Electric Heat Tracing Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

Electric Heat Tracing Market with COVID-19 Impact, by Type (Self Regulating, Constant Wattage), Application (Freeze Protection & Process Temperature Maintenance), Vertical
By: MarketsandMarkets
 
NORTHBROOK, Ill. - Aug. 4, 2022 - PRLog -- The global electric heat tracing market is estimated to grow from USD 1.7 billion in 2020to 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 rise in adoption of electric heat tracing systems over conventional steam tracing systems and low maintenance cost associated with electric heat tracing systems are expected to drive the electric heat tracing market.

There have been various developments in the electric heat tracing market. Self-regulating cables have become the most popular elements of electric heat tracing systems, which are offered by most of the industrial heat tracing manufacturers. A self-regulating cable is an energy-efficient component of the heat tracing system. This type of cable eliminates the possibility of heat burnout due to the inability to dissolve internally-generated heat, which is the most common cause of heat tracing system failure. The maximum temperature in self-limiting heat tracing systems can reach usually much lower than the maximum temperature specified since the wattage delivered decreases with an increase in temperature. Thus, self-regulating heating cables are flexible and engineered to automatically increase or decrease the power output depending on the temperature; hence, it is the most energy-efficient system. The primary function of a self-regulating cable is to prevent freezing within pipes and the subsequent bursting of metallic and non-metallic pipes, vessels, and equipment. In general, self-limiting cables are essentially safer than other methods, namely, constant-wattage and tubular resistance tracing methods that require careful over-temperature protection. Thus, the self-regulating feature provides a tremendous boost to operational reliability while cutting installation, maintenance, and energy costs.

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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. Moreover, with the new oil & gas pipeline projects planned in the region, the electric heat tracing market in North America is expected to grow significantly during the forecast period.

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Tags:Electric Heat Tracing Market
Industry:Technology
Location:Northbrook - Illinois - United States
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