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Electric Heat Tracing Market by Type (Self-regulating, Constant Wattage, Mineral-insulated), Component (Heat Tracing Cables, Control & Monitoring Systems, Thermal Insulation Materials, Power Connection Kits), Vertical - Forecast to 2029

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    Report

  • 242 Pages
  • March 2024
  • Region: Global
  • Markets and Markets
  • ID: 5148317
Description Jump to:
The electric heat tracing market is projected to grow from USD 2.96 billion in 2024 to USD 4.34 billion in 2029; it is expected to grow at a CAGR of 7.9% during the forecasted period. The global heat tracing market is experiencing robust growth, driven by increasing demand for precise temperature control across industries such as oil and gas, chemicals, and manufacturing, coupled with advancements in heat tracing technologies and expanding infrastructure projects.

Self regulating is expected to grow at highest CAGR during the forecasted period.

Self-regulating heating cables boast a distinctive design that optimizes temperature control with efficiency and reliability. These cables incorporate dedicated bus wires for precise current flow, ensuring uniform heat distribution without energy wastage. Embedded in a specialized conductive polymer matrix, these cables autonomously adapt their resistance to changes in surrounding temperature, effectively regulating heat output. This innovative technology mitigates the risk of overheating and streamlines installation on intricate structures like pipe elbows and valves, owing to the cable's flexibility. Moreover, self-regulating heating cables demand minimal maintenance and provide an extended lifespan, establishing them as a cost-effective and dependable solution for diverse applications in the business landscape.

Market for freeze protection & process temperature maintenance application is to grow at highest CAGR during forecast period.

To mitigate the risk of damage and financial disruptions caused by freezing temperatures, businesses employ pipe tracing cable systems. These systems are designed to prevent heat loss from insulated pipes and equipment, safeguarding against frozen pipes and potential compromises in fluid performance. Comprising self-regulating heating cables, thermostats, controllers, sensors, and control panels, these comprehensive solutions address the challenge of freeze protection. Particularly critical for water-based products susceptible to freezing at 0°C (32°F), these solutions ensure optimal temperature control and minimize costly downtime. Renowned for their versatility across industries, heat trace systems provide reliable freeze protection for liquids in pipes across various industrial applications, even in hazardous environments.

US to offer significant growth opportunities for Electric heat tracing market between 2024 and 2029.

The United States commands the electric heat tracing market in North America, propelled by several factors. The market experiences substantial growth due to the demand for dependable freeze protection solutions in regions with harsh winters. Additionally, the ongoing modernization and expansion of critical infrastructure, including oil and gas pipelines, create significant growth prospects. This involves the replacement of outdated systems and accommodation for heightened exploration and production activities. The market's expansion is not limited to the oil and gas sector; there is a notable surge in demand for electric heat tracing systems across diverse industries such as chemicals, commercial, and residential sectors. These comprehensive solutions, integrating self-regulating heating cables with thermostats, controllers, sensors, and control panels, ensure precise temperature control and effectively mitigate costly downtime.

The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:

  • By Company Type: Tier 1 - 45%, Tier 2 - 30%, and Tier 3 - 25%
  • By Designation: C-level Executives - 40%, Directors - 35%, and Others - 25%
  • By Region: North America - 45%, Europe - 30%, Asia Pacific - 15%, ROW - 10%
The key players operating in the electric heat tracing market are nVent Electric PLC (UK), Thermon Group Holdings (US), Spirax-Sarco Engineering Plc (UK), Nibe Industrier AB (Sweden), Bartec Top Holdings Gmbh(Germany).

Research Coverage:

This market research report delivers a thorough analysis of the electric heat tracing market, categorized by type, component, application, vertical industry, and geographic region. Key insights encompass identifying primary drivers and challenges influencing market growth, providing a reliable market forecast until 2029, and presenting a detailed competitive landscape analysis with key players strategically positioned in the electric heat tracing ecosystem.

The report emphasizes factors such as the demand for dependable freeze protection solutions in regions with severe winters, the growth opportunities propelled by the modernization and expansion of infrastructure like oil and gas pipelines, and the escalating adoption of electric heat tracing systems across various sectors beyond oil and gas, including chemicals, commercial, and residential industries. This meticulous examination aims to furnish valuable insights for stakeholders to leverage opportunities and navigate potential challenges in the electric heat tracing market.

Key Benefits of Buying the Report

  • Analysis of key drivers (Increasing adoption of electric heat tracing systems over conventional steam tracing systems in hardware technologies, Rising demand for energy-efficient electric heat tracing systems, Low maintenance cost associated with electric heat tracing systems), restraints (Adverse effects of overlapping heating cables), opportunities (Growing demand for heat tracing systems in various verticals, Rising adoption of heat tracing systems in power plants), and challenges (Installation of heat tracing systems on tanks and large vessels) influencing the growth of the electric heat tracing market.
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the electric heat tracing market
  • Market Development: Comprehensive information about lucrative markets - the report analyses the electric heat tracing market across varied regions.
  • Market Diversification: Exhaustive information about new services, untapped geographies, recent developments, and investments in the electric heat tracing market
  • Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players like nVent Electric PLC (UK), Thermon Group Holdings (US), Spirax-Sarco Engineering Plc (UK), Nibe Industrier AB (Sweden), Bartec Top Holdings Gmbh(Germany). among others in the Electric heat tracing market.

Table of Contents

1 Introduction
1.1 Study Objectives
1.2 Market Definition
1.3 Study Scope
1.3.1 Markets Covered
Figure 1 Electric Heat Tracing Market: Segmentation
1.3.2 Regional Scope
1.3.3 Inclusions and Exclusions
1.3.4 Years Considered
1.4 Currency Considered
1.5 Units Considered
1.6 Limitations
1.7 Stakeholders
1.8 Summary of Changes
1.9 Recession Impact
2 Research Methodology
2.1 Research Data
Figure 2 Electric Heat Tracing Market: Research Design
2.1.1 Secondary Data
2.1.1.1 List of Major Secondary Sources
2.1.1.2 Key Data from Secondary Sources
2.1.2 Primary Data
2.1.2.1 List of Key Participants in Primary Interviews
2.1.2.2 Key Data from Primary Sources
2.1.2.3 Key Industry Insights
2.1.2.4 Breakdown of Primaries
2.1.3 Secondary and Primary Research
2.2 Market Size Estimation
Figure 3 Electric Heat Tracing Market: Research Flow
2.2.1 Bottom-Up Approach
Figure 4 Market Size Estimation Methodology (Supply Side): Revenue from Sales of Electric Heat Tracing Products
2.2.1.1 Approach to Estimate Market Size Using Bottom-Up Analysis (Demand Side)
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
2.2.2 Top-Down Approach
2.2.2.1 Approach to Estimate Market Size Using Top-Down Analysis (Supply Side)
Figure 6 Market Size Estimation Methodology: Top-Down Approach
2.3 Data Triangulation
Figure 7 Data Triangulation
2.4 Research Assumptions
2.5 Risk Assessment
2.6 Parameters Considered to Analyze Impact of Recession on Electric Heat Tracing Market
2.7 Research Limitations
3 Executive Summary
Figure 8 Electric Heat Tracing Cables Segment to Account for Largest Share of Electric Heat Tracing Market in 2029
Figure 9 Self-Regulating Segment to Dominate Electric Heat Tracing Market in 2029
Figure 10 Freeze Protection and Process Temperature Maintenance Segment to Exhibit Highest CAGR in Electric Heat Tracing Market During Forecast Period
Figure 11 Oil & Gas Segment to Lead Electric Heat Tracing Market in 2029
Figure 12 Electric Heat Tracing Market in North America to Exhibit Highest CAGR During Forecast Period
4 Premium Insights
4.1 Significant Opportunities for Players in Electric Heat Tracing Market
Figure 13 Rising Number of Oil & Gas Construction Projects to Drive Market
4.2 Electric Heat Tracing Market in North America, by Country and Vertical
Figure 14 US and Oil & Gas Vertical Held Largest Shares of Electric Heat Tracing Market in North America in 2023
4.3 Electric Heat Tracing Market, by Country
Figure 15 US to Record Highest CAGR in Electric Heat Tracing Market During Forecast Period
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
Figure 16 Electric Heat Tracing Market: Drivers, Restraints, Opportunities, and Challenges
5.2.1 Drivers
5.2.1.1 Growing Preference for Electric Heat Tracing Systems Over Steam Tracing Systems
5.2.1.2 Rising Demand for Energy-Efficient Electric Heat Tracing Systems
5.2.1.3 Low Maintenance Costs Associated with Electric Heat Tracing Systems
Figure 17 Electric Heat Tracing Market: Impact Analysis of Drivers
5.2.2 Restraints
5.2.2.1 Adverse Effects of Overlapping Heating Cables
Figure 18 Electric Heat Tracing Market: Impact Analysis of Restraints
5.2.3 Opportunities
5.2.3.1 Growing Demand for Heat Tracing Systems in Oil & Gas Industry
5.2.3.2 Rising Adoption of Heat Tracing Systems in Power Plants
Figure 19 Electric Heat Tracing Market: Impact Analysis of Opportunities
5.2.4 Challenges
5.2.4.1 Difficulties in Installing Heat Tracing Systems on Tanks and Large Vessels
Figure 20 Electric Heat Tracing Market: Impact Analysis of Challenges
5.3 Trends/Disruptions Impacting Customer Business
Figure 21 Electric Heat Tracing Market: Trends/Disruptions Impacting Customer Business
5.4 Pricing Analysis
5.4.1 Average Selling Price Trend of Electric Heat Tracing Cables, by Vertical
Figure 22 Average Selling Price Trend of Electric Heat Tracing Cables, by Vertical (USD/Meter)
Table 1 Average Selling Price Trend of Electric Heat Tracing Cables, by Vertical (USD/Meter)
5.4.2 Average Selling Price Trend of Electric Heat Tracing Cables, by Region
Figure 23 Average Selling Price Trend of Electric Heat Tracing Cables, by Region, 2019-2023 (USD/Meter)
Figure 24 Average Selling Price of Electric Heat Tracing Cables, 2020-2029 (USD/Meter)
5.5 Value Chain Analysis
Figure 25 Electric Heat Tracing Market: Value Chain Analysis
5.6 Ecosystem Analysis
Figure 26 Electric Heat Tracing Market: Ecosystem Analysis
Table 2 Role of Players in Electric Heat Tracing Ecosystem
5.7 Investment and Funding Scenario
Figure 27 Number of Deals in Electric Heat Tracing Market
Figure 28 Funding in Electric Heat Tracing Market
5.8 Technology Analysis
5.8.1 Key Technologies
5.8.1.1 Self-Regulating Cables
5.8.1.2 Digital Control Systems
5.8.1.3 High-Temperature Insulation Materials
5.8.2 Adjacent Technologies
5.8.2.1 Thermal Imaging
5.8.2.2 Advanced Heat Transfer Fluids
5.8.2.3 Wireless Sensor Networks
5.8.3 Complementary Technologies
5.8.3.1 Renewable Energy Integration
5.8.3.2 Predictive Maintenance Solutions
5.8.3.3 Remote Access Management Platforms
5.9 Patent Analysis
Figure 29 Number of Patents Granted in Electric Heat Tracing Market, 2014-2023
Table 3 List of Patents Granted in Electric Heat Tracing Market, 2023
5.10 Trade Analysis
5.10.1 Import Scenario
Figure 30 Import Data for HS Code 851680-Compliant Products, by Country, 2018-2022 (USD Thousand)
5.10.2 Export Scenario
Figure 31 Export Data for HS Code 851680-Compliant Products, by Country, 2018-2022 (USD Thousand)
5.11 Key Conferences and Events, 2023-2024
Table 4 Electric Heat Tracing Market: List of Key Conferences and Events, 2024
5.12 Case Study Analysis
5.12.1 Project Engineering Firm Deployed Chromalox's Heat Trace Cable for Rapid-Response Temperature Control System
5.12.2 Hydroelectric Dam Implemented New Customized Chromalox Open Coil Element Heaters for Efficient Electric Heat Tracing
5.12.3 Company Utilized Nvent Electric PLC's Trace Heating Supplies to Provide Industrial Frost Protection Service
5.13 Tariff and Regulatory Landscape
5.13.1 Tariff Analysis
Table 5 Mfn Tariffs for HS Code 851680-Compliant Products Exported by China
Table 6 Mfn Tariffs for HS Code 851680-Compliant Products Exported by Germany
Table 7 Mfn Tariffs for HS Code 851680-Compliant Products Exported by Japan
5.13.2 Regulatory Bodies, Government Agencies, and Other Organizations
Table 8 Americas: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 9 Europe: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 10 Asia-Pacific: List of Regulatory Bodies, Government Agencies, and Other Organizations
5.13.3 Standards and Regulations
5.13.3.1 Iec 62395-1 - Electrical Resistance Trace Heating Systems - Industrial and Commercial Applications
5.13.3.2 Iec 62395-2 - Electrical Resistance Trace Heating Systems - Application Guide for System Design, Installation, and Maintenance
5.13.3.3 Ul 1673 - Electric Space Heating Cables
5.13.3.4 Ul 1588 - Roof and Gutter De-Icing Cable Units
5.13.3.5 Ul 515 - Commercial and Industrial Ordinary Locations
5.13.3.6 Ieee Std.515.1 - Standards for Testing, Design, and Installation of Electrical Resistance Heat Cables
5.13.3.7 Iec 60079-30-1 - General and Testing Requirements
5.13.3.8 Iec 60079-30-2 - Applications for Design, Installation, and Maintenance
5.13.3.9 Ul 515- Hazardous Location Requirements
5.14 Porter's Five Forces Analysis
Table 11 Electric Heat Tracing Market: Porter's Five Forces Analysis
Figure 32 Electric Heat Tracing Market: Porter's Five Forces Analysis
5.14.1 Threat of New Entrants
5.14.2 Threat of Substitutes
5.14.3 Bargaining Power of Suppliers
5.14.4 Bargaining Power of Buyers
5.14.5 Intensity of Competitive Rivalry
5.15 Key Stakeholders and Buying Criteria
5.15.1 Key Stakeholders in Buying Process
Figure 33 Key Stakeholders in Buying Process for Top Three Verticals
Table 12 Influence of Key Stakeholders on Buying Process for Top Three Verticals (%)
5.15.2 Buying Criteria
Figure 34 Key Buying Criteria for Top Three Verticals
Table 13 Key Buying Criteria for Top Three Verticals
6 Different Modes of Electric Heat Tracing
6.1 Introduction
6.2 Pipes
6.3 Vessels and Tanks
6.4 Rail Tracks and Roads
6.5 Roofs
6.6 Other Modes
7 Electric Heat Tracing Market, by Component
7.1 Introduction
Figure 35 Electric Heat Tracing Cables to Account for Largest Share of Electric Heat Tracing Market in 2029
Table 14 Electric Heat Tracing Market, by Component, 2020-2023 (USD Million)
Table 15 Electric Heat Tracing Market, by Component, 2024-2029 (USD Million)
7.2 Electric Heat Tracing Cables
7.2.1 Stringent Regulatory Standards to Boost Adoption
Table 16 Electric Heat Tracing Cables: Electric Heat Tracing Market, 2020-2023 (Million Meters)
Table 17 Electric Heat Tracing Cables: Electric Heat Tracing Market, 2024-2029 (Million Meters)
7.2.2 By Maintenance Temperature
7.2.2.1 Up to 100°C
7.2.2.2 101°C to 250°C
7.2.2.3 Above 250°C
7.3 Power Connection Kits
7.3.1 Convenience, Efficiency, and Safety Features of Power Connection Kits to Drive Market
7.4 Control and Monitoring Systems
7.4.1 Necessity to Monitor and Control Heating Systems for Optimum Functioning to Accelerate Demand
7.5 Thermal Insulation Materials
7.5.1 Need to Mitigate Heat Loss in Heating Systems to Foster Market Growth
7.6 Other Components
8 Electric Heat Tracing Market, by Type
8.1 Introduction
Figure 36 Self-Regulating Segment to Account for Largest Share of Electric Heat Tracing Market in 2029
Table 18 Electric Heat Tracing Market, by Type 2020-2023 (USD Million)
Table 19 Electric Heat Tracing Market, by Type 2024-2029 (USD Million)
8.2 Self Regulating
8.2.1 Ability to Adjust Heat Output Based on Environmental Conditions to Boost Adoption
Table 20 Self Regulating: Electric Heat Tracing Market, by Vertical, 2020-2023 (USD Million)
Table 21 Self Regulating: Electric Heat Tracing Market, by Vertical, 2024-2029 (USD Million)
8.3 Constant Wattage
8.3.1 Significant Focus on Preventing Disruptions in Industrial Processes to Boost Demand
Table 22 Constant Wattage: Electric Heat Tracing Market, by Vertical, 2020-2023 (USD Million)
Table 23 Constant Wattage: Electric Heat Tracing Market, by Vertical, 2024-2029 (USD Million)
8.4 Mineral Insulated
8.4.1 Growing Deployment due to Fire-Resistant and Super Ampacity Properties to Fuel Market Growth
Table 24 Mineral Insulated: Electric Heat Tracing Market, by Vertical, 2020-2023 (USD Million)
Table 25 Mineral Insulated: Electric Heat Tracing Market, by Vertical, 2024-2029 (USD Million)
8.5 Skin Effect
8.5.1 Rising Use to Trace Long Pipelines Cost-Effectively to Foster Market Growth
Table 26 Skin Effect: Electric Heat Tracing Market, by Vertical, 2020-2023 (USD Million)
Table 27 Skin Effect: Electric Heat Tracing Market, by Vertical, 2024-2029 (USD Million)
9 Electric Heat Tracing Market, by Application
9.1 Introduction
Figure 37 Freeze Protection and Process Temperature Maintenance Segment to Account for Largest Share of Electric Heat Tracing Market in 2029
Table 28 Electric Heat Tracing Market, by Application, 2020-2023 (USD Million)
Table 29 Electric Heat Tracing Market, by Application, 2024-2029 (USD Million)
9.2 Freeze Protection and Process Temperature Maintenance
9.2.1 Increasing Need for Fluid Temperature Control in Oil & Gas Industry to Contribute to Market Growth
9.3 Roof and Gutter De-Icing
9.3.1 Growing Inclination Toward Maintaining Structural Integrity of Buildings and Infrastructure to Propel Market
9.4 Floor Heating
9.4.1 Rising Use to Prevent Solidification of Fluids in Chemical Industries to Foster Market Growth
9.5 Other Applications
10 Electric Heat Tracing Market, by Vertical
10.1 Introduction
Figure 38 Oil & Gas Segment to Account for Largest Share of Electric Heat Tracing Market in 2029
Table 30 Electric Heat Tracing Market, by Vertical 2020-2023 (USD Million)
Table 31 Electric Heat Tracing Market, by Vertical 2024-2029 (USD Million)
10.2 Commercial
10.2.1 Increasing Utilization by Educational Institutions and Healthcare and Hospitality Facilities to Drive Market
Table 32 Commercial: Electric Heat Tracing Market, by Type, 2020-2023 (USD Million)
Table 33 Commercial: Electric Heat Tracing Market, by Type, 2024-2029 (USD Million)
Table 34 Commercial: Electric Heat Tracing Market, by Region, 2020-2023 (USD Million)
Table 35 Commercial: Electric Heat Tracing Market, by Region, 2024-2029 (USD Million)
Table 36 Commercial: Electric Heat Tracing Market, by North America, 2020-2023 (USD Million)
Table 37 Commercial: Electric Heat Tracing Market, by North America, 2024-2029 (USD Million)
Table 38 Commercial: Electric Heat Tracing Market, by Europe, 2020-2023 (USD Million)
Table 39 Commercial: Electric Heat Tracing Market, by Europe, 2024-2029 (USD Million)
Table 40 Commercial: Electric Heat Tracing Market, by Asia-Pacific, 2020-2023 (USD Million)
Table 41 Commercial: Electric Heat Tracing Market, by Asia-Pacific, 2024-2029 (USD Million)
Table 42 Commercial: Electric Heat Tracing Market, by RoW, 2020-2023 (USD Million)
Table 43 Commercial: Electric Heat Tracing Market, by RoW, 2024-2029 (USD Million)
10.3 Oil & Gas
10.3.1 Growing Demand in Upstream and Downstream Applications to Propel Market
Table 44 Oil & Gas: Electric Heat Tracing Market, by Type, 2020-2023 (USD Million)
Table 45 Oil & Gas: Electric Heat Tracing Market, by Type, 2024-2029 (USD Million)
Table 46 Oil & Gas: Electric Heat Tracing Market, by Region, 2020-2023 (USD Million)
Table 47 Oil & Gas: Electric Heat Tracing Market, by Region, 2024-2029 (USD Million)
Table 48 Oil & Gas: Electric Heat Tracing Market, by North America, 2020-2023 (USD Million)
Table 49 Oil & Gas: Electric Heat Tracing Market, by North America, 2024-2029 (USD Million)
Table 50 Oil & Gas: Electric Heat Tracing Market, by Europe, 2020-2023 (USD Million)
Table 51 Oil & Gas: Electric Heat Tracing Market, by Europe, 2024-2029 (USD Million)
Table 52 Oil & Gas: Electric Heat Tracing Market, by Asia-Pacific, 2020-2023 (USD Million)
Table 53 Oil & Gas: Electric Heat Tracing Market, by Asia-Pacific, 2024-2029 (USD Million)
Table 54 Oil & Gas: Electric Heat Tracing Market, by RoW, 2020-2023 (USD Million)
Table 55 Oil & Gas: Electric Heat Tracing Market, by RoW, 2024-2029 (USD Million)
10.4 Chemicals
10.4.1 Rising Demand for Maintaining Process Temperatures and Preventing Pipeline Freezing in Chemical Transportation to Foster Market Growth
Table 56 Chemicals: Electric Heat Tracing Market, by Type, 2020-2023 (USD Million)
Table 57 Chemicals: Electric Heat Tracing Market, by Type, 2024-2029 (USD Million)
Table 58 Chemicals: Electric Heat Tracing Market, by Region, 2020-2023 (USD Million)
Table 59 Chemicals: Electric Heat Tracing Market, by Region, 2024-2029 (USD Million)
Table 60 Chemicals: Electric Heat Tracing Market, by North America, 2020-2023 (USD Million)
Table 61 Chemicals: Electric Heat Tracing Market, by North America, 2024-2029 (USD Million)
Table 62 Chemicals: Electric Heat Tracing Market, by Europe, 2020-2023 (USD Million)
Table 63 Chemicals: Electric Heat Tracing Market, by Europe, 2024-2029 (USD Million)
Table 64 Chemicals: Electric Heat Tracing Market, by Asia-Pacific, 2020-2023 (USD Million)
Table 65 Chemicals: Electric Heat Tracing Market, by Asia-Pacific, 2024-2029 (USD Million)
Table 66 Chemicals: Electric Heat Tracing Market, by RoW, 2020-2023 (USD Million)
Table 67 Chemicals: Electric Heat Tracing Market, by RoW, 2024-2029 (USD Million)
10.5 Residential
10.5.1 Surging Use in Roof De-Icing and Floor Heating Applications to Support Market Growth
Table 68 Residential: Electric Heat Tracing Market, by Type, 2020-2023 (USD Million)
Table 69 Residential: Electric Heat Tracing Market, by Type, 2024-2029 (USD Million)
Table 70 Residential: Electric Heat Tracing Market, by Region, 2020-2023 (USD Million)
Table 71 Residential: Electric Heat Tracing Market, by Region, 2024-2029 (USD Million)
Table 72 Residential: Electric Heat Tracing Market, by North America, 2020-2023 (USD Million)
Table 73 Residential: Electric Heat Tracing Market, by North America, 2024-2029 (USD Million)
Table 74 Residential: Electric Heat Tracing Market, by Europe, 2020-2023 (USD Million)
Table 75 Residential: Electric Heat Tracing Market, by Europe, 2024-2029 (USD Million)
Table 76 Residential: Electric Heat Tracing Market, by Asia-Pacific, 2020-2023 (USD Million)
Table 77 Residential: Electric Heat Tracing Market, by Asia-Pacific, 2024-2029 (USD Million)
Table 78 Residential: Electric Heat Tracing Market, by RoW, 2020-2023 (USD Million)
Table 79 Residential: Electric Heat Tracing Market, by RoW, 2024-2029 (USD Million)
10.6 Power & Energy
10.6.1 Increasing Adoption in Coal-Fired, Nuclear, and Solar Power Plants to Foster Market Growth
Table 80 Power & Energy: Electric Heat Tracing Market, by Type, 2020-2023 (USD Million)
Table 81 Power & Energy: Electric Heat Tracing Market, by Type, 2024-2029 (USD Million)
Table 82 Power & Energy: Electric Heat Tracing Market, by Region, 2020-2023 (USD Million)
Table 83 Power & Energy: Electric Heat Tracing Market, by Region, 2024-2029 (USD Million)
Table 84 Power & Energy: Electric Heat Tracing Market, by North America, 2020-2023 (USD Million)
Table 85 Power & Energy: Electric Heat Tracing Market, by North America, 2024-2029 (USD Million)
Table 86 Power & Energy: Electric Heat Tracing Market, by Europe, 2020-2023 (USD Million)
Table 87 Power & Energy: Electric Heat Tracing Market, by Europe, 2024-2029 (USD Million)
Table 88 Power & Energy: Electric Heat Tracing Market, by Asia-Pacific, 2020-2023 (USD Million)
Table 89 Power & Energy: Electric Heat Tracing Market, by Asia-Pacific, 2024-2029 (USD Million)
Table 90 Power & Energy: Electric Heat Tracing Market, by RoW, 2020-2023 (USD Million)
Table 91 Power & Energy: Electric Heat Tracing Market, by RoW, 2024-2029 (USD Million)
10.7 Food & Beverages
10.7.1 Pressing Need to Maintain Desired Temperature of Food Additives to Accelerate Demand
Table 92 Food & Beverages: Electric Heat Tracing Market, by Type, 2020-2023 (USD Million)
Table 93 Food & Beverages: Electric Heat Tracing Market, by Type, 2024-2029 (USD Million)
Table 94 Food & Beverages: Electric Heat Tracing Market, by Region, 2020-2023 (USD Million)
Table 95 Food & Beverages: Electric Heat Tracing Market, by Region, 2024-2029 (USD Million)
Table 96 Food & Beverages: Electric Heat Tracing Market, by North America, 2020-2023 (USD Million)
Table 97 Food & Beverages: Electric Heat Tracing Market, by North America, 2024-2029 (USD Million)
Table 98 Food & Beverages: Electric Heat Tracing Market, by Europe, 2020-2023 (USD Million)
Table 99 Food & Beverages: Electric Heat Tracing Market, by Europe, 2024-2029 (USD Million)
Table 100 Food & Beverages: Electric Heat Tracing Market, by Asia-Pacific, 2020-2023 (USD Million)
Table 101 Food & Beverages: Electric Heat Tracing Market, by Asia-Pacific, 2024-2029 (USD Million)
Table 102 Food & Beverages: Electric Heat Tracing Market, by RoW, 2020-2023 (USD Million)
Table 103 Food & Beverages: Electric Heat Tracing Market, by RoW, 2024-2029 (USD Million)
10.8 Pharmaceuticals
10.8.1 Growing Focus of Healthcare Professionals on Avoiding Medicine Degradation to Stimulate Demand
Table 104 Pharmaceuticals: Electric Heat Tracing Market, by Type, 2020-2023 (USD Million)
Table 105 Pharmaceuticals: Electric Heat Tracing Market, by Type, 2024-2029 (USD Million)
Table 106 Pharmaceuticals: Electric Heat Tracing Market, by Region, 2020-2023 (USD Million)
Table 107 Pharmaceuticals: Electric Heat Tracing Market, by Region, 2024-2029 (USD Million)
Table 108 Pharmaceuticals: Electric Heat Tracing Market, by North America, 2020-2023 (USD Million)
Table 109 Pharmaceuticals: Electric Heat Tracing Market, by North America, 2024-2029 (USD Million)
Table 110 Pharmaceuticals: Electric Heat Tracing Market, by Europe, 2020-2023 (USD Million)
Table 111 Pharmaceuticals: Electric Heat Tracing Market, by Europe, 2024-2029 (USD Million)
Table 112 Pharmaceuticals: Electric Heat Tracing Market, by Asia-Pacific, 2020-2023 (USD Million)
Table 113 Pharmaceuticals: Electric Heat Tracing Market, by Asia-Pacific, 2024-2029 (USD Million)
Table 114 Pharmaceuticals: Electric Heat Tracing Market, by RoW, 2020-2023 (USD Million)
Table 115 Pharmaceuticals: Electric Heat Tracing Market, by RoW, 2024-2029 (USD Million)
10.9 Water & Wastewater Treatment
10.9.1 Rising Demand to Safeguard Valves, Pipes, Tanks, and Instrumentation Lines from Freezing to Propel Market
Table 116 Water & Wastewater Treatment: Electric Heat Tracing Market, by Type, 2020-2023 (USD Million)
Table 117 Water & Wastewater Treatment: Electric Heat Tracing Market, by Type, 2024-2029 (USD Million)
Table 118 Water & Wastewater Treatment: Electric Heat Tracing Market, by Region, 2020-2023 (USD Million)
Table 119 Water & Wastewater Treatment: Electric Heat Tracing Market, by Region, 2024-2029 (USD Million)
Table 120 Water & Wastewater Treatment: Electric Heat Tracing Market, by North America, 2020-2023 (USD Million)
Table 121 Water & Wastewater Treatment: Electric Heat Tracing Market, by North America, 2024-2029 (USD Million)
Table 122 Water & Wastewater Treatment: Electric Heat Tracing Market, by Europe, 2020-2023 (USD Million)
Table 123 Water & Wastewater Treatment: Electric Heat Tracing Market, by Europe, 2024-2029 (USD Million)
Table 124 Water & Wastewater Treatment: Electric Heat Tracing Market, by Asia-Pacific, 2020-2023 (USD Million)
Table 125 Water & Wastewater Treatment: Electric Heat Tracing Market, by Asia-Pacific, 2024-2029 (USD Million)
Table 126 Water & Wastewater Treatment: Electric Heat Tracing Market, by RoW, 2020-2023 (USD Thousand)
Table 127 Water & Wastewater Treatment: Electric Heat Tracing Market, by RoW, 2024-2029 (USD Thousand)
10.10 Other Verticals
Table 128 Other Verticals: Electric Heat Tracing Market, by Type, 2020-2023 (USD Million)
Table 129 Other Verticals: Electric Heat Tracing Market, by Type, 2024-2029 (USD Million)
Table 130 Other Verticals: Electric Heat Tracing Market, by Region, 2020-2023 (USD Million)
Table 131 Other Verticals: Electric Heat Tracing Market, by Region, 2024-2029 (USD Million)
Table 132 Other Verticals: Electric Heat Tracing Market, by North America, 2020-2023 (USD Million)
Table 133 Other Verticals: Electric Heat Tracing Market, by North America, 2024-2029 (USD Million)
Table 134 Other Verticals: Electric Heat Tracing Market, by Europe, 2020-2023 (USD Million)
Table 135 Other Verticals: Electric Heat Tracing Market, by Europe, 2024-2029 (USD Million)
Table 136 Other Verticals: Electric Heat Tracing Market, by Asia-Pacific, 2020-2023 (USD Million)
Table 137 Other Verticals: Electric Heat Tracing Market, by Asia-Pacific, 2024-2029 (USD Million)
Table 138 Other Verticals: Electric Heat Tracing Market, by RoW, 2020-2023 (USD Million)
Table 139 Other Verticals: Electric Heat Tracing Market, by RoW, 2024-2029 (USD Million)
11 Electric Heat Tracing Market, by Region
11.1 Introduction
Figure 39 North America to Account for Largest Share of Electric Heat Tracing Market in 2029
Table 140 Electric Heat Tracing Market, by Region, 2020-2023 (USD Million)
Table 141 Electric Heat Tracing Market, by Region, 2024-2029 (USD Million)
11.2 North America
11.2.1 Impact of Recession on Electric Heat Tracing Market in North America
Figure 40 North America: Electric Heat Tracing Market Snapshot
Table 142 North America: Electric Heat Tracing Market, by Country, 2020-2023 (USD Million)
Table 143 North America: Electric Heat Tracing Market, by Country, 2024-2029 (USD Million)
Table 144 North America: Electric Heat Tracing Market, by Vertical, 2020-2023 (USD Million)
Table 145 North America: Electric Heat Tracing Market, by Vertical, 2024-2029 (USD Million)
11.2.2 US
11.2.2.1 Rapid Expansion and Extensive Network of Oil and Gas Pipelines to Drive Market
11.2.3 Canada
11.2.3.1 Growing Demand from Petroleum Companies to Fuel Market Growth
11.2.4 Mexico
11.2.4.1 Strong Focus of Country on Energy Export to Create Growth Opportunities
11.3 Europe
11.3.1 Impact of Recession on Electric Heat Tracing Market in Europe
Figure 41 Europe: Electric Heat Tracing Market Snapshot
Table 146 Europe: Electric Heat Tracing Market, by Country, 2020-2023 (USD Million)
Table 147 Europe: Electric Heat Tracing Market, by Country, 2024-2029 (USD Million)
Table 148 Europe: Electric Heat Tracing Market, by Vertical, 2020-2023 (USD Million)
Table 149 Europe: Electric Heat Tracing Market, by Vertical, 2024-2029 (USD Million)
11.3.2 Uk
11.3.2.1 Escalating Demand from Commercial and Residential Customers to Drive Market
11.3.3 Germany
11.3.3.1 Rising Deployment of Heat Tracing Systems in Chemical Sector to Drive Market
11.3.4 France
11.3.4.1 Significant Need for Heat Tracing Systems Across Commercial and Residential Verticals to Fuel Market Growth
11.3.5 Russia
11.3.5.1 Extensive Network of Oil and Gas Pipelines to Contribute to Market Growth
11.3.6 Rest of Europe
11.4 Asia-Pacific
11.4.1 Impact of Recession on Electric Heat Tracing Market in Asia-Pacific
Figure 42 Asia-Pacific: Electric Heat Tracing Market Snapshot
Table 150 Asia-Pacific: Electric Heat Tracing Market, by Country, 2020-2023 (USD Million)
Table 151 Asia-Pacific: Electric Heat Tracing Market, by Country, 2024-2029 (USD Million)
Table 152 Asia-Pacific: Electric Heat Tracing Market, by Vertical, 2020-2023 (USD Million)
Table 153 Asia-Pacific: Electric Heat Tracing Market, by Vertical, 2024-2029 (USD Million)
11.4.2 China
11.4.2.1 Increasing Adoption in Oil & Gas Industry to Regulate Fluid Temperature in Pipelines to Support Market Growth
11.4.3 Japan
11.4.3.1 Minimal Average Low Temperatures Across Japan to Propel Demand
11.4.4 South Korea
11.4.4.1 Growing Requirement from Oil Refineries to Drive Market
11.4.5 Rest of Asia-Pacific
11.5 RoW
11.5.1 Impact of Recession on Electric Heat Tracing Market in RoW
Table 154 RoW: Electric Heat Tracing Market, by Country, 2020-2023 (USD Million)
Table 155 RoW: Electric Heat Tracing Market, by Country, 2024-2029 (USD Million)
Table 156 RoW: Electric Heat Tracing Market, by Vertical, 2020-2023 (USD Million)
Table 157 RoW: Electric Heat Tracing Market, by Vertical, 2024-2029 (USD Million)
11.5.2 South America
11.5.2.1 Increasing Utilization in Temperature Maintenance and Freeze Protection Applications to Fuel Market Growth
11.5.3 Middle East
11.5.3.1 Significant Expansion of Oil & Gas Vertical to Drive Demand
11.5.4 Africa
11.5.4.1 Need to Maintain Operational Integrity and Efficiency Across Industrial Processes to Complement Market Growth
12 Competitive Landscape
12.1 Introduction
12.2 Key Player Strategies/Right to Win, July 2019-January 2024
Table 158 Overview of Strategies Adopted by Companies in Electric Heat Tracing Market
12.3 Revenue Analysis of Key Players in Electric Heat Tracing Market, 2018-2022
Figure 43 Five-Year Revenue Analysis of Key Players in Electric Heat Tracing Market
12.4 Market Share Analysis, 2023
Figure 44 Market Share Analysis of Major Players, 2023
Table 159 Degree of Competition
12.5 Company Valuation and Financial Metrics
Figure 45 Company Valuation (USD Million), 2023
Figure 46 Financial Metrics (EV/Ebitda), 2023
12.6 Brand Comparison
Figure 47 Brand Comparison
12.7 Company Evaluation Matrix: Key Players, 2023
12.7.1 Stars
12.7.2 Emerging Leaders
12.7.3 Pervasive Players
12.7.4 Participants
Figure 48 Electric Heat Tracing Market: Company Evaluation Matrix (Key Players), 2023
12.7.5 Company Footprint: Key Players, 2023
12.7.5.1 Company Footprint
Figure 49 Overall Company Footprint
12.7.5.2 Component Footprint
Table 160 Company Component Footprint
12.7.5.3 Type Footprint
Table 161 Company Type Footprint
12.7.5.4 Application Footprint
Table 162 Company Application Footprint
12.7.5.5 Vertical Footprint
Table 163 Company Vertical Footprint
12.7.5.6 Region Footprint
Table 164 Company Region Footprint
12.8 Company Evaluation Matrix: Startups/SMEs, 2023
12.8.1 Progressive Companies
12.8.2 Responsive Companies
12.8.3 Dynamic Companies
12.8.4 Starting Blocks
Figure 50 Electric Heat Tracing Market: Company Evaluation Matrix (Startups/SMEs), 2023
12.8.5 Competitive Benchmarking: Key Startups/SMEs, 2023
12.8.5.1 List of Key Startups/SMEs
Table 165 Electric Heat Tracing Market: List of Key Startups/SMEs
12.8.5.2 Competitive Benchmarking of Key Startups/SMEs
Table 166 Overall Startups/SMEs Footprint
Table 167 Startups/SMEs Component Footprint
Table 168 Startups/SMEs Type Footprint
Table 169 Startups/SMEs Application Footprint
Table 170 Startups/SMEs Vertical Footprint
Table 171 Startups/SMEs Region Footprint
12.9 Competitive Scenario and Trends
12.9.1 Product Launches
Table 172 Electric Heat Tracing Market: Product Launches, July 2019-January 2024
12.9.2 Deals
Table 173 Electric Heat Tracing Market: Deals, July 2019-January 2024
12.9.3 Other Deals
Table 174 Electric Heat Tracing Market: Other Deals, July 2019-January 2024
13 Company Profiles
(Business Overview, Products/Solutions/Services Offered, Recent Developments, Analyst's View (Key Strengths/Right to Win, Strategic Choices Made, Weakness/Competitive Threats)*
13.1 Key Players
13.1.1 Danfoss
Table 175 Danfoss: Company Overview
Figure 51 Danfoss: Company Snapshot
Table 176 Danfoss: Products/Solutions/Services Offered
Table 177 Danfoss: Product/Service Launches
Table 178 Danfoss: Deals
13.1.2 Emerson Electric Co.
Table 179 Emerson Electric Co.: Company Overview
Figure 52 Emerson Electric Co.: Company Snapshot
Table 180 Emerson Electric Co.: Products/Solutions/Services Offered
Table 181 Emerson Electric Co.: Product/Service Launches
Table 182 Emerson Electric Co.: Deals
Table 183 Emerson Electric Co.: Other Deals
13.1.3 Bartec Top Holding GmbH
Table 184 Bartec Top Holding GmbH: Company Overview
Table 185 Bartec Top Holding GmbH: Products/Solutions/Services Offered
Table 186 Bartec Top Holding GmbH: Product/Service Launches
Table 187 Bartec Top Holding GmbH: Deals
13.1.4 Nibe Industrier Ab
Table 188 Nibe Industrier Ab: Company Overview
Figure 53 Nibe Industrier Ab: Company Snapshot
Table 189 Nibe Industrier Ab: Products/Solutions/Services Offered
Table 190 Nibe Industrier Ab: Deals
13.1.5 Thermon Group Holdings, Inc.
Table 191 Thermon Group Holdings, Inc.: Company Overview
Figure 54 Thermon Group Holdings, Inc.: Company Snapshot
Table 192 Thermon Group Holdings, Inc.: Products/Solutions/Services Offered
Table 193 Thermon Group Holdings, Inc.: Product/Service Launches
Table 194 Thermon Group Holdings, Inc.: Deals
13.1.6 Drexan Energy Systems, Inc.
Table 195 Drexan Energy Systems, Inc.: Company Overview
Table 196 Drexan Energy Systems, Inc.: Products/Solutions/Services Offered
Table 197 Drexan Energy Systems, Inc.: Product/Service Launches
13.1.7 Eltherm GmbH
Table 198 Eltherm GmbH: Company Overview
Table 199 Eltherm GmbH: Products/Solutions/Services Offered
Table 200 Eltherm GmbH: Product/Service Launches
13.1.8 Watlow Electric Manufacturing Company
Table 201 Watlow Electric Manufacturing Company: Company Overview
Table 202 Watlow Electric Manufacturing Company: Products/Solutions/Services Offered
Table 203 Watlow Electric Manufacturing Company: Product/Service Launches
13.1.9 Spirax-Sarco Engineering PLC
Table 204 Spirax-Sarco Engineering PLC: Company Overview
Figure 55 Spirax-Sarco Engineering PLC: Company Snapshot
Table 205 Spirax-Sarco Engineering PLC: Products/Solutions/Services Offered
Table 206 Spirax-Sarco Engineering PLC: Product/Service Launches
Table 207 Spirax-Sarco Engineering PLC: Deals
Table 208 Spirax-Sarco Engineering PLC: Other Deals
13.1.10 Nvent Electric PLC
Table 209 Nvent Electric PLC: Company Overview
Figure 56 Nvent Electric PLC: Company Snapshot
Table 210 Nvent Electric PLC: Products/Solutions/Services Offered
Table 211 Nvent Electric PLC: Product/Service Launches
Table 212 Nvent Electric PLC: Deals
13.2 Other Players
13.2.1 Drexma Industries Inc.
13.2.2 Ebeco
13.2.3 Heat Trace Products, LLC.
13.2.4 King Electric
13.2.5 Nexans
13.2.6 Sst Group Inc.
13.2.7 Trasor Corp.
13.2.8 Gf Piping Systems
13.2.9 Warmup PLC
13.2.10 Heat-Line
13.2.11 Vulcanic
13.2.12 Tempco Electric Heater Corporation
13.2.13 Valin Corporation
13.2.14 Klopper-Therm GmbH & Co. KG
13.2.15 Generi S.R.O.
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, Analyst's View (Key Strengths/Right to Win, Strategic Choices Made, Weakness/Competitive Threats)* Might Not be Captured in Case of Unlisted Companies.
14 Appendix
14.1 Discussion Guide
14.2 Knowledgestore: The Subscription Portal
14.3 Customization Options

Companies Mentioned

  • Danfoss
  • Emerson Electric Co.
  • Bartec Top Holding GmbH
  • Nibe Industrier Ab
  • Thermon Group Holdings, Inc.
  • Drexan Energy Systems, Inc.
  • Eltherm GmbH
  • Watlow Electric Manufacturing Company
  • Spirax-Sarco Engineering PLC
  • Nvent Electric PLC
  • Drexma Industries Inc.
  • Ebeco
  • Heat Trace Products, LLC.
  • King Electric
  • Nexans
  • Sst Group Inc.
  • Trasor Corp.
  • Gf Piping Systems
  • Warmup PLC
  • Heat-Line
  • Vulcanic
  • Tempco Electric Heater Corporation
  • Valin Corporation
  • Klopper-Therm GmbH & Co. KG
  • Generi S.R.O.

Methodology

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Table Information

Report AttributeDetails
No. of Pages242
PublishedMarch 2024
Forecast Period2024 - 2029
Estimated Market Value ( USD ) in 2024 $ 2.96 Billion
Forecasted Market Value ( USD ) by 2029 $ 4.34 Billion
Compound Annual Growth Rate7.9%
Regions CoveredGlobal
No. of Companies Mentioned25

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About the Electric Heat Tracing Market

Electric Heat Tracing (EHT) is a technology used in the wire and cable industry to maintain a desired temperature in pipes, tanks, and other vessels. It is used in a variety of industries, including oil and gas, chemical, and food and beverage. EHT is typically used to prevent freezing, condensation, and corrosion. It is also used to maintain a constant temperature in process piping and vessels. EHT is typically composed of a heating element, a temperature controller, and a power supply. The heating element is typically a metal-sheathed cable, which is installed along the length of the pipe or vessel. The temperature controller is used to regulate the temperature of the heating element, while the power supply provides the necessary power to the heating element. EHT is a cost-effective and reliable solution for temperature control in a variety of applications. It is also easy to install and maintain, and can be used in hazardous areas. Some companies in the Electric Heat Tracing market include Chromalox, Watlow, Pentair Thermal Management, and Heat Trace Products. Show Less Read more

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