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Electric Heat Tracing Market Worth 3.26 Billion USD by 2023


News provided by

MarketsandMarkets

13 Nov, 2017, 14:30 GMT

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PUNE, India, November 13, 2017 /PRNewswire/ --

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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", published by MarketsandMarkets™ 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.

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Browse 65 Market Data Tables and 52 Figures spread through 155 Pages and in-depth TOC on "Electric Heat Tracing Market - Global Forecast to 2023"


http://www.marketsandmarkets.com/Market-Reports/electric-heat-tracing-market-88678555.html

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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.

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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).

Browse Related Reports 

Underfloor Heating Market by Component (Heating Cables, Heating Mats, Sensor & Thermostat, Heating Pipes, Manifolds), Type (Hydronic Underfloor Heating, Electric Underfloor Heating), Application and Geography - Global Forecast to 2023
http://www.marketsandmarkets.com/Market-Reports/underfloor-heating-market-167464533.html

Magnetic Refrigeration Market by Product (Refrigeration Systems, Air Conditioning Systems and Heat Pumps), Application (Domestic, Commercial, Transportation and Industrial), and Geography - Global Forecast to 2023
http://www.marketsandmarkets.com/Market-Reports/magnetic-refrigeration-market-243034247.html

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About MarketsandMarkets™  

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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