Press release
Asia Pacific Heat Tracing Market 2022: In-depth Research with Emerging Growth Trends, Regional Status of Top Key Players, Driving Factors, Business Strategies and Industry Size Forecast to 2028
Asia Pacific Heat Tracing Market 2022-2028
New study report" Asia Pacific Heat Tracing Market 2022 Market Opportunities, Challenges, Strategies, and Forecasts 2028″ has been added to Fortune Business Insights.
Market Overview:
The Asia Pacific heat tracing market size is expected to gain momentum by reaching USD 446.32 million by 2028 while exhibiting a CAGR of 5.4% between 2021 to 2028. In its report titled "Asia Pacific Heat Tracing Market, 2021-2028," Fortune Business Insight mentions that the market stood at USD 293.30 million in 2020 and is estimated to be USD 308.69 million in 2021.
A heat tracing system is a collection of electrical or steam-powered thermal insulation units deployed across different applications such as power, energy, food beverages, and many others to minimize heat deficiencies.
The availability of large-scale production plants with a significant output of numerous components is likely to favor the Asia Pacific heat tracing market size. For instance, the industry major Chromalox owns and operates a testing & manufacturing facility in Wujiang, China with a total area of 25,000 ft2. The unit is capable of delivering special type self-regulating cables for constant temperature, heat trace cables, heat trace panels, skin effect systems, panels, and power controls, heater system integration, and many other key components.
Driving Factors:
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.
List of Companies Covered in the Asia Pacific Heat Tracing Market Report:
Thermon, Inc.
Kerone
Lloyd Insulations
Korea EHT
nVent
Chromalox
Parker Hannifin
eltherm group
Spirax Sarco
BARTEC Safe.t Technology
Emerson
Straight Line Industrial Services, Inc.
Heaton Engineering Pvt. Ltd.
ATP Thermtech Pvt. Ltd.
Heat Trace Engineering
Wuhu Jiahong Co., Ltd.
Bellis Australia Pty. Ltd.
Danfoss
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Covide-19 Impact:
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Method of Research:
Fail-safe, modern research methodologies are employed for the Asia Pacific Heat Tracing market analysis. An exhaustive primary and secondary research conducted on the market using robust research techniques aid in the prediction of the market size at the end of forecast period. Top-up and bottom-down approaches were maintained in the entire market study.
Report Coverage:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Key Industry Development:
August 2021 - nVent announced the launch of a new range of advanced heat controllers named RAYCHEM 460 and RAYCHEM 465 to facilitate optimized fire protection and other critical heat-retaining uses.
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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.
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.
Continue….
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