Press release
Electric Heating Cable Systems Market is estimated to grow at USD 3.28 billion by 2029 at a CAGR of 4.38%: Cognitive Market Research
Electric Heating Cable Systems Market is estimated to grow at USD 3.28 billion by 2029 at a CAGR of 4.38%: Cognitive Market Resear
Read Full Report with Table of Contents: https://www.cognitivemarketresearch.com/electric-heating-cable-systems-market-report
Electric heating cables are also referred to as heat trace cables. Electric heating cables are wired cable that is intended to produce heat thus, are been deployed in several residential, commercial, and industrial applications. Electric heating cables are flexible, easy to install, and well insulated & safe. Further, electric heating cables are waterproof and have a significantly longer life which enhances their adoption in the market driving the growth of market electric heating cables growth.
Rising number of new construction and renovation projects and the increasing urban population
The building and construction industry has projected significant growth in the following years.
• According to the study, as compared to 2019, new house construction products in the private sector in the United States increased by more than 10% in 2020
Electric heating cables is been deployed for several applications in building and constructing infrastructure right from small houses to multistore commercial buildings. These electric heating cables are primarily intended for floor heating, roof heating, pipeline (to prevent freezing), etc. Several parts of the world experienced several colds and snowfall. Thus, in such regions, electric heat cables are used as frost protection systems and temperature maintenance systems Thus, increasing demand for electric heating cables from the building and construction industry drives the growth of the market.
Further, with the increasing urban population, the demand for residential and basic necessities (water supply, drainage, etc.) also increases.
• The Urban population increased by 56 % across the world in 2020. In the USA, the urban population increased by 83%, 75% in European Union, and 61 % in China.
Thus, the rising number of new construction and renovation projects drives the growth of electric heating cables.
Opportunities
Adoption of Electric heating energy as an efficient and environmentally friendly solution
- The growing population, urbanization, commercialization, globalization, and industrialization are expected to showcase tremendous growth opportunities in the field of oil and gas, chemical, pharmaceutical, and petrochemical industries. Electric heating energy is an efficient and environmentally friendly heating solution deployed in these industries. The increasing focus on the adoption of sustainable energy and zero CO2 emission mission is expected to provide lucrative growth opportunities for the electric heating cables market.
Regional Analysis of Electric Heating Cable Systems Market:
- Based on Region, the electric heating cables market is fragmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America is estimated to have the highest market share as the majority of the region faces extreme winter weather which demands a heating system. Further, rising disposable income and investment in the residential and commercial building sectors and significant footprints of the oil and gas industry, petrochemical and pharmaceutical industries in North America also contribute to the growing demand of electric heating cables in this region.
Top players involved in the Electric Heating Cable Systems market:
• Raychem RPG Private Limited
• Danfoss A/S
• eltherm GmbH
• Anhui Huanrui
• Drexan Energy Systems, Inc.
• Thermon
• Bartec
• Wuhu Jiahong
• Emerson
• Anbang
• Heat Trace Products
• Anhui Huayang
• Chromalox
• Isopad
• King Manufacturing
• Flexelec
• Garnisch
• FINE Unichem
• SunTouch
• Aoqi Electric
• Thang long Electric
• Urecon
• BriskHeat
Current Trends of Manufacturers:
• June 2022
Danfoss's DEVI Electric Heating's innovative solutions; are an energy- efficient and environmentally friendly electric heating innovation for over eight decades.
Danfoss's innovative heating solution; DEVI's electric heating cable technology has been improving the quality of people's lives by offering indoor and outdoor heating solutions. DEVI Electric Heating's innovative solutions ensure the safety during winter period by minimizing the hazards of frost, snow, and ice or their consequences.
• March 2022
Electric underfloor heating is a major opportunity for Europe With Europe's Mission of climate neutrality by 2050, the demand for electricity is forecast to grow to 30% in 2030 and reach 50% by 2050. The Commission aims for 40% of residential heating to be sourced from electricity (from renewable energy sources) by 2030, rising to at least 50 and up to 70% by 2050 in order to decrease CO2 emissions. To boost the energy efficiency in buildings, electric underfloor heating, is expected to become cheaper for consumers than traditional gas, liqui,d and solid fuel technology. The data also states that every year another 1,2 million new homes are built which are suited to electric underfloor heating.
eltherm GmbH establishes a subsidiary in India
eltherm GmbH has established ELTHERM INDIA PRIVATE LIMITED, an Indian subsidiary under the global expansion strategy.
Segment Analysis:
The electric heating cables market reported is segmented on the basis of type, application, industry verticals, sales channel, and region.
- Based on Type, the market is segmented into Self-regulating Heating Cables, Constant Wattage Heating Cables, Mineral Insulated Heating Cables, and Skin- effect Heating Cables. Self-regulating Heating Cables are estimated to have the highest market share as they have a self-regulating feature i.e., they turn on only when the temperatures drop below a particular degree F. Thus, it offers comparatively reduced operating costs as it has the ability to lessen the amount of power it is drawing as the temperature warms up. Moreover, self-regulating heating cables have higher durability, and improved levels of inherent efficiency, and safety. As a result of which self-regulating heating cables are considered a choice option for residential, commercial, and industrial applications.
- Based on Application, the electric heating cables market is segmented into Industrial, Residential, and Commercial. The Industrial Segment is further sub- segmented as Oil & Gas Industry, Building & Construction, Animal breeding (aquatic and reptile hobbies, horticultural farming), Chemical and petrochemical, Pharmaceutical Industry, and Others. In the application segment Residential segment dominated the market with a significant market share as residential building construction dominates the construction industry. Electric heating cables are used to serve multiple applications in residential buildings. Especially in cold winter freezing temperatures the fresh water pipes, cooling water pipes, sprinkler systems, wastewater pipes, and supply and drainage water pipes get frozen. Moreover, the rooftops are covered under a blanket of snow, demanding efficient heating systems. Thus, electric heating cables are been widely deployed in residential construction projects driving its growth in the market.
Related Report:
• Underfloor Heating System- https://www.cognitivemarketresearch.com/underfloor-heating-systems-market-report
• Self-regulating Heating Cable market- https://www.cognitivemarketresearch.com/self-regulating-heating-cable-market-report
• Heating System of Furnace- https://www.cognitivemarketresearch.com/heating-system-of-furnace-market-report
𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬
Nicolas Shaw
Cognitive Market Research
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Email: sales@cognitivemarketresearch.com
Website: https://www.cognitivemarketresearch.com/about-us
About Cognitive Market Research Company :
Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operational across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and help them to build business strategies accordingly.
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