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(Hosting-NewsWire.com, June 07, 2018 ) The electric heat tracing (EHT) market is expected to be valued at USD 3.26 Billion by 2023, growing at a CAGR of 5.3% between 2017 and 2023. The growth of this market can be attributed to the increasing demand for energy-efficient electric heat tracing systems, low maintenance cost, and high adoption of electric heat tracing systems over conventional systems.
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This report segments the electric heat tracing market based on type, application, vertical, and region. The electric heat tracing market, based on type, has been segmented into self-regulating, constant wattage, mineral-insulated, skin effect. Self-regulating is the leading type of heat tracing cables and is expected to dominate the market during the forecast period. Self-regulating heating cables increase power as the temperature drops, and decrease power as the temperature rises; hence, they are more energy-efficient than any other type of cables. These systems have a long lifespan and require less maintenance, which is also one of the prime reasons that they are preferred for various applications. Hence, self-regulating cables are expected to boost the market for electric heat tracing systems.
The electric heat tracing market, based on application, has been segmented into freeze protection and process temperature maintenance, roof & gutter, floor heating, and others that include frost heave protection, and snow melting and de-icing applications. The market for the freeze protection and process temperature maintenance application is expected to grow at the highest rate during the forecast period. Heating cables are mostly used for the freeze protection and process temperature maintenance application. The electric heat tracing system is easy for engineers to install for the freeze protection application in many different verticals such as oil & gas, chemicals, commercial, residential, and pulp & paper. For process temperature maintenance, heating cables are used in various industries to maintain the temperature of non-flowing fluids by replacing the heat lost through the thermal insulation on pipes, vessels, and associated equipment. In this application, the temperature of the fluid in a pipe is maintained above a certain minimum temperature to meet the requirements such as transporting the liquid, using the liquid in a reaction, preventing crystallization or degradation of the liquid, safely shutting down the process, and maintaining the properties of the liquid. Maintaining liquids within the specified temperature range allows having cost-effective transport of fluids from one location to another at maximum efficiencies. Thus, these applications have various benefits for various industrial application.
The electric heat tracing market, based on vertical, has been segmented into oil & gas, chemicals, commercial, power & energy, residential, food & beverages, water and wastewater management, and others that include pulp & paper, transportation, and textile verticals. Heat tracing is used to facilitate the processing, transportation, and freeze protection of energy products in both upstream and downstream, oil and gas applications. There are companies that offer electric heat tracing systems for the oil & gas industry. The oil & gas vertical is expected to lead the market during the forecast period.
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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. The US is expected to be the major contributor to the electric heat tracing market in North America. The presence of major players in the US is expected to drive the electric heat tracing market in this region. The oil & gas is a major industry in the US, which is contributing to the economy of North America. North America has various cold countries, and the low temperature requires heat tracing systems for pipelines carrying oil and gas, chemicals, or any other fluids to prevent from freezing. Therefore, the demand for electric heat tracing market in North America is expected to grow during the forecast period.
The main purpose of using an electrical heat tracing systems is to compensate heat loss and maintain the process temperature. Hence, heating cables should not touch, crossover, and overlap themselves after installation since the overlapping of cables results in overheating and burnout and can damage the heat tracing system beyond repair. Therefore, devastating effects of overlapping of heating cables are restraining the growth of the electric heat tracing market.
Major players in this market such as Pentair (UK), Thermon (US), BARTEC (Germany), Chromalox (US), and Emerson (US) have adopted growth strategies to expand their customer base and enhance their product portfolio.
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