The Global Electric Heat Tracing Market to grow from USD 1,676.21 Million in 2019 to USD 2,715.08 Million by 2025, at a Compound Annual Growth Rate (CAGR) of 8.36%.
Market Segmentation & Coverage:
The research report categorizes the Electric Heat Tracing Market to forecast the revenues and analyze the trends in each of the following segments:
Based on Component, the Electric Heat Tracing Market studied across Control and Monitoring Systems, Electric Heat Tracing Cables, Power Connection Kits, and Thermal Insulation Materials. The Control and Monitoring Systems further studied across Resistance Temperature Detectors, Thermocouples, and Thermostats.
Based on Type, the Electric Heat Tracing Market studied across Constant Wattage, Mineral-Insulated, Self-Regulating, and Skin Effect.
Based on Temperature, the Electric Heat Tracing Market studied across 101°C to 250°C, Above 250°C, and Up to 100°C.
Based on Application, the Electric Heat Tracing Market studied across Floor Heating and Roof & Gutter De-Icing.
Based on Vertical, the Electric Heat Tracing Market studied across Chemicals, Commercial, Food & Beverages, Oil & Gas, Pharmaceuticals, Power & Energy, Pulp & Paper, Residential, Textile, Transportation, and Water & Wastewater Management.
Based on Geography, the Electric Heat Tracing Market studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas region surveyed across Argentina, Brazil, Canada, Mexico, and United States. The Asia-Pacific region surveyed across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, South Korea, and Thailand. The Europe, Middle East & Africa region surveyed across France, Germany, Italy, Netherlands, Qatar, Russia, Saudi Arabia, South Africa, Spain, United Arab Emirates, and United Kingdom.
The factors attributing to the growth of the market are increasing adoption of electric heat tracing systems, low maintenance cost associated with electric heat tracing systems, and oil & gas is a highly volatile sector globally. However, some factors such as devastating effects of overlapping of heating cables and heat loss is compensated to maintain temperature may hinder the market growth. The Electric Heat Tracing Market expected to showcase the opportunities such as investment in development of oil & gas pipeline infrastructure and oil & gas exploration projects in subsea and the arctic region. Soon market may face the possible challenges in the growth due to installation to ensure proper operation and to avoid shock and fire. However, the key players in the market are putting regressive efforts to provide innovative offerings and benchmark strategies in the market.
Cumulative Impact of COVID-19:
COVID-19 is an incomparable global public health emergency that has affected almost every industry, so for and, the long-term effects projected to impact the industry growth during the forecast period. Our ongoing research amplifies our research framework to ensure the inclusion of underlaying COVID-19 issues and potential paths forward. The report is delivering insights on COVID-19 considering the changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, dynamics of current market forces, and the significant interventions of governments. The updated study provides insights, analysis, estimations, and forecast, considering the COVID-19 impact on the market.
360iResearch Competitive Strategic Window:
The 360iResearch Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies. The Competitive Strategic Window helps the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. During a forecast period, it defines the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth.
360iResearch FPNV Positioning Matrix:
The 360iResearch FPNV Positioning Matrix evaluates and categorizes the vendors in the Electric Heat Tracing Market on the basis of Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.
Company Usability Profiles:
The Electric Heat Tracing Market is highly competitive and characterized by the presence of a large number of international and regional players in the market. The market has witnessed increased competition between vendors based on the pricing model, technology differentiation, brand name, quality of service, price differentiation, and technical expertise.
The report profoundly explores the recent significant developments by the leading vendors and innovation profiles in the Global Electric Heat Tracing Market, including Bartec, Danfoss A/S, Drexan Energy Systems, Inc., Drexma Industries Inc., Ebeco, Eltherm, Emerson Electric Co., Heat Trace, Heat Trace Products, LLC, King Electric, Nexans S.A., Nibe Industrier, nVent Thermal LLC, Spirax-Sarco Engineering, SST Group, Thermon, Trasor Corp., Urecon Ltd., Warmup, and Watlow Electric Manufacturing Co..