Electric Heat Tracing Market

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MarketsandMarkets Research Private Ltd.
Presents
Electric Heat Tracing Market worth 3.26 Billion
USD by 2023 with a growing CAGR of 5.3
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According to the market research report "Electric
Heat Tracing Market by Type (Self-Regulating,
Constant Wattage, Mineral-Insulated, Skin
Effect), Application, Vertical (Oil Gas,
Commercial, Power Energy, Residential, Food
Beverages) and Geography - Global Forecast to
2023", the overall market is expected to be worth
USD 2.39 Billion in 2017 and is expected to reach
USD 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. Browse gtgt
65 Market data tables
52 figures 155 pages and
in-depth TOC on Electric Heat Tracing Market
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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.
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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).
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