Heat Tracing Systems: Introduction
- Heat tracing system is placed along pipes or vessels wherein heat is needed to be monitored and controlled. These paths are made up of a resistive element that heats up when electricity or steam passes through it.
- Heat tracing system is necessary in cold conditions where the liquid flowing within pipes is prone to freezing. Freezing within pipes can damage the entire piping system. In extreme conditions, the pressure build-up within the pipes could lead to cracks, or the pipes might even blow up, causing major accident near the processing system.
Key Driver and Restraint of Global Heat Tracing Systems Market
- Increase in adoption of heat tracing systems in industrial applications is expected to drive the market. Rapid industrial expansion has boosted the demand for heat tracing systems across the world, particularly in North America, as the region has cold weather. Thus, industries require maintenance of heat in pipes and vessels.
Global Heat Tracing Systems Market: Segmentation
- The global heat tracing systems market can be segmented in terms of type, component, application, and end-user
- In terms of type, the heat tracing systems market can be divided into forced electric and steam. Currently, Steam tracing systems account for 70% of all the industrial heat tracing systems. However, electric heat tracing system is safer in terms of installation and operation, since it does not use exposed circuits. Thus, the segment is expected to expand at a fast-paced CAGR during the forecast period.
- Based on component, the heat tracing systems market can be classified into electric heat tracing cable, power connection kit, RTD sensor, boiler, steam header, steam manifold, heating circuit, and others. Use of electric heat tracing cables and steam manifolds is higher. Thus, the segment is likely to expand significantly in the near future.
- In terms of application, the heat tracing systems market can be categorized into process temperature maintenance, hot water temperature maintenance, floor heating, freezing protection, and others. The use of heat tracing systems in process temperature maintenance and hot water temperature maintenance is higher.
- Based on end-user, the market can be divided into industrial, commercial, and residential. Demand for heat tracing systems is higher in the industrial segment in industries such as oil & gas and food & beverages.
Global Heat Tracing Systems Market: Regional Segmentation
- In terms of region, the global heat tracing systems market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- The market in Asia Pacific is projected to expand at high CAGR during the forecast period, due to a rise in industrialization and urbanization in China, India, Indonesia, Japan, and Singapore. Therefore, demand for heat tracing systems is expected to increase significantly in the region in the near future.
- The heat tracing systems market in Europe and North America is anticipated to expand significantly during the forecast period. Increase in demand for oil & gas and power is projected to propel the demand for heat tracing systems in these regions.
COVID-19 Impact on Global Heat Tracing Systems Market
- Demand for heat tracing systems is significantly high in many industrial applications such as oil & gas, chemicals and food & beverages. However, the outbreak of the COVID-19 pandemic has disrupted the supply chain as well as availability of manpower due to lockdowns in various countries. This has led to a reduction in production of heat tracing systems, thus hampering the market.
Key Players Operating in Global Market
- Pentair PLC
- Thermon Inc.
- Emerson Electric Co.
- Parker Hannifin Corp
- BARTEC GmBH
- Heat Trace Limited
- eltherm GmbH
- Armstrong International Inc
- Spirax Sarco Limited
Global Heat Tracing Systems Market: Research Scope
Global Heat Tracing Systems Market, by Type
Global Heat Tracing Systems Market, by Component
- Electric Heat Tracing Cable
- Power Connection Kit
- RTD Sensor
- Steam Header
- Steam Manifold
- Heating Circuit
Global Heat Tracing Systems Market, by Application
- Process Temperature Maintenance
- Hot Water Temperature Maintenance
- Floor Heating
- Freezing Protection
Global Heat Tracing Systems Market, by End-user
Global Heat Tracing Systems Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.