Electric Heat Tracing Market

Electric Heat Tracing Market Highlights

The global electric heat tracing market is expected to cross a value of USD 5.54 billion by the end of 2032. The market was valued at USD 2.45 billion in 2023 and is expected to expand at a CAGR of 8.5% between 2024-2032.

• Over the mid-term, the increasing inclination towards electric heat tracing systems is the primary factor anticipated to drive the global electric heat tracing market.
• The requirement of huge initial investment is a major factor to challenge the market growth.
• The North America electric heat tracing market is projected to dominate the global market.

Electric Heat Tracing Market Outlook

The method of providing controlled heat to pipes, tanks, vessels, and other equipment to maintain a desired temperature and to prevent freezing is known as electric heat tracing. The process involves the installation of electric heating cables or tapes along the surface of the equipment or piping system.

According to our experts at KD Market Insights, one of the primary factors associated with the growth of the global electric heat tracing market is the increasing inclination towards electric heat tracing systems over conventional steam tracing methods. Energy conservation and sustainability are the hot topics of discussion among everyone nowadays. With the rise in awareness about energy conservation, and due to the fact that electric heat tracking systems consume less energy than the conventional systems, hence, the demand for energy-efficient heating solutions are on the rise. Anhui Huanrui Heating Manufacturing Co., Ltd., Bartec GmbH, Briskheat, are some of the significant parties in the global market for electric heat tracing.

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Electric Heat Tracing Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global electric heat tracing market are:

• Growing Utilization of Electric Heat Tracing in Industries: Several industries, such as the oil & gas, chemical processing plants, and power generation facilities are witnessing rapid growth. For instance, the production of crude oil worldwide increased by more than 5% in 2022, while the production of natural gas reached near to 4 trillion cubic meters. With the increasing industrial infrastructure worldwide, the need for maintaining the temperature of pipelines, tanks, and equipment to prevent freezing, ensure product quality, and optimize process efficiency, particularly in harsh environments and cold climates is increasing, which is expected to drive the growth of the electric heat tracing market.
• Surge in Applications of Electric Heat Tracing Systems in Renewable Energy: The demand for renewable energy around the world is growing rapidly. According to the International Energy Agency (IEA), during 2023-2028, about 3700 GW of new renewable energy capacity are expected to be installed globally. These renewable energy systems often require temperature maintenance in harsh weather conditions for its proper functioning. Electric heat tracing systems offer a reliable solution for these applications, which is expected to drive its demand in the renewables energy sector, and in turn, contribute to the market growth.

Which Probable Factors Could Hamper the Growing Electric Heat Tracing Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of electric heat tracing are:

• Requirement of Huge Initial Investment: The upfront cost of purchasing and installing electric heat tracing systems is usually very high and hence may deter some customers from adopting these solutions, thereby restricting market growth.
• Greater Concern for Operational Costs: With the increasing per unit charge of electricity worldwide, the concern for high operational costs of electric heat tracing solutions among consumers may make them reluctant from adopting these solutions, which in turn, would restrict the market growth.

How is the Global Electric Heat Tracing Market Segmented?

Our experts at KD Market Insights have segmented the global electric heat tracing market as:

What are the Probable Factors Influencing the North America Electric Heat Tracing Market Forecast?

The North America electric heat tracing market is majorly driven by the fact that the region experiences frigid winters in many regions, thereby necessitating freeze protection solutions for pipes and equipment. Our researchers have found that the region has some of the coldest places, such as Fairbanks, Alaska, which reported a minimum average temperature of near to -17°F. Add on to this, the aging infrastructure in the region, which include pipelines and processing plants, often requires maintenance and upgrades. By using electric heat tracing solutions, the durability and efficiency of these aging assets is increased, which is also expected to create numerous opportunity for market growth.

As per our analysts at KD Market Insights, the following five players lead the North America electric heat tracing market growth:

• Thermon Group Holdings, Inc.
• nVent Thermal Management
• Pentair plc
• Chromalox (Emerson Electric Co.)
• BriskHeat Corporation

Which Key Players Top the Global Electric Heat Tracing Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global electric heat tracing market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with electric heat tracing market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global electric heat tracing market share:

• Anhui Huanrui Heating Manufacturing Co., Ltd.
• Bartec GmbH
• Briskheat
• Chromalox
• Danfoss A/S
• Drexan Energy Systems, Inc.
• Drexma Industries Inc.
• Ebeco AB
• Emerson Electric Company
• Heat Trace Products, LLC.
• Ives Equipment, Inc.
• Neptech Inc.
• Parker-Hannifin Corporation
• Pentair PLC
• Perma-Pipe, Inc.
• QmaxTest Research Corporation
• SST Group, Inc.
• Technitrace
• Thermo
• Tracelec
• Urenco Limited
• Warmup Plc
• Wuhu Jiahong New Materials Co., Ltd.

What are the Recent Developments Observed in the Electric Heat Tracing Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global electric heat tracing market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, BARTEC shared that it has introduced its advanced heat loss calculation software known as Helos Pro. This software has been designed especially for industrial heat tracing systems for pipelines and tanks.

Further, Spirax-Sarcon stated that it has launched an efficient fluid temperature management solution known as Turflew Heat Exchanger. This new solution is designed to address the needs of managing process water.