Electric Heat Tracing Market Projected to reach 3.26 Billion USD by 2023

NORTHBROOK, Ill. - Jan. 15, 2019 - PRLog -- The electric heat tracing market is expected to be worth USD 3.26 billion by 2023, growing at a CAGR of 5.3% between 2017 and 2023. Growing requirement of heat tracing systems from various end-user industries and rising importance of heat tracing systems in power plants are the major factors that provide opportunities to the players in the electric heat tracing market. The major factor driving the growth of the electric heat tracing market is the increasing demand for energy-efficient electric heat tracing systems.

Key strategies adopted by the major players in the electric heat tracing market include product launches and developments, acquisitions, partnerships, agreements, collaborations, and expansions between 2014 and 2017. Companies such as Pentair (UK), Chromalox (US), BARTEC (Germany), Danfoss (Denmark), Thermon (US), Emerson (US), and eltherm (Germany) have adopted these strategies to expand their customer base and enhance their product portfolio.

Pentair (UK) held the first position in the electric heat tracing market in 2016. Pentair is a focused diversified industrial manufacturing company to offer a wide range of products to various industries. Pentair designs, manufactures, markets, and services its products and solutions to its customers all over the world. The company offers products and services that are geographically diversified and highly competitive in the market. The company is continuously analyzing and evaluating the acquisition of strategic businesses or product lines with the potential to strengthen its industry position and enhance its existing set of product and service offerings. The company acquired and invested in various companies. In September 2015, the company acquired ERICO Global Company (US) as a part of its "technical solutions" segment. Through this acquisition, Pentair acquired the outstanding shares of ERICO that were worth USD 1.8 billion.  Furthermore, with product launches and acquisitions, the company aims to establish itself as a leading player in the market.

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Thermon (US) is one of the industry leaders in the specialized field of heat tracing technology. Thermon manufactures a wide variety of electric heating cables and control systems. The company is focusing on manufacturing heat tracing systems for the external applications such as heating pipes, tanks, and instrumentation accessories. The company serves its customers through a global network of sales and service professionals and distributors in more than 30 countries. Since March 2015, the company's strategy to grow its businesses through acquisition for thermal solutions industry. Recently, in February 2017, the company expanded its business in Russia by announcing its latest manufacturing facility, which focuses on heat tracing technologies.

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Other companies operating in the electric heat tracing market are Parker-Hannifin (US), Heat Trace Products (UK), and Warmup (UK).

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