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3. Electric Heat Tracing Companies - nVent Electric PLC (UK) and Thermon Group Holdings (US) are the Key Players

The global electric heat tracing market is expected to be valued at USD 2.96 billion in 2024 and is projected to reach USD 4.34 billion by 2029; it is expected to grow at a CAGR of 7.9% from 2024 to 2029. Product launches, acquisitions, partnerships, collaborations, agreements, and expansions are the major growth strategies adopted by the market players. These strategies have enabled them to efficiently fulfill the growing demand for Electric heat tracing from different verticals and expand their global footprint by offering their services in all the major regions.

Key players operating in the electric heat tracing market are nVent Electric PLC (UK), Thermon Group Holdings (US), Spirax-Sarco Engineering Plc (UK), Nibe Industrier AB (Sweden), Bartec Top Holdings Gmbh (Germany), Danfoss (Germany),  Eltherm Gmbh (Germany), Emerson Electric Co. (Germany), Watlow Electric Manufacturing Co (US), Drexan Energy Systems  Inc. (Canada), Drexma Industries Inc. (Canada), EBECO (Sweden), Heat Trace Products, LLC (US), King Electrical Mfg.Co. (US), Nexans (France), SST Group (Russia), Trasor Corp (US), Urecon Ltd (Canada), Warmup (UK), Heat-Line (Canada), Vulcanic Group (France), Klopper-Therm Gmbh &Co KG (Germany), GENERI, S.R.O. (Czech Republic), Tempco Electric Heater Corporation (US), Valin Corporation (US).

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

Major Electric Heat Tracing Market companies include:

• nVent Electric PLC (UK)
• Thermon Group Holdings (US)
• Spirax-Sarco Engineering Plc (UK)
• Nibe Industrier AB (Sweden)
• Bartec Top Holdings Gmbh (Germany)

Bartec Top Holdings Gmbh (Germany):

Bartec, a global company, operates through four key units: Electrical Safety Systems, Industrial Heat Tracing, Technology Systems, and Enterprise Mobility. Their trace heating solutions, utilized across various industries, secure supply lines, transportation, and production processes. Renowned for electric trace heating's efficiency in applications like temperature maintenance and frost protection, Bartec offers extensive engineering services, including heat loss calculations and isometric design. With a strong global presence, BARTEC Top Holding GmbH consolidates its position in the electric heat tracing industry, accentuated by the strategic acquisition of Extronics Ltd in September 2023. This move diversifies Bartec's product portfolio into IoT, strengthening its stance in specialized sectors such as oil & gas, chemical, and petrochemicals, enhancing capabilities in asset and people tracking for integrated safety solutions.

nVent Electric Plc (UK)

nVent Electric plc, a global company, delivers electrical solutions across three segments: Enclosures, Thermal Management, and Electrical & Fastening Solutions. In the Thermal Management segment, their brands nVent RAYCHEM and TRACER provide electric heat tracing solutions for diverse applications, from pipe freeze protection to floor heating. nVent's strategy in electric heat tracing involves innovative products, such as self-regulating and mineral insulated heating cables, emphasizing efficiency and durability. Strategic acquisitions, like ECM Industries LLC, have expanded their product range, coupled with a commitment to simplified installations through prefabricated kits. Investments in technologies like wireless monitoring contribute to real-time data and control, reducing maintenance costs. nVent's global expansion, particularly in Asia Pacific and Latin America, is supported by a strengthened distribution network.

Spirax-Sarco Engineering plc(UK):

Spirax-Sarco Engineering plc, a multinational industrial engineering group, operates through three key segments: Steam Specialties, Electric Thermal Solutions, and Watson-Marlow. In the Electric Thermal Solutions segment, the company provides a variety of electric heat tracing solutions through subsidiaries like Chromalox and Thermocoax, catering to industries such as oil & gas, chemical, and food & beverage. Their commitment to precise temperature control spans applications from low-temperature freeze protection to high-temperature industrial processes. Spirax Sarco's recent acquisition of Vulcanic group further enhances its product portfolio, emphasizing efficiency and sustainability through energy-efficient products and lifecycle cost analysis. The company's ability to integrate electric and steam tracing, offering comprehensive system-level solutions, sets Spirax -Sarco apart in delivering tailored efficiency across diverse industries.

Thermon Group Holdings, Inc (US):

Thermon Group Holdings, Inc., a leading provider of industrial process heating solutions, offers engineered thermal solutions for diverse applications, including pipe freeze protection, tank heating, and hopper heating. Their comprehensive products and services encompass heating cables, control systems, and installation services, focusing on industries like oil & gas, chemicals, power generation, transportation, and commercial sectors. In the electric heat tracing domain, Thermon strategically positions itself by expanding self-regulating cable offerings, introducing efficiency-driven products like the FLX series, and specializing in high-temperature solutions such as the HTSX high-voltage and nuclear-grade heating cables. Actively pursuing market expansion and diversification, Thermon engages in strategic partnerships and acquisitions, exemplified by Vapor Power and Powerblanket, to broaden its product portfolio and extend market reach.

NIBE Industrier AB (Sweden):

NIBE Industrier AB, a Swedish company, operates in three segments: NIBE Climate Solutions, NIBE Element, and NIBE Stoves. Within the NIBE Element segment, the company offers diverse electric heat tracing solutions, including self-regulating, mineral-insulated, and constant wattage heating cables, catering to industries like oil & gas, chemical, food, and marine. Key acquisitions, such as BriskHeat in January 2018 and Heat Trace Holding Ltd in July 2021, have strengthened NIBE's presence in the electric heat tracing market. Focused on fortifying its core business and entering new growth markets, NIBE Industrier emphasizes product enhancement, investing significantly in research, development, and strategic acquisitions. Notably, the acquisition of a 70% stake in LS Control A/S further underscores NIBE's commitment to innovation within the ventilation and heat pump sector

Related Reports:

Electric Heat Tracing Market by Type (Self-regulating, Constant Wattage, Mineral-insulated), Component (Heat Tracing Cables, Control & Monitoring Systems, Thermal Insulation Materials, Power Connection Kits), Vertical - Global Forecast to 2029

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