Electric Heat Tracing Market

Market Leader - Electric Heat Tracing Market

The global electric heat tracing market is projected to grow from USD 1.7 billion in 2020 to USD 2.5 billion by 2025, at a CAGR of 8.2%. The 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. 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 increasing adoption of electric heat tracing systems over conventional steam tracing systems is one of the key factors driving the growth of the electric heat tracing market. Also, the rising demand for energy-efficient electric heat tracing systems is likely to boost the market growth.

nVent (UK), Thermon (US), Spirax-Sarco Engineering (UK), NIBE Industrier (Sweden), BARTEC (Germany), eltherm (Germany), Watlow (US), Heat Trace (UK), Emerson (US), Danfoss (Denmark), SST Group (Russia), Ebeco (Sweden), Heat Trace Products (US), Nexans (France), Warmup (UK), Urecon (Canada), King Electric (US), Drexma Industries (Canada), Drexan Energy Systems (Canada), and Trasor (US) are the key players in the electric heat tracing market.

The electric heat tracing market is competitive, owing to the presence of several players. Key strategies adopted by these players to expand their product portfolio, increase their market share, and expand their presence in the market are expansions and product launches. Many market players adopted product launch as their primary business strategy. For instance, 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). Apart from this, players have also adopted the expansion strategy to expand their businesses. For instance, in 2019, eltherm announced the opening of new trace heater production facilities in Alberta, Canada. In the same year, eltherm opened two new subsidiaries, one each in Chile and Kazakhstan, eltherm Chile, and eltherm Kazakhstan.

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nVent is among the leaders in the electric heat tracing market. The company has one of the most extensive portfolios in the market including heating cables, control and monitoring solutions, heating components and accessories, and heating kits among others. The company has been at the forefront in the development of new products in the electric heat tracing market. It extensively invests in the research & development of new products, which can be seen from the fact that it has launched four new products in the electric heat tracing market in the last two years. The company’s 34 sales offices and 10 distribution facilities for its Thermal Management business segment have helped the company to reach a wider market and increase its market share in the electric heat tracing business. Product launch has been the company’s important strategy to maintain its top position in the electric heat tracing market. For instance, 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. Also, in June 2019, nVent announced the launch of the nVent RAYCHEM HWAT-ECO-GF controller, the next-generation controller for nVent RAYCHEM Hot Water Temperature Maintenance (HWAT) system. The HWAT-ECO-GF controller has been developed for use with nVent RAYCHEM HWAT-R2 self-regulating heating cable for hot water temperature maintenance applications. The declining oil & gas market due to falling crude oil prices followed by the COVID-19 pandemic is expected to significantly affect the company in FY 2020–2021. The company may look to increase its offerings to other industries such as chemicals, food & beverages, and pharmaceuticals to drive revenue growth for the electric heat tracing business.

Thermon is an important player in the electric heat tracing market. The company is a prominent player in providing electric heat tracing systems and related accessories and has achieved a strong position in the market. The company is expected to focus on electric heat tracing cables, particularly self-regulating cables, thus planning to conquer the opportunities in oil & gas, chemicals, food & beverages, and pharmaceuticals industries. The company has adopted product launches as its key growth strategy in the electric heat tracing market. For instance, 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). Also, in March 2018, the company announced the expansion of its VSX heat tracing solutions with the addition of VSX-HT self-regulating heating cable. VSX-HT is a monolithic self-regulating heat trace with a maintenance temperature of 392°F (200°C) with an intermittent exposure temperature (power on or off) of 482°F (250°C). It has a broad product portfolio in the electric heat tracing market while serving industries such as oil & gas, chemicals, power generation, transportation, and commercial. The company is expected to continue to launch innovative products in the next few years to cater to wider customer preferences and increase its market share.

Related Reports:

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

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[email protected]

Report Code
SE 5726
RI Published ON
9/16/2020
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