With 8.3% CAGR, Electric Heat Tracing Market Size to Surpass USD 3.8 billion
Posted by edwardzmusso on September 2nd, 2022
The Electric Heat Tracing market is projected to grow from USD 2.5 billion in 2022 to USD 3.8 billion in 2027; it is expected to grow at a CAGR of 8.3% from 2022 to 2027.The growth of the market is attributed to the rising demand for energy-efficient electric heat tracing systems, and low maintenance cost of electric heat tracing systems.
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Self-regulating heat tracing cables is expected to hold the largest share as well as grow at the highest CAGR during the forecast period. Self-regulating cables are the most popular element of the electric heat tracing systems manufactured by most of the industrial heat tracing manufacturers. These cables are energy efficient components which eliminates the possibility of heat burnout due to inability to dissolve internally generated heat. These cables are used for applications including freeze protection & process temperature maintenance, roof & gutter de-icing, and floor heating.
The electric heat tracing market for freeze protection & process temperature maintenance applications held the largest share in 2021 and a similar trend is expected to be observed during the forecast period. Freeze protection & process temperature maintenance are among the most important applications of electric heat tracing systems. The freeze protection application is especially important since freezing can damage pipes and equipment. Especially in the Americas and Europe, the temperature reaches below 32°F and stays below 32°F for months. The main role of freeze protection is to prevent the fluids from freezing in pipes. Therefore, electric heat tracing systems such as self-regulating cables are used to prevent the pipes from freezing.
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The electric heat tracing market for the oil & gas industry held the largest share in 2021 and a similar trend is expected to be followed during the forecast period. Heat tracing is used to facilitate processing, transportation, and the freeze protection of energy products in both upstream and downstream applications in the oil & gas industry. In the oil & gas industry, electric heat tracing is used to avoid the freezing of pipes, vessels, and tanks in cold regions such as North America and Europe. Also, electric heat tracing is used for process temperature maintenance applications in the oil & gas industry, which helps to maintain the temperature of oil & gas in defined ranges as per the requirement. With numerous oil & gas projects expected to start construction in the next 3 to 5 years in various regions across the world, the demand for electric heat tracing systems is expected to grow significantly.
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Joined: February 8th, 2021
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