Published: Mar, 2018

The global electric heat tracing systems market was valued at around US$ 2,897 Mn in 2016 and is anticipated to expand at a stable CAGR of more than 4.0% during the forecast period of 2017 to 2025, according to a new report published by Transparency Market Research (TMR) titled “Electric Heat Tracing Systems Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025.” The global electric heat tracing systems market is primarily driven by the low maintenance cost, increase in adoption of electric heat tracing systems over steam tracing systems, and rise in investment in development of oil & gas pipeline infrastructure. The electric heat tracing systems market in North America is estimated to expand at a CAGR of more than 5.0% owing to the constant demand and usage of electric heat tracing systems in various end-use sectors across the region.

electric heat tracing systems market

Low maintenance cost and increase in adoption of electric heat tracing systems over steam tracing systems to drive market growth

Since the beginning of the 19th century, steam tracing has been the primary means of industrial heat tracing such as tars, petroleum residues, and waxes flowing through pipelines and other equipment in chemical processing and petroleum industries. Currently, steam tracing system accounts for major share of the market. However, tracing of vessels and pipe work is inefficient and complex to control in steam tracing systems vis-à-vis electric heat tracing systems. The lack of reliable method to monitor and control steam tracing systems makes it unsuitable for applications such as process maintenance where tight control of temperature is mandatory. Considering the entire tracing system, control & monitoring, and power distribution system, the total installed cost of electric heat tracing system is 3/4th of the total installed cost of steam tracing system. Thus, there has been a shift toward the adoption of electric heat tracing system over steam tracing system in industrial, commercial, and residential applications.

Increase in R&D investments to manufacture heat tracing cables to cover long distances to boost the electric heat tracing cables segment

Based on component, the electric heat tracing systems market has been segmented into electric heat tracing cables, power connection kit, RTD sensors, and other accessories. The other accessories segment is anticipated to account for major share of the market owing to the increase in application of electric heat tracing systems in the industrial sector. However, the electric heat tracing cables segment is projected to offer high growth opportunities during the forecast period. Major manufacturers of electric heat tracing systems are focusing on increasing the efficiency of cables to offer voltages over large distances. Consequently, significant investments are being made to develop cables with increased insulation thickness that allow higher voltages to pass through them. This is likely to boost the electric heat tracing cables segment in the near future.

Process temperature maintenance application to dominate the global electric heat tracing systems market

In terms of application, the global electric heat tracing systems market has been divided into process temperature maintenance, hot water temperature maintenance, floor heating, and freezing protection. Of these, the process temperature maintenance segment is expected to dominate the market owing to the increase in demand for electric heat tracing systems in the industrial sector to meet the ever-rising requirements in quality, accuracy, energy saving, and safety. This, in turn, has propelled the demand for electric heat tracing systems for applications such as process temperature maintenance, tank & vessel heating, and pipeline heating in the industrial sector.

Stability in crude oil prices to fuel industrial end-user segment

In terms of end-user, the global electric heat tracing systems market has been segregated into industrial, commercial, and residential. The industrial segment dominated the electric heat tracing systems market in 2016. This trend is anticipated to continue during the forecast period. Furthermore, the segment is estimated to be highly attractive during the forecast period. It is projected to expand at a CAGR of more than 4.0% between 2017 and 2025. The industrial segment is likely to be followed by the residential segment in terms of growth rate during the forecast period.

Shift towards the usage of electric heat tracing over conventional steam tracing systems in developing countries such as India, Brazil, Nigeria, and Argentina to create lucrative opportunities

Based on geography, the global electric heat tracing systems market has been classified into Latin America, North America, Asia Pacific, Europe, and Middle East & Africa. The electric heat tracing systems market in North America is expected to expand at a CAGR of more than 5.0% during the forecast period owing to the constant demand and usage of electric heat tracing systems in various end-use sectors across the region. The U.S. is the leading manufacturer and consumer of electric heat tracing systems in North America. Furthermore, manufacturers in the region are taking advantage of the increase in disposable income. They are offering various products that can be used in commercial as well as residential sectors.

Fragmented market with four to five key players

Key players covered in the report include Pentair PLC, Thermon Inc., Emerson Electric Co., Danfoss, Parker Hannifin Corp, Chromalox (subsidiary of Spirax-Sarco Engineering plc), eltherm GmbH, BriskHeat, Urecon, Supermec Private Limited, and Raychem RPG. Companies operating in the global electric heat tracing systems market are focusing on in-licensing and collaboration agreements to make their products available in developed as well as developing markets such as Asia Pacific and Latin America. For instance, 3M Canada and Thermon have entered into a strategic agreement to sell electric heat tracing products of the commercial line manufactured by Thermon. According to the agreement, 3M Canada has been given full authority to market and sell three distinct products in Canada: HSX, KSR, and TTS heat tracing cables and accessories. This alliance is anticipated to strengthen the market position of Thermon in Canada, thereby increasing its market value in the commercial end-use sector.

The global electric heat tracing systems market has been segmented as follows:

Global Electric Heat Tracing Systems Market, by Component

  • Electric Heat Tracing Cables
  • Power Connection Kit
  • RTD Sensors (Thermostat)
  • Other Accessories

Global Electric Heat Tracing Systems Market, by Application

  • Process Temperature Maintenance
  • Hot Water Temperature Maintenance
  • Floor Heating
  • Freezing Protection

Global Electric Heat Tracing Systems Market, by End-user Industry

  • Industrial
  • Commercial
  • Residential

Global Electric Heat Tracing Systems Market, by Region/Country/Sub-region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Russia
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • South Africa
    • GCC
    • Nigeria
    • Rest of MEA

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