Electric Heat Tracing Market

Electric Heat Tracing Market with COVID-19 Impact, by Type (Self Regulating, Constant Wattage), Application (Freeze Protection & Process Temperature Maintenance), Vertical (Oil & Gas, Chemicals, Residential, Commercial), and Region - Global Forecast to 2025

Report Code: SE 5726 Sep, 2020, by marketsandmarkets.com

[177 Pages Report] The global electric heat tracing market is expected to grow from USD 1.7 billion in 2020 to USD 2.5 billion by 2025, at a CAGR of 8.2%. Increasing adoption of electric heat tracing systems over conventional steam tracing systems is one of the primary factors driving market growth. Moreover, rising demand for energy efficient heat tracing systems will drive the demand for these products in the near future.

Electric Heat Tracing Market

COVID-19 Impact on the Global Electric Heat Tracing Market

The electric heat tracing market is expected to decline in 2020 mainly due to the impact of COVID-19. As the oil & gas industry is one of the most impacted industries in 2020, players in this industry are focusing on reducing CAPEX, which would affect the electric heat tracing market. Also, various new and on-going projects in the oil & gas industry have been delayed. For instance, in April 2020, Argentina’s Energy Ministry suspended the auctions to build the Vaca Muerta–Buenos Aires natural gas pipeline due to a worsening economic scenario in the country owing to the COVID-19 pandemic. This is expected to affect the electric heat tracing market as the oil & gas industry is among the major industries for the application of electric heat tracing systems. Though the market is expected to be impacted in 2020, it is expected to start to recover by 2021 and will fully recover by 2022.

The electric heat tracing market includes major Tier I and II players like nVent, Thermon, Spirax-Sarco Engineering, NIBE Industrier, BARTEC, and Danfoss. These players have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, and RoW. COVID-19 has impacted their businesses as well.

  • In April 2020, Thermon (US) temporarily suspended its manufacturing operations in South Africa and Russia due to the precautionary measures instituted by these governments in their respective countries to control the spread of the COVID-19 pandemic.
  • NIBE Industrier announced in the Q1 interim report that COVID-19 has impacted its business to a significantly small extent. However, the company expects its operations to be affected to a greater extent in Q2 due to COVID-19.
  • In March 2020, Danfoss barred the entry of visitors to its factories who are the residents or have visited countries including China, Hong Kong, Singapore, Malaysia, Austria, Iran, Germany, France, Spain, Switzerland, Palestine, Turkey, Thailand, Egypt, and Vietnam in the last 14 days to curb the spread of COVID-19.

Electric heat tracing Market Dynamics

Driver: Increasing adoption of electric heat tracing systems over conventional steam tracing systems

Electric heat tracing is a technique through which the temperature of pipes, vessels, tanks, or equipment is maintained by using an electrically-heated cable. Initially, steam tracing was used more often than electric heat tracing to protect pipes from freezing and to maintain a constant flow of temperature for piping that transports substances that can solidify at ambient temperatures. However, steam tracing is not generally recommended for use with non-metal or lined piping and vessels. In addition, steam tracing has some limitations such as the leakage of steam, poor temperature control resulting in overheating, high operating costs, the requirement for routine maintenance, and high hot water system costs.

Restraint: Devastating effects of overlapping of heating cables

An electrical heat tracing system consists of electric panels and heating cables; in this method, the pipe is usually covered with thermal insulation to retain heat losses from the pipe. Electrical heat tracing systems are used for various applications such as anti-freeze, anti-condensation, temperature maintenance, and surface heating. The main purpose of using an electrical heat tracing system is to compensate for heat loss and maintain the process temperature. Hence, the heating cables should not touch, crossover, and overlap themselves after the installation since the overlapping of cables results in overheating and burnout and can damage the heat tracing system beyond repair.

Opportunity: Rising adoption of heat tracing systems in power plants

Electric heat tracing systems are finding increasing demand from power plants. Plant elements requiring supplemental heat include pipes, valves, conveyors, lubrication systems, and lubricants that run through them. Some plant elements also require supplemental heat to maintain critical temperature levels during shutdown periods, such as cold weather shutdowns. Heat tracing cables are used along pipes and throughout other power plant systems, including cooling towers, as well as at many transfer points located in coal yards. Electric heat tracing systems are designed to deliver the heat required to maintain optimal operating temperatures and prevent freezing.

Challenge: Installation of heat tracing systems for tanks and large vessels

Tanks and large vessels are used by various processing industries to store water, different types of chemicals, ammonia, resins, and oil, among others. Heating tanks and large vessels create a major challenge; if the tank size increases, the chances of significant heat loss are also high. Therefore, electric heat tracing solutions are required for balancing the heat lost with the heat supplied to the tanks and large vessels. Heat tracing repairs heat losses from tanks and vessels as thermal insulation is not always enough to compensate for such heat losses. Hence, for large tanks, the installation of heat tracing systems is difficult and expensive.

Self-Regulating type expected to witness the highest market growth during the forecast period

The electric heat tracing market for the self-regulating type is expected to register the highest CAGR during the forecast period. Self-regulating heating cables are ideal for temperature maintenance and frost-prevention installations because they produce more heat when it is cold and conversely less heat in warm conditions. The heat output is automatically adjusted in response to the increase or decrease in ambient temperatures. Self-regulating cables offer numerous advantages over other types of heat tracing cables, such as higher efficiency, increased safety, ease of installation, and less maintenance. Due to these various advantages, self-regulating cables are increasingly being adopted across various verticals such as oil & gas, chemicals, commercial, and residential among others.

Oil & Gas vertical is expected to witness the largest market growth during the forecast period

The market for oil & gas vertical is expected to grow at the highest CAGR during the forecast period. EHT market for oil & gas expected to be impacted by COVID-19 significantly while it is expected to recover by 2022. Heat tracing is used to facilitate the processing, transportation, and freeze protection of energy products in both upstream and downstream applications in the oil & gas industry. The upstream sector requires elevated temperatures to move the crude oil and/or raw natural gases to the surface. The downstream sector requires freeze protection for refined petrochemical products. In the oil & gas industry, electric heat tracing systems are used for various applications such as process temperature maintenance, viscosity control, and freeze protection. 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.

North America is the leading electric heat tracing market, globally, by value, in 2019

The market in North America is expected to register the highest CAGR during 2020–2025. North America includes countries such as the US and Canada, which are among the coldest countries in the world. Electric heat tracing finds increasing adoption in these countries for applications such as freeze protection, roof & gutter de-icing, and floor heating. Cold weather in these countries for months, the replacement of conventional systems with electric heat tracing systems, the expansion of oil and gas production pipelines, new construction projects of oil & gas pipelines, growing exploration and production of oil & gas activities, growing demand for heat tracing systems from chemicals, commercial, and residential industries are a few of the major driving factors for the market growth.

Electric Heat Tracing Market  by Region

Key Market Players

The electric heat tracing market is dominated by players such as nVent (UK), Thermon (US), Spirax-Sarco Engineering (UK), NIBE Industrier (Sweden), and BARTEC (Germany).

Scope of the report

Report Metric

Details

Market size available for years

2017-2025

Base year considered

2019

Forecast period

2020-2025

Forecast units

Value (USD Million), Volume (Million Meters)

Segments covered

By Type, By Application, By Vertical

Geographies covered

North America, Europe, APAC, Rest of the World

Companies covered

The major market players include nVent (UK), Thermon (US), Spirax-Sarco Engineering (UK), NIBE Industrier (Sweden), and BARTEC (Germany) (Total 25 companies)

The study categorizes the electric heat tracing market based on type, application, and vertical at the regional and global level.

By Type

  • Self-Regulating
  • Constant Wattage
  • Mineral Insulated
  • Skin Effect

By Application

  • Freeze Protection & Process Temperature Maintenance
  • Floor Heating
  • Roof & Gutter De-Icing
  • Others

By Vertical

  • Oil & Gas
  • Chemicals
  • Commercial
  • Residential
  • Power & Energy
  • Food & Beverages
  • Pharmaceuticals
  • Water & Wastewater Management
  • Others

By Region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Russia
    • Germany
    • UK
    • France
    • Rest of Europe
  • APAC
    • China
    • Japan
    • South Korea
    • Rest of APAC
  • Rest of the World
    • Middle East & Africa
    • South America

Recent Developments

  • In July 2020, nVent announced the launch of the nVent RAYCHEM Elexant 9200i wireless communications interface. The 9200i establishes wireless connectivity between nVent RAYCHEM electric heat trace controllers and nVent RAYCHEM supervisor software, maintaining remote monitoring and configuration capabilities, as an alternative to hard-wired communication.
  • In March 2020, Thermon announced the launch of USX ultra-high temperature self-regulating electric heat tracing cable. This new cable is expected to be used for critical applications requiring continuous operating and exposure temperatures up to 240°C (464°F), and intermittent exposure temperatures up to 250°C (482°F).
  • In January 2020, Emerson launched a new smart thermostat, Warm Tiles, to control in-floor heating systems easily, including a WiFi-enabled version, which gives consumers remote access to their system from a mobile device or web browser.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 24)
    1.1 STUDY OBJECTIVES
    1.2 DEFINITION AND SCOPE
    1.3 STUDY SCOPE
           1.3.1 MARKETS COVERED
           1.3.2 GEOGRAPHIC SCOPE
    1.4 INCLUSIONS AND EXCLUSIONS
    1.5 YEARS CONSIDERED
    1.6 CURRENCY
    1.7 STAKEHOLDERS
    1.8 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 28)
    2.1 RESEARCH DATA
           FIGURE 1 ELECTRIC HEAT TRACING MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Key industry insights
                    2.1.2.2 Breakdown of primaries
                    2.1.2.3 Key data from primary sources
    2.2 MARKET SIZE ESTIMATION
           FIGURE 2 RESEARCH FLOW OF MARKET SIZE ESTIMATION
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Approach for capturing market size by bottom-up analysis (demand side)
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach for capturing market size by top-down analysis  (supply side)
                               FIGURE 3 SUPPLY SIZE ESTIMATION TO ARRIVE AT MARKET SIZE
    2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
           FIGURE 4 DATA TRIANGULATION
    2.4 RESEARCH ASSUMPTIONS
           FIGURE 5 ASSUMPTIONS FOR RESEARCH STUDY

3 EXECUTIVE SUMMARY (Page No. - 38)
    FIGURE 6 SELF-REGULATING TYPE TO DOMINATE MARKET DURING FORECAST PERIOD
    FIGURE 7 FREEZE PROTECTION & PROCESS TEMPERATURE MAINTENANCE APPLICATIONS TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD
    FIGURE 8 OIL & GAS VERTICAL TO CONTINUE TO LEAD MARKET DURING FORECAST PERIOD
    FIGURE 9 MARKET IN NORTH AMERICA TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD

4 PREMIUM INSIGHTS (Page No. - 42)
    4.1 ATTRACTIVE OPPORTUNITIES IN MARKET
           FIGURE 10 RISING DEMAND FOR ENERGY-EFFICIENT HEAT TRACING SYSTEMS TO BOOST MARKET GROWTH
    4.2 MARKET IN NORTH AMERICA,  BY COUNTRY AND VERTICAL
           FIGURE 11 US AND OIL & GAS WERE LARGEST SHAREHOLDERS OF MARKET IN NORTH AMERICA, BY COUNTRY AND VERTICAL, RESPECTIVELY, IN 2019
    4.3 COUNTRY-WISE ELECTRIC HEAT TRACING MARKET GROWTH RATE
           FIGURE 12 US TO RECORD HIGHEST CAGR IN MARKET DURING FORECAST PERIOD

5 MARKET OVERVIEW (Page No. - 45)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
           FIGURE 13 IMPACT ANALYSIS OF DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES OF MARKET
           5.2.1 DRIVERS
                    5.2.1.1 Increasing adoption of electric heat tracing systems over conventional steam tracing systems
                    5.2.1.2 Rising demand for energy-efficient electric heat tracing systems
                    5.2.1.3 Low maintenance cost associated with electric heat tracing systems
           5.2.2 RESTRAINTS
                    5.2.2.1 Devastating effects of overlapping of heating cables
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Growing demand for heat tracing systems from various end-user industries
                    5.2.3.2 Rising adoption of heat tracing systems in power plants
           5.2.4 CHALLENGES
                    5.2.4.1 Installation of heat tracing systems for tanks and large vessels
                    5.2.4.2 Manufacturing and supply chain constraints due to COVID-19 pandemic along with oil crisis
    5.3 VALUE CHAIN ANALYSIS
           FIGURE 14 ELECTRIC HEAT TRACING VALUE CHAIN ANALYSIS
    5.4 TECHNOLOGY ANALYSIS
    5.5 AVERAGE SELLING PRICE TREND
           FIGURE 15 ASP TREND ANALYSIS FOR ELECTRIC HEAT TRACING CABLE (2017-2025)
    5.6 ECOSYSTEM
    5.7 PATENT ANALYSIS
           TABLE 1 PATENT ANALYSIS FOR ELECTRIC HEAT TRACING MARKET
    5.8 CASE STUDY ANALYSIS
           5.8.1 OIL & GAS
           5.8.2 POWER & ENERGY
           5.8.3 CHEMICALS
           5.8.4 COMMERCIAL

6 ELECTRIC HEAT TRACING SYSTEM COMPONENTS (Page No. - 56)
  
  6.1 INTRODUCTION
    6.2 ELECTRIC HEAT TRACING CABLES
    6.3 POWER CONNECTION KITS
    6.4 CONTROL AND MONITORING SYSTEMS
           6.4.1 THERMOSTATS
           6.4.2 RESISTANCE TEMPERATURE DETECTORS
           6.4.3 THERMOCOUPLES
    6.5 THERMAL INSULATION MATERIALS
    6.6 OTHER COMPONENTS

7 ELECTRIC HEAT TRACING MARKET, BY TYPE (Page No. - 58)
    7.1 INTRODUCTION
           FIGURE 16 MARKET FOR SELF-REGULATING ELECTRIC HEAT TRACING TYPE TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
           TABLE 2 MARKET, BY TYPE, 2017–2025 (USD MILLION)
           TABLE 3 ELECTRIC HEAT TRACING CABLE MARKET IN TERMS OF VOLUME, 2017-2025 (MILLION METERS)
    7.2 SELF-REGULATING
           7.2.1 SELF-REGULATING CABLES HELD LARGEST MARKET SHARE IN 2019
                    FIGURE 17 SELF-REGULATING ELECTRIC HEAT TRACING MARKET FOR OIL & GAS VERTICAL TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
                    TABLE 4 SELF-REGULATING ELECTRIC HEAT TRACING MARKET, BY VERTICAL, 2017–2025 (USD MILLION)
                    TABLE 5 SELF-REGULATING ELECTRIC HEAT TRACING MARKET, BY REGION, 2017–2025 (USD MILLION)
    7.3 CONSTANT WATTAGE
           7.3.1 CONSTANT WATTAGE CABLES PROVIDE CONSTANT OUTPUT AND ARE NOT AFFECTED BY VARYING AMBIENT OR PIPE CONTENT TEMPERATURE
                    TABLE 6 CONSTANT WATTAGE ELECTRIC HEAT TRACING MARKET, BY VERTICAL,  2017–2025 (USD MILLION)
                    FIGURE 18 NORTH AMERICA TO HOLD LARGEST MARKET SHARE FOR CONSTANT WATTAGE TYPE DURING FORECAST PERIOD
                    TABLE 7 CONSTANT WATTAGE ELECTRIC HEAT TRACING MARKET, BY REGION, 2017–2025 (USD MILLION)
    7.4 MINERAL-INSULATED
           7.4.1 MINERAL-INSULATED CABLES ARE BUILT TO HANDLE HIGH-TEMPERATURE, HIGH-WATTAGE APPLICATIONS
                    TABLE 8 MARKET FOR MINERAL-INSULATED TYPE, BY VERTICAL,  2017–2025 (USD MILLION)
                    TABLE 9 MARKET FOR MINERAL-INSULATED TYPE,  BY REGION,  2017–2025 (USD MILLION)
    7.5 SKIN EFFECT
           7.5.1 SKIN EFFECT CABLES ARE PRIMARILY USED FOR TRACING LONG PIPELINES
                    TABLE 10 SKIN EFFECT ELECTRIC HEAT TRACING MARKET, BY VERTICAL, 2017–2025 (USD MILLION)
                    TABLE 11 SKIN EFFECT ELECTRIC HEAT TRACING MARKET, BY REGION, 2017–2025 (USD MILLION)
    7.6 IMPACT OF COVID-19 ON DIFFERENT TYPES OF ELECTRIC HEAT TRACING SYSTEMS

8 ELECTRIC HEAT TRACING MARKET, BY APPLICATION (Page No. - 68)
    8.1 INTRODUCTION
           FIGURE 19 MARKET FOR FREEZE PROTECTION & PROCESS TEMPERATURE MAINTENANCE APPLICATIONS TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
           TABLE 12 ELECTRIC HEAT TRACING MARKET, BY APPLICATION, 2017–2025 (USD MILLION)
    8.2 FREEZE PROTECTION & PROCESS TEMPERATURE MAINTENANCE
           8.2.1 FREEZE PROTECTION AND PROCESS TEMPERATURE MAINTENANCE TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD
           8.2.2 VISCOSITY CONTROL
    8.3 ROOF & GUTTER DE-ICING
           8.3.1 HEAT TRACE CABLES ARE INSTALLED ON ROOFS AND INSIDE GUTTERS AND DOWNSPOUTS TO MAINTAIN DRAIN PATHS FOR WATER
    8.4 FLOOR HEATING
           8.4.1 ELECTRIC HEAT TRACING FOR FLOOR HEATING IS ENERGY-EFFICIENT AND COST-EFFECTIVE COMPARED TO RADIATOR OR BASEBOARD HEATING
    8.5 OTHERS
    8.6 IMPACT OF COVID-19 ON DIFFERENT APPLICATIONS OF ELECTRIC HEAT TRACING SYSTEMS

9 ELECTRIC HEAT TRACING MARKET, BY VERTICAL (Page No. - 73)
    9.1 INTRODUCTION
           FIGURE 20 MARKET FOR OIL & GAS VERTICAL TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
           TABLE 13 MARKET, BY VERTICAL, 2017–2025 (USD MILLION)
    9.2 OIL & GAS
           9.2.1 OIL & GAS INDUSTRY TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD
                    FIGURE 21 SELF-REGULATING ELECTRIC HEAT TRACING MARKET FOR OIL & GAS VERTICAL TO HOLD LARGEST SIZE IN 2025
                    TABLE 14 MARKET FOR OIL & GAS VERTICAL, BY TYPE,  2017–2025 (USD MILLION)
                    TABLE 15 SELF-REGULATING ELECTRIC HEAT TRACING MARKET FOR OIL & GAS VERTICAL,  BY REGION, 2017–2025 (USD MILLION)
                    TABLE 16 CONSTANT WATTAGE ELECTRIC HEAT TRACING MARKET FOR OIL & GAS VERTICAL,  BY REGION, 2017–2025 (USD MILLION)
                    TABLE 17 MINERAL-INSULATED ELECTRIC HEAT TRACING MARKET FOR OIL & GAS VERTICAL,  BY REGION, 2017–2025 (USD MILLION)
                    TABLE 18 SKIN EFFECT ELECTRIC HEAT TRACING MARKET FOR OIL & GAS VERTICAL,  BY REGION, 2017–2025 (USD MILLION)
                    FIGURE 22 MARKET FOR OIL & GAS IN NORTH AMERICA TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
                    TABLE 19 MARKET FOR OIL & GAS VERTICAL, BY REGION,  2017–2025 (USD MILLION)
    9.3 CHEMICALS
           9.3.1 PROCESS TEMPERATURE MAINTENANCE AND FREEZE PROTECTION ARE MAJOR APPLICATIONS IN CHEMICALS INDUSTRY
                    TABLE 20 MARKET FOR CHEMICALS VERTICAL, BY TYPE,  2017–2025 (USD MILLION)
                    TABLE 21 SELF-REGULATING ELECTRIC HEAT TRACING MARKET FOR CHEMICALS VERTICAL,  BY REGION, 2017–2025 (USD MILLION)
                    TABLE 22 CONSTANT WATTAGE ELECTRIC HEAT TRACING MARKET FOR CHEMICALS VERTICAL,  BY REGION, 2017–2025 (USD MILLION)
                    TABLE 23 MINERAL-INSULATED ELECTRIC HEAT TRACING MARKET FOR CHEMICALS VERTICAL,  BY REGION, 2017–2025 (USD MILLION)
                    TABLE 24 SKIN EFFECT ELECTRIC HEAT TRACING MARKET FOR CHEMICALS VERTICAL, BY REGION, 2017–2025 (USD MILLION)
                    FIGURE 23 NORTH AMERICA TO HOLD LARGEST MARKET SHARE FOR CHEMICALS VERTICAL IN 2025
                    TABLE 25 MARKET FOR CHEMICALS VERTICAL, BY REGION,  2017–2025 (USD MILLION)
    9.4 COMMERCIAL
           9.4.1 IN COMMERCIAL VERTICAL, HEAT TRACING SYSTEMS ARE INSTALLED IN SCHOOLS, HOSPITALS, HOTELS, OFFICES, PUBLIC BUILDINGS, AND GROUNDS
                    TABLE 26 MARKET FOR COMMERCIAL VERTICAL, BY TYPE,  2017–2025 (USD MILLION)
                    TABLE 27 SELF-REGULATING ELECTRIC HEAT TRACING MARKET FOR COMMERCIAL VERTICAL,  BY REGION, 2017–2025 (USD MILLION)
                    TABLE 28 CONSTANT WATTAGE ELECTRIC HEAT TRACING MARKET FOR COMMERCIAL VERTICAL,  BY REGION, 2017–2025 (USD MILLION)
                    TABLE 29 MINERAL-INSULATED ELECTRIC HEAT TRACING MARKET FOR COMMERCIAL VERTICAL,  BY REGION, 2017–2025 (USD MILLION)
                    FIGURE 24 MARKET FOR COMMERCIAL VERTICAL IN NORTH AMERICA TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
                    TABLE 30 MARKET FOR COMMERCIAL VERTICAL, BY REGION,  2017–2025 (USD MILLION)
    9.5 RESIDENTIAL
           9.5.1 ELECTRIC HEAT TRACING CABLES ARE MOSTLY USED IN ROOF DE-ICING AND FLOOR HEATING APPLICATIONS FOR RESIDENTIAL VERTICAL
                    TABLE 31 MARKET FOR RESIDENTIAL VERTICAL, BY TYPE,  2017–2025 (USD MILLION)
                    TABLE 32 SELF-REGULATING ELECTRIC HEAT TRACING MARKET FOR RESIDENTIAL VERTICAL,  BY REGION, 2017–2025 (USD MILLION)
                    TABLE 33 CONSTANT WATTAGE ELECTRIC HEAT TRACING MARKET FOR RESIDENTIAL VERTICAL,  BY REGION, 2017–2025 (USD MILLION)
                    TABLE 34 MINERAL-INSULATED ELECTRIC HEAT TRACING MARKET FOR RESIDENTIAL VERTICAL,  BY REGION, 2017–2025 (USD MILLION)
                    TABLE 35 MARKET FOR RESIDENTIAL VERTICAL, BY REGION,  2017–2025 (USD MILLION)
    9.6 POWER & ENERGY
           9.6.1 ELECTRIC HEAT TRACING IS REQUIRED FOR ENTIRE INFRASTRUCTURE OF HEAVY FUEL OIL LINES IN COAL-FIRED POWER PLANTS
                    TABLE 36 MARKET FOR POWER & ENERGY VERTICAL, BY TYPE,  2017–2025 (USD MILLION)
                    TABLE 37 SELF-REGULATING ELECTRIC HEAT TRACING MARKET FOR POWER & ENERGY VERTICAL, BY REGION, 2017–2025 (USD MILLION)
                    TABLE 38 CONSTANT WATTAGE ELECTRIC HEAT TRACING MARKET FOR POWER & ENERGY VERTICAL, BY REGION, 2017–2025 (USD MILLION)
                    TABLE 39 MINERAL-INSULATED ELECTRIC HEAT TRACING MARKET FOR POWER & ENERGY VERTICAL, BY REGION, 2017–2025 (USD MILLION)
                    TABLE 40 SKIN EFFECT ELECTRIC HEAT TRACING MARKET FOR POWER & ENERGY VERTICAL,  BY REGION, 2017–2025 (USD THOUSAND)
                    TABLE 41 MARKET FOR POWER & ENERGY VERTICAL, BY REGION,  2017–2025 (USD MILLION)
    9.7 FOOD & BEVERAGES
           9.7.1 ELECTRIC HEAT TRACING IS USED TO MAINTAIN EXACT TEMPERATURE REQUIRED FOR SUBSTANCES USED IN FOOD & BEVERAGES INDUSTRY
                    TABLE 42 ELECTRIC HEAT TRACING MARKET FOR FOOD & BEVERAGES VERTICAL, BY TYPE,  2017–2025 (USD MILLION)
                    TABLE 43 SELF-REGULATING ELECTRIC HEAT TRACING MARKET FOR FOOD & BEVERAGES VERTICAL, BY REGION, 2017–2025 (USD MILLION)
                    TABLE 44 CONSTANT WATTAGE ELECTRIC HEAT TRACING MARKET FOR FOOD & BEVERAGES VERTICAL, BY REGION, 2017–2025 (USD MILLION)
                    TABLE 45 MINERAL-INSULATED ELECTRIC HEAT TRACING MARKET FOR FOOD & BEVERAGES VERTICAL, BY REGION, 2017–2025 (USD THOUSAND)
                    TABLE 46 SKIN EFFECT ELECTRIC HEAT TRACING MARKET FOR FOOD & BEVERAGES VERTICAL,  BY REGION, 2017–2025 (USD THOUSAND)
                    TABLE 47 MARKET FOR FOOD & BEVERAGES VERTICAL, BY REGION, 2017–2025 (USD MILLION)
    9.8 PHARMACEUTICALS
           9.8.1 ELECTRIC HEAT TRACING HELPS TO MAINTAIN TEMPERATURE OF DRUGS AND MEDICINES IN SPECIFIC DEFINED RANGES TO AVOID PRODUCT DECOMPOSITION
                    TABLE 48 MARKET FOR PHARMACEUTICALS VERTICAL, BY TYPE,  2017–2025 (USD MILLION)
                    TABLE 49 SELF-REGULATING ELECTRIC HEAT TRACING MARKET FOR PHARMACEUTICALS VERTICAL, BY REGION, 2017–2025 (USD MILLION)
                    TABLE 50 CONSTANT WATTAGE ELECTRIC HEAT TRACING MARKET FOR PHARMACEUTICALS VERTICAL, BY REGION, 2017–2025 (USD MILLION)
                    TABLE 51 MINERAL-INSULATED ELECTRIC HEAT TRACING MARKET FOR PHARMACEUTICALS VERTICAL, BY REGION, 2017–2025 (USD THOUSAND)
                    TABLE 52 SKIN EFFECT ELECTRIC HEAT TRACING MARKET FOR PHARMACEUTICALS VERTICAL,  BY REGION, 2017–2025 (USD MILLION)
                    TABLE 53 MARKET FOR PHARMACEUTICALS VERTICAL, BY REGION,  2017–2025 (USD MILLION)
    9.9 WATER & WASTEWATER MANAGEMENT
           9.9.1 ELECTRIC HEAT TRACING SYSTEMS ARE USED FOR PROTECTING VALVES, PIPES, TANKS, AND INSTRUMENTATION LINES FROM FREEZING
                    TABLE 54 ELECTRIC HEAT TRACING MARKET FOR WATER & WASTEWATER MANAGEMENT VERTICAL, BY TYPE, 2017–2025 (USD THOUSAND)
                    TABLE 55 SELF-REGULATING ELECTRIC HEAT TRACING MARKET FOR WATER & WASTEWATER MANAGEMENT VERTICAL, BY REGION, 2017–2025 (USD THOUSAND)
                    TABLE 56 CONSTANT WATTAGE ELECTRIC HEAT TRACING MARKET FOR WATER & WASTEWATER MANAGEMENT VERTICAL, BY REGION, 2017–2025 (USD THOUSAND)
                    TABLE 57 MINERAL-INSULATED ELECTRIC HEAT TRACING MARKET FOR WATER & WASTEWATER MANAGEMENT VERTICAL, BY REGION,  2017–2025 (USD THOUSAND)
                    TABLE 58 SKIN EFFECT ELECTRIC HEAT TRACING MARKET FOR WATER & WASTEWATER MANAGEMENT VERTICAL, BY REGION, 2017–2025 (USD THOUSAND)
                    TABLE 59 MARKET FOR WATER & WASTEWATER MANAGEMENT VERTICAL, BY REGION, 2017–2025 (USD THOUSAND)
    9.10 OTHERS
           9.10.1 PULP & PAPER
                    9.10.1.1 Electric heat tracing is used to maintain temperature of chemicals and compounds used for paper production
           9.10.2 TRANSPORTATION
                    9.10.2.1 Electric heat tracing is used to avoid freezing of rail tracks in cold regions
           9.10.3 TEXTILE
                    9.10.3.1 Skin effect heat tracing is used for tracing molten polymer pipes in textile industry
                               TABLE 60 MARKET FOR OTHER VERTICALS, BY TYPE, 2017–2025 (USD MILLION)
                               TABLE 61 SELF-REGULATING ELECTRIC HEAT TRACING MARKET FOR OTHER VERTICALS, BY REGION, 2017–2025 (USD MILLION)
                               TABLE 62 CONSTANT WATTAGE ELECTRIC HEAT TRACING MARKET FOR OTHER VERTICALS,  BY REGION, 2017–2025 (USD MILLION)
                               TABLE 63 MINERAL-INSULATED ELECTRIC HEAT TRACING MARKET FOR OTHER VERTICALS,  BY REGION, 2017–2025 (USD THOUSAND)
                               TABLE 64 SKIN EFFECT ELECTRIC HEAT TRACING MARKET FOR OTHER VERTICALS, BY REGION, 2017–2025 (USD THOUSAND)
                               TABLE 65 MARKET FOR OTHER VERTICALS, BY REGION,  2017–2025 (USD MILLION)
    9.11 IMPACT OF COVID-19 ON DIFFERENT VERTICALS OF ELECTRIC HEAT TRACING SYSTEMS

10 DIFFERENT MODES OF ELECTRIC HEAT TRACING (Page No. - 99)
     10.1 INTRODUCTION
     10.2 PIPES
     10.3 VESSELS & TANKS
     10.4 RAIL TRACKS & ROADS
     10.5 ROOFS
     10.6 OTHERS

11 MAXIMUM MAINTENANCE TEMPERATURES OF VARIOUS ELECTRIC HEAT TRACING CABLES (Page No. - 101)
     11.1 INTRODUCTION
     11.2 UP TO 100°C
               TABLE 66 ELECTRIC HEAT TRACING CABLES WITH MAXIMUM MAINTENANCE TEMPERATURE OF UP TO 100°C
     11.3 101°C TO 250°C
               TABLE 67 ELECTRIC HEAT TRACING CABLES WITH MAXIMUM MAINTENANCE TEMPERATURE FROM 101°C TO 250°C
     11.4 ABOVE 250°C
               TABLE 68 ELECTRIC HEAT TRACING CABLES WITH MAXIMUM MAINTENANCE TEMPERATURE  ABOVE 250°C

12 GEOGRAPHIC ANALYSIS (Page No. - 105)
     12.1 INTRODUCTION
               FIGURE 25 NORTH AMERICA TO CONTINUE TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD
               TABLE 69 ELECTRIC HEAT TRACING MARKET, BY REGION, 2017–2025 (USD MILLION)
     12.2 NORTH AMERICA
               FIGURE 26 NORTH AMERICA: SNAPSHOT OF ELECTRIC HEAT TRACING MARKET
               TABLE 70 ELECTRIC HEAT TRACING MARKET IN NORTH AMERICA, BY COUNTRY,  2017–2025 (USD MILLION)
               TABLE 71 MARKET IN NORTH AMERICA FOR OIL & GAS VERTICAL,  BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 72 MARKET IN NORTH AMERICA FOR CHEMICAL VERTICAL,  BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 73 MARKET IN NORTH AMERICA FOR COMMERCIAL VERTICAL,  BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 74 MARKET IN NORTH AMERICA FOR RESIDENTIAL VERTICAL,  BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 75 MARKET IN NORTH AMERICA FOR POWER & ENERGY VERTICAL, BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 76 MARKET IN NORTH AMERICA FOR FOOD & BEVERAGES VERTICAL, BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 77 MARKET IN NORTH AMERICA FOR PHARMACEUTICALS VERTICAL, BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 78 MARKET IN NORTH AMERICA FOR WATER & WASTEWATER MANAGEMENT VERTICAL, BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 79 ELECTRIC HEAT TRACING MARKET IN NORTH AMERICA FOR OTHER VERTICALS,  BY COUNTRY, 2017–2025 (USD MILLION)
             12.2.1 US
                       12.2.1.1 US held largest share of North American electric heat tracing market in 2019
             12.2.2 CANADA
                       12.2.2.1 Transmission pipeline companies are major part of midstream petroleum industry in Canada, which use electric heat tracing
             12.2.3 MEXICO
                       12.2.3.1 Mexico has plenty of oil & gas reserves and it is among largest net exporters of energy
     12.3 EUROPE
               FIGURE 27 EUROPE: SNAPSHOT OF ELECTRIC HEAT TRACING MARKET
               TABLE 80 ELECTRIC HEAT TRACING MARKET IN EUROPE, BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 81 MARKET IN EUROPE FOR OIL & GAS VERTICAL,  BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 82 MARKET IN EUROPE FOR CHEMICALS VERTICAL, BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 83 MARKET IN EUROPE FOR COMMERCIAL VERTICAL, BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 84 MARKET IN EUROPE FOR RESIDENTIAL VERTICAL, BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 85 MARKET IN EUROPE FOR POWER & ENERGY VERTICAL,  BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 86 MARKET IN EUROPE FOR FOOD & BEVERAGES VERTICAL,  BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 87 MARKET IN EUROPE FOR PHARMACEUTICALS VERTICAL,  BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 88 MARKET IN EUROPE FOR WATER &WASTE WATER MANAGEMENT VERTICAL, BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 89 MARKET IN EUROPE FOR OTHER VERTICALS, BY COUNTRY, 2017–2025 (USD MILLION)
             12.3.1 RUSSIA
                       12.3.1.1 Russia held largest share of European market in 2019
             12.3.2 UK
                       12.3.2.1 Commercial & residential verticals provide opportunity for electric heat tracing market in UK
             12.3.3 GERMANY
                       12.3.3.1 Residential and commercial industries demand heat tracing systems when temperature falls below 0°C in Germany
             12.3.4 FRANCE
                       12.3.4.1 Major verticals for heat tracing systems in France include oil & gas, chemicals, commercial, and residential
             12.3.5 REST OF EUROPE
     12.4 ASIA PACIFIC
               FIGURE 28 APAC: SNAPSHOT OF ELECTRIC HEAT TRACING MARKET
               TABLE 90 ELECTRIC HEAT TRACING MARKET IN APAC, BY COUNTRY,  2017–2025 (USD MILLION)
               TABLE 91 MARKET IN APAC FOR OIL & GAS VERTICAL, BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 92 MARKET IN APAC FOR CHEMICALS VERTICAL, BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 93 MARKET IN APAC FOR COMMERCIAL VERTICAL, BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 94 MARKET IN APAC FOR RESIDENTIAL VERTICAL, BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 95 MARKET IN APAC FOR POWER & ENERGY VERTICAL,  BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 96 MARKET IN APAC FOR FOOD & BEVERAGES VERTICAL,  BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 97 MARKET IN APAC FOR PHARMACEUTICALS VERTICAL,  BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 98 MARKET IN APAC FOR WATER & WASTEWATER MANAGEMENT VERTICAL, BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 99 ELECTRIC HEAT TRACING MARKET IN APAC FOR OTHER VERTICALS, BY COUNTRY,  2017–2025 (USD MILLION)
             12.4.1 CHINA
                       12.4.1.1 China to continue to hold largest market share in APAC during forecast period
             12.4.2 JAPAN
                       12.4.2.1 In Japan, demand for heat tracing systems is increasing for pipeline products for various applications such as freeze protection, process temperature maintenance, and viscosity control
             12.4.3 SOUTH KOREA
                       12.4.3.1 Market growth is driven by oil & gas industry for process temperature maintenance applications
             12.4.4 REST OF APAC
     12.5 REST OF THE WORLD
               FIGURE 29 ELECTRIC HEAT TRACING MARKET IN SOUTH AMERICA TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
               TABLE 100 MARKET IN ROW, BY REGION, 2017–2025 (USD MILLION)
               TABLE 101 MARKET IN ROW FOR OIL & GAS VERTICAL, BY REGION,  2017–2025 (USD MILLION)
               TABLE 102 MARKET IN ROW FOR CHEMICALS VERTICAL, BY REGION,  2017–2025 (USD MILLION)
               TABLE 103 MARKET IN ROW FOR POWER & ENERGY VERTICAL, BY REGION, 2017–2025 (USD MILLION)
               TABLE 104 MARKET IN ROW FOR FOOD & BEVERAGES VERTICAL,  BY REGION, 2017–2025 (USD MILLION)
               TABLE 105 MARKET IN ROW FOR PHARMACEUTICALS VERTICAL,  BY REGION, 2017–2025 (USD MILLION)
               TABLE 106 MARKET IN ROW FOR WATER & WASTEWATER MANAGEMENT VERTICAL, BY REGION, 2017–2025 (USD MILLION)
               TABLE 107 ELECTRIC HEAT TRACING MARKET IN ROW FOR OTHER VERTICALS,  BY REGION,  2017–2025 (USD MILLION)
             12.5.1 SOUTH AMERICA
                       12.5.1.1 South America to register higher CAGR of market in RoW during forecast period
             12.5.2 MIDDLE EAST AND AFRICA
                       12.5.2.1 Oil & gas industry in Middle East & Africa provides opportunities for process temperature maintenance applications
     12.6 REGULATIONS PERTAINING TO USE OF ELECTRICAL HEAT TRACING SYSTEMS ACROSS VARIOUS REGIONS
     12.7 IMPACT OF COVID-19 ON VARIOUS REGIONAL MARKETS

13 COMPETITIVE LANDSCAPE (Page No. - 131)
     13.1 OVERVIEW
               FIGURE 30 PLAYERS IN MARKET ADOPTED PRODUCT LAUNCHES AS THEIR KEY STRATEGY FOR BUSINESS EXPANSION FROM 2018 TO 2020
     13.2 MARKET EVALUATION FRAMEWORK
               FIGURE 31 MARKET EVALUATION FRAMEWORK: 2019 SAW MARKET EXPANSION AND CONSOLIDATION
     13.3 MARKET RANKING ANALYSIS: ELECTRIC HEAT TRACING MARKET, 2019
               FIGURE 32 GLOBAL MARKET RANKING ANALYSIS, 2019
     13.4 MARKET SHARE ANALYSIS: ELECTRIC HEAT TRACING MARKET, 2019
               FIGURE 33 GLOBAL MARKET SHARE FOR TOP 5 PLAYERS (2019)
     13.5 HISTORICAL REVENUE ANALYSIS
     13.6 KEY MARKET DEVELOPMENTS
             13.6.1 PRODUCT LAUNCHES
                       TABLE 108 PRODUCT LAUNCHES, 2019–2020
             13.6.2 PARTNERSHIPS
                       TABLE 109 PARTNERSHIPS, 2018
             13.6.3 ACQUISITIONS
                       TABLE 110 ACQUISITIONS, 2018 AND 2019
             13.6.4 EXPANSIONS
                       TABLE 111 EXPANSIONS, 2018 AND 2019

14 COMPANY EVALUATION MATRIX AND COMPANY PROFILES (Page No. - 139)
    
14.1 INTRODUCTION
     14.2 COMPANY EVALUATION MATRIX DEFINITIONS AND METHODOLOGY
             14.2.1 STAR
             14.2.2 EMERGING LEADER
             14.2.3 PERVASIVE
             14.2.4 PARTICIPANT
     14.3 COMPANY EVALUATION MATRIX, 2019
               FIGURE 34 ELECTRIC HEAT TRACING MARKET (GLOBAL): COMPETITIVE LEADERSHIP MAPPING, 2019
     14.4 PRODUCT FOOTPRINT ANALYSIS OF TOP PLAYERS
               FIGURE 35 BUSINESS STRATEGY EXCELLENCE OF TOP PLAYERS IN  ELECTRIC HEAT TRACING MARKET
     14.5 COMPANY PROFILES
(Business and financial overview, Products offered, Recent developments, COVID-19-specific developments, SWOT analysis, and MNM view)*
             14.5.1 NVENT
                       FIGURE 36 NVENT: COMPANY SNAPSHOT
             14.5.2 THERMON
                       FIGURE 37 THERMON: COMPANY SNAPSHOT
             14.5.3 SPIRAX-SARCO ENGINEERING
                       FIGURE 38 SPIRAX-SARCO ENGINEERING: COMPANY SNAPSHOT
             14.5.4 NIBE INDUSTRIER
                       FIGURE 39 NIBE INDUSTRIER: COMPANY SNAPSHOT
             14.5.5 BARTEC
             14.5.6 DANFOSS
                       FIGURE 40 DANFOSS: COMPANY SNAPSHOT
             14.5.7 ELTHERM
             14.5.8 EMERSON
                       FIGURE 41 EMERSON: COMPANY SNAPSHOT
             14.5.9 HEAT TRACE
             14.5.10 WATLOW
     14.6 RIGHT TO WIN
     14.7 OTHER KEY PLAYERS
             14.7.1 DREXAN ENERGY SYSTEMS
             14.7.2 DREXMA INDUSTRIES
             14.7.3 EBECO
             14.7.4 HEAT TRACE PRODUCTS
             14.7.5 KING ELECTRIC
             14.7.6 NEXANS
             14.7.7 SST GROUP
             14.7.8 TRASOR
             14.7.9 URECON
             14.7.10 WARMUP

*Details on Business and financial overview, Products offered, Recent developments, COVID-19-specific developments, SWOT analysis, and MNM view might not be captured in case of unlisted companies.

15 APPENDIX (Page No. - 171)
     15.1 DISCUSSION GUIDE
     15.2 KNOWLEDGE STORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL
     15.3 AVAILABLE CUSTOMIZATIONS
     15.4 RELATED REPORTS
     15.5 AUTHOR DETAILS

The study involved four major activities in estimating the current size of the global electric heat tracing market. Exhaustive secondary research has been done to collect information about the market, the peer market, and the parent market. Validating findings, assumptions, and sizing with industry experts across the value chain through primary research has been the next step. Both top-down and bottom-up approaches have been employed to estimate the complete market size. After that, market breakdown and data triangulation methods have been used to estimate the market size of segments and subsegments.

Secondary Research

The secondary sources referred to for this research study include semiconductor industry organizations such as the International Association of Oil & Gas Producers (IOGP), American Institute of Chemical Engineers (AIChE), National Insulation Association, and corporate filings (such as annual reports, investor presentations, and financial statements); and trade, business, and automotive associations. Secondary data has been collected and analyzed to arrive at the overall market size, which is further validated by primary research.

Primary Research

Extensive primary research has been conducted after acquiring an understanding of the electric heat tracing market scenario through secondary research. Several primary interviews have been conducted with market experts from both the demand-and supply-side players across four major regions, namely, North America, Europe, Asia Pacific, and Rest of the World (Middle East & Africa and South America). Approximately 70% and 30% of primary interviews have been conducted from the demand and supply side, respectively. Primary data has been collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, various departments within organizations, such as sales, operations, and administration, were covered to provide a holistic viewpoint in our report.

After interacting with industry experts, brief sessions were conducted with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject matter experts’ opinions, has led us to the findings as described in the remainder of this report.

Electric Heat Tracing Market  Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The top-down and bottom-up approaches have been used to estimate and validate the overall size of the electric heat tracing market. These methods have also been used extensively to estimate the size of various market subsegments.

  • The research methodology used to estimate the market size by top down approach includes the following:
  • Focusing initially on top-line investments and expenditures being made in the ecosystems of the electric heat tracing market
  • Calculating the market size considering revenues generated by major players through the sale of electric heat tracing systems. Estimating 2020 values by considering COVID-19 impact across the value chain of electric heat tracing. Analyzing recovery scenarios across the world to further forecast values
  • Conducting multiple on-field discussions with key opinion leaders across major companies involved in the development of electric heat tracings to understand the pre-COVID-19 and post- COVID-19 scenarios
  • Estimating the geographic split using secondary sources based on various factors, such as the number of OEMs in a specific country and region, the role of major players in the market for the development of innovative products, and adoption and penetration rates in a particular country for various end-user applications

Global Electric heat tracing Market Size: Top Down Approach

Electric Heat Tracing Market  Size, and Share

The research methodology used to estimate the market size by bottom up approach includes the following:

  • Identifying entities in the electric heat tracing market that influence the entire market, along with the related component players
  • Analyzing major manufacturers of electric heat tracing systems, studying their portfolios, and understanding different components and products. Analyzing developments pre- and post- COVID-19. Studying the measures/steps taken by companies to deal with the COVID-19 pandemic
  • Analyzing the anticipated change in demand in the post-COVID-19 scenario
  • Analyzing trends pertaining to the use of electric heat tracing devices for different kinds of verticals
  • Tracking the ongoing and upcoming developments in the market, such as investments made, R&D activities, product launches, collaborations, and partnerships, and forecasting the market based on these developments and other critical parameters
  • Carrying out multiple discussions with key opinion leaders to understand different types of electric heat tracing cables, components, and applications and recent trends in the market, thereby analyzing the breakup of the scope of work carried out by major companies
  • Arriving at the market estimates by analyzing revenues of companies generated and then combining the same to get the market estimate
  • Segmenting the overall market into various other market segments
  • Verifying and cross-checking the estimate at every level from the discussion with key opinion leaders such as CXOs, directors, and operations managers, and finally with the domain experts in MarketsandMarkets
  • Studying various paid and unpaid sources of information such as annual reports, press releases, white papers, and databases

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both, the demand and supply sides, in the oil & gas, chemicals, commercial, residential, power & energy, food & beverages, pharmaceuticals, and water & wastewater management among other verticals.

Report Objectives

  • To describe and forecast the electric heat tracing market, in terms of value, by type, application, and vertical
  • To describe and forecast the market, in terms of value, by region—North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW)
  • To provide detailed information regarding major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
  • To provide a detailed overview of the value chain pertaining to the electric heat tracing ecosystem, along with the average selling price trends.
  • To strategically analyze the ecosystem, patent landscape, and various case studies pertaining to the electric heat tracing market.
  • To strategically analyze micromarkets1 with regard to individual growth trends, prospects, and contributions to the total market
  • To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies2, along with detailing the competitive landscape for market leaders
  • To analyze strategic approaches such as product launches, acquisitions, agreements, and partnerships in the electric heat tracing market

Available Customizations

MarketsandMarkets offers the following customizations for this market report:

  • Detailed analysis and profiling of additional market players
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