Electric Heat Tracing Market to Grow USD 3256.6 Million by 2028 at a CAGR of 2.7% | Valuates Reports
BANGALORE, India, Sept. 26, 2022 /PRNewswire/ -- The Global Electric Heat Tracing Market is Segmented by Type (Self-Regulating, constant wattage, mineral-insulated, skin effect), by Application (Oil & Gas, Chemicals, Commercial, Residential, Power & Energy, Food & Beverages, Water & Wastewater Management): Global Opportunity Analysis and Industry Forecast, 2020-2028. It is published in Valuates Reports under the Energy & Utilities Category.
The global Electric Heat Tracing market size is projected to reach USD 3256.6 Million by 2028, from USD 2703.4 Million in 2021, at a CAGR of 2.7% during 2022-2028.
Major factors driving the growth of the electric heat tracing market are:
This Electric Heat Tracing market expansion can be attributable to the rising demand for electric heat tracing systems that are energy-efficient, their low maintenance costs, and their widespread adoption over conventional systems.
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TRENDS INFLUENCING THE GROWTH OF ELECTRIC HEAT TRACING MARKET:
The primary drivers of the heat tracing market expansion are the end-user industries for heat tracing systems, which include the oil and gas, electricity and energy, chemicals, food and beverage, oil and gas, refineries, and petrochemical industries. The upstream, midstream, and downstream components of oil and gas production, as well as applications for processing, storage, and distribution that must be maintained at a specific temperature for optimum performance, are just a few of the major industries where electric heat tracing systems are used. Similar to this, high temperatures were employed to bring oil and natural gas to the surface during their initial extraction from the ground.
The need for heat tracing equipment is likely to expand in the next years due to the increase in exploration and production operations in the oil & gas industry, as the industry recovers from the economic slump.
Companies that explore oil and gas look for highly sophisticated, environmentally sustainable solutions. Strong winds and the extremely low ambient air temperature in the Arctic polar area cause snow and ice, which necessitates special operational heat tracing systems for pipelines delivering oil and gas.
Furthermore, the low maintenance costs associated with electric heat tracing systems are expected to drive the Electric Heat Tracing market. Electric heating elements flow in direct physical contact with one another along a pipe's length in electric heat tracing. The fluid in the pipe is kept in a liquid state by the heating components, which maintain a high internal temperature. Plants without access to steam can use this method, which may need a lower initial expenditure than setting up a boiler system. Compared to steam heat tracing systems, electric heat systems offer a wider range of temperature options, require less maintenance, and can be monitored remotely. Electric heat tracing systems use energy well and are comparatively simple to install. Electric heat tracing simply has two expenses: control systems and electricity.
Electric heat tracing systems are primarily used to minimize heat loss, vessel, tank, and pipe freezing, and to maintain process temperature as needed. Electric panels and heat cables are used in an electric heat tracing system to generate heat. Therefore, following installation, the heating cables should not cross over, overlap, or touch one other as this could cause overheating. Even one of these cables' broken sections from overheating might bring down the entire system. Therefore, when the design has been prepared, particular consideration must be given to the installation stage.
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ELECTRIC HEAT TRACING MARKET SHARE ANALYSIS:
In order to be more energy-efficient than other types of cables, self-regulating heating cables boost power as the temperature falls and decrease power as the temperature rises. One of the key reasons these systems are preferred for many applications is that they have a long lifespan and require little maintenance. So, the market for electric heat tracing systems is anticipated to grow as a result of self-regulating cables.
Based on application, the oil and gas segment is expected to be the most lucrative. Electric heat tracing is used in the oil and gas sector for a number of purposes, including freeze protection, viscosity control, temperature maintenance, etc. The heat tracing maintains the fluid's temperature or viscosity while preventing the separation of its components or the condensation of gases. Therefore, in the oil and gas business, heat tracing is used to keep the process temperature within the required ranges while preventing the pipelines, vessels, and tanks from freezing in the cold zone.
North America will experience tremendous growth during the prediction period. Since the Asia Pacific, the Middle East, and Africa are warmer regions than North America, there is a growing need for electric heat tracing to keep pipelines and vessels from freezing. In these nations, electric heat tracing is becoming more and more popular for uses including freeze prevention, roof and gutter de-icing, and floor heating. The US is anticipated to contribute significantly to the North American market for electric heat tracing. Major players' presence in the US is anticipated to fuel this market's expansion for electric heat tracing.
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Key Companies:
- Pentair
- Thermon
- Bartec
- Chromalox
- Emerson
- Danfoss
- Eltherm
- Briskheat
- Parker-Hannifin
- Warmup.
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