According to the market research report "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", The global electric heat tracing market size is expected to grow from USD 1.7 billion in 2020 to USD 2.5 billion by 2025, at a CAGR of 8.2%. The increasing adoption of electric heat tracing systems over conventional steam tracing systems is expected to fuel the demand for electric heat tracing systems. The growing demand for electric heat tracing systems from various end-user industries is expected to play a vital role in the growth of the electric heat tracing market.
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The electric heat tracing market includes major Tier I and II players like nVent, Thermon, Spirax-Sarco Engineering, NIBE Industrier, and BARTEC. These players have their manufacturing facilities spread across various countries across Europe, North America, APAC, and RoW. COVID-19 has impacted their businesses as well. Multiple manufacturing facilities of players have shut down due to COVID-19. We expect that the oil & gas industry would decline significantly globally in 2020 due to COVID-19 which would result in reduced demand for heat tracing from oil & gas industry. This also translates into a snowballing effect on the electric heat tracing market.
Self-Regulating type expected to witness the highest market growth during the forecast period
The electric heat tracing market for the self-regulating type is expected to register the highest CAGR during the forecast period. Self-regulating heating cables are ideal for temperature maintenance and frost-prevention installations because they produce more heat when it is cold and conversely less heat in warm conditions. The heat output is automatically adjusted in response to the increase or decrease in ambient temperatures. Self-regulating cables offer numerous advantages over other types of heat tracing cables, such as higher efficiency, increased safety, ease of installation, and less maintenance. Due to these various advantages, self-regulating cables are increasingly being adopted across various verticals such as oil & gas, chemicals, commercial, and residential among others.
Oil & Gas vertical is expected to witness the largest market growth during the forecast period
The market for oil & gas vertical is expected to grow at the highest CAGR during the forecast period. EHT market for oil & gas expected to be impacted by COVID-19 significantly while it is expected to recover by 2022. Heat tracing is used to facilitate the processing, transportation, and freeze protection of energy products in both upstream and downstream applications in the oil & gas industry. The upstream sector requires elevated temperatures to move the crude oil and/or raw natural gases to the surface. The downstream sector requires freeze protection for refined petrochemical products. In the oil & gas industry, electric heat tracing systems are used for various applications such as process temperature maintenance, viscosity control, and freeze protection. With numerous oil & gas projects expected to start construction in the next 3 to 5 years in various regions across the world, the demand for electric heat tracing systems is expected to grow significantly.
North America likely to emerge as the largest electric heat tracing market
The market in North America is expected to hold the largest market share 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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Major players in the electric heat tracing market include nVent (UK), Thermon (US), Spirax-Sarco Engineering (UK), NIBE Industrier (Sweden), BARTEC (Germany), Danfoss (Denmark), Emerson (US), eltherm (Germany), Heat Trace (UK), and Watlow (US).