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.
“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.
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“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.
“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).
