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 increasing adoption of electric heat tracing systems over conventional steam tracing systems, the rising demand for energy-efficient electric heat tracing systems, and low maintenance cost of electric heat tracing systems are the factors driving the growth of the electric heat tracing market.
Major players included in this study are nVent Electric plc (UK), Thermon Group Holding, Inc. (US), Spirax-Sarco Engineering plc (UK), NIBE Industrier AB (Sweden), BARTEC Top Holding GmbH (Germany), Danfoss (Germany), eltherm GmbH (Germany), Emerson Electric Co. (US), Watlow Electric Manufacturing Company (US), Drexan Energy System, Inc. (Canada). Major strategies adopted by top players to enhance their product portfolios, increase their market share, and expand their presence in the market mainly include new product launches with latest technology and innovation and deals, such as acquisitions and partnerships.
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nVent Electric plc (UK) is engaged in the provision of electrical connection and protection solutions. The company is a spin-off of Pentair Plc’s (UK) electric business and is now an independent publicly traded company as “NVT” on New York Stock Exchange. The company completed the separation from Pentair in April 2018. The company operates its business through three reportable segments: Enclosures, Thermal Management, and Electrical & Fastening Solutions. The company provides electric heat tracing solutions through its Thermal Management business segment for the industrial and energy verticals. It provides industrial heat-tracing and wiring, control and monitoring, sensing, engineering, and construction services under the brand names nVent RAYCHEM and TRACER. These products are used for various applications, such as pipe freeze protection, roof and gutter de-icing, surface snow melting, hot water temperature maintenance, floor heating, and freeze and frost prevention, in hospitals, sports venues, hotels, offices, and education facilities.
Thermon Group Holding, Inc. (US) is one of the largest providers of highly engineered industrial process heating solutions to several industries. The company develops, manufactures, and sells engineered thermal solutions to process industries. The company offers products for various applications such as pipe freeze protection, pipe temperature maintenance, tank/vessel heating, longline heating, and hopper heating for industries such as oil & gas, chemicals, power generation, transportation, and commercial. The company primarily focuses on offering thermal and electrical heat tracing solutions and related services. It offers a full set of products (heating cables, tubing bundles, and control systems) and services (design optimization, engineering, installation, and maintenance services) required for complex projects.
Electric Heat Tracing Market by Type (Self-regulating, Constant Wattage, Mineral-insulated, Skin Effect), Application (Freeze Protection & Process Temperature Maintenance, Roof & Gutter De-icing), Vertical and Region - Global Forecast to 2027
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