial, Residential, Power And Energy, Food And Beverage, Pharmaceutical, Water And Wastewater Treatment, Other Verticals
4) By Application: Freeze Protection Process And Temperature Maintenance, Roof And Guttering De-Icing, Floor Heating, Other Applications
Subsegments:
1) By Electric Heat Tracing Cables: Self-Regulating Cables, Constant Wattage Cables, Series Resistance Cables
2) By Power Connection Kits: Termination Kits, Splice Kits, Junction Boxes
3) By Control And Monitoring Systems: Temperature Controllers, Sensors, Monitoring Software
4) By Thermal Insulation Materials: Pipe Insulation, Blanket Insulation, Rigid Insulation
5) By Other Components: Mounting Accessories, Heat Tracing Accessories, Protective Conduit
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Which Companies Are Leading the Charge in Electric Heat Tracing Market Innovation?
Major companies operating in the electric heat tracing market include Thermon Group Holding Inc., Bartec Top Holding GmbH, Danfoss, eltherm GmbH, Emerson Electric Co., Drexan Energy System Inc., Chromalox Inc., Briskheat Corporation, Parker Hannifin Corporation, Warmup Inc, Ives Equipment Inc., Spirax-Sarco Engineering plc, Neptech Inc., Perma-Pipe International Holdings Inc., Pentair Plc., Urecon Ltd., Supermec, Raychem RPG, nVent Electric plc, NIBE Industrier AB, Watlow Electric Manufacturing Company, Heat Trace Limited, Tyco Thermal Controls, Nelson Heat Trace, RSCC Heat Trace, Technitrace
Which Regions Are Leading the Global Electric Heat Tracing Market in Revenue?
North America was the largest region in the electric heat tracing market in 2024. Asia-pacific is expected to be the fastest-growing region in the electric heat tracing market during the forecast period. The regions covered in the electric heat tracing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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