Press release
Asia Pacific Heat Tracing Market Provides In-Depth Detailed Analysis of the Industry, With Current Trends, Growth For Forecast period | (2022-2029)
Asia Pacific Heat Tracing Market 2022-2029
New study report" Asia Pacific Heat Tracing Market 2022 Market Opportunities, Challenges, Strategies, and Forecasts 2029″ has been added to Fortune Business Insights.
Market Overview:
At the beginning of a recently published report on the Asia Pacific Heat Tracing Market 2022-2029, extensive analysis of the industry has been done with an insightful explanation. The overview has explained the potential of the market and the role of key players that have been portrayed in the information that revealed the applications and manufacturing technology required for the growth of the Asia Pacific Heat Tracing market.
The Asia Pacific heat tracing market size is expected to gain momentum by reaching USD 446.32 million by 2029 while exhibiting a CAGR of 5.4% between 2022 to 2029. That the market stood at USD 293.30 million in 2020 and is estimated to be USD 308.69 million in 2022.
Various segments of the market have been divided into different divisions. They have been depicted maximum share and profit maximization of the market during the forecasting period of 2022 to 2029. This is mentioned in the report too. Depending on the information, it has been recognized with different data and figures offered by the analysis of the overall understanding of the market place and value. Various distinctive features involve the market's knowledge based on the factors like the demographic changes, market dimensions, historical details, and market overviews. The research is also included in the strategic movements that are undertaken by the top-notch markets. Moreover, these key players affect the market growth and the profit rate of the overall market. In this report, the internal dimensions and assessments of the Asia Pacific Heat Tracing market are revealed. The study of the Asia Pacific Heat Tracing market's description has been taking place during the 2022 period and the last year of the foreseen period that extends to 2029.
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List of Key Players Covered in the Asia Pacific Heat Tracing Market Report:
Thermon, Inc.
Kerone
Lloyd Insulations (India) Limited
Korea EHT
nVent
Chromalox
Parker Hannifin
eltherm group
Spirax Sarco
BARTEC Safe.t Technology
Emerson
Straight Line Industrial Services, Inc.
Heaton Engineering Pvt. Ltd.
COVID-19 Impact:
The pandemic has helped in providing a counterbalance to the investment potential across production facilities. For instance, according to a report by the Department of the Treasury under the Government of Australia, the national administration declared that it will provide an extra AUD 41 billion in the financial year 2021-22 to help the private sector businesses, which are affected by the pandemic. The department further concluded that the total funding under COVID-19 economic response now totals about AUD 291 billion or USD 214 billion since the starting of the pandemic, and this will help the market and businesses such as heat tracing in upcoming years to flourish.
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Drivers & Restraints:
Expansion of New Chemical Production Plants to Augment Demand for Heat Capturing Products
The increasing investments is expected to boost the chemical production capabilities, which in turn will favor the Asia Pacific heat tracing market growth. The industry is witnessing various different extension plans & contracts to increase their prevailing output volume. For instance, in April 2021, a Sweden-based Nouryon in association with the Indian chemicals company Atul Limited declared the to start the production of monochloroacetic acid (MCA) in Gujrat. The new expansion plans to have an initial capacity of 32,000 tons per annum (TPA), as the company aims to boost the output to 60,000 TPA over the near term.
Market Segmentation:
By type, the market is bifurcated into electric and steam. By application, it is segmented into power temperature maintenance, hot water temperature maintenance, floor heating, and freezing protection. By end-user, it is divided into, oil & gas, chemical, residential, commercial, food & beverage, pharmaceuticals, water & wastewater management, electric utility, and others.
Based on end-user, the oil & gas segment held the market share of 20.9% in 2020. This is attributable to the increasing integration of natural gas and LNG generating & processing units' facilities along with favorable expansion plans by the regional hydrocarbon companies.
Finally, based on region, the market is based in Asia Pacific.
Regional Insights:
Facility Expansions to Drive Regional Market
China's heat tracing market share was USD 118.02 million in 2020. This country is expected to hold the dominant position in the market throughout the forecast period. This is attributable to the introduction of new expansion plans across manufacturing facilities, growing hydrocarbon exploration & production activities, and rapidly increasing energy demand.
Following China, India is also projected to observe significant CAGR during the forecast period in the Asia Pacific heat tracing market share owing to the expansion of chemical production & processing operations, transformation of residential & commercial infrastructure, rising food & beverage industries, and many other parameters are contributing to the country's market.
Key Industry Development:
August 2021 - nVent launched a new range of advanced heat entrapment controllers under the name of RAYCHEM 460 and RAYCHEM 465 to facilitate optimized fire protection and other critical heat-retaining uses.
Major Table of Content:
Introduction
Executive Summary
Market Dynamics
Key Insights
Asia Pacific Heat Tracing Market Analysis, Insights and Forecast, 2022-2029
North America Asia Pacific Heat Tracing Market Analysis, Insights and Forecast, 2022-2029
Europe Asia Pacific Heat Tracing Market Analysis, Insights and Forecast, 2022-2029
Asia Pacific Asia Pacific Heat Tracing Market Analysis, Insights and Forecast, 2022-2029
Middle East and Africa Asia Pacific Heat Tracing Market Analysis, Insights and Forecast, 2022-2029
Latin America Asia Pacific Heat Tracing Market Analysis, Insights and Forecast, 2022-2029
Market Share Analysis, By Key Players, 2022
Competition Matrix
Company Profile
Continue….
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𝐂𝐨𝐧𝐭𝐚𝐜𝐭:
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Email: sales@fortunebusinessinsights.com
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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
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