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Electric Heat Tracing Market Forecast 2023-2032 - Size, Lucrative Segments And Leading Regions
Electric Heat Tracing Market
The Business Research Company's Electric Heat Tracing Global Market Report 2023 identifies Growing automation and industrialization as the major driver for the Electric Heat Tracing market's growth in the forecast period. Automation and industrialization refer to the process of transitioning from a manual labour-based economy to a machine labour-driven industrial society. Growing automation in electric heat system manufacturing processes offers reduced operating costs, improved worker safety.
The global electric heat tracing market size is expected to grow from $2.25 billion in 2022 to $2.43 billion in 2023 at a compound annual growth rate (CAGR) of 8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global electric heat tracing market size is expected to reach $3.18 billion in 2027 at a CAGR of 7%.
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Major competitors in the Electric Heat Tracing market are Thermon Group Holding Inc., Bartec Top Holding GmbH, Danfoss, eltherm GmbH, Emerson Electric Co., Drexan Energy System Inc., Chromalox Inc.
A key trend in the Electric Heat Tracing market includes product development and innovation. Major market players are introducing innovative electric heat tracing systems that include cutting-edge technologies such as self-regulating, power limiting, parallel constant wattage, series resistance (polymer or mineral), and skin effect tracing. For instance, in June 2021, nVent Electric plc, UK-based electric heat tracing solution provider company, introduced nVent Raychem HTV Heating Cable. The nVent Raychem HTV is used in a newly developed semi-conductive polymer nanocomposite material with improved heat stability. The material has better thermal strength, providing better energy preservation at high temperatures. The cable can operate at temperatures as high as 205°C (400°F) continuously and resist temperatures as high as 260°C (500°F).
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The Electric Heat Tracing market is segmented -
• By Type: Self-Regulating, Constant Wattage, Mineral-Insulated, Skin Effect
• By Components: Electric Heat Tracing Cables, Power Connection Kits, Control And Monitoring Systems, Thermal Insulation Materials, Other Components
• By Vertical: Oil And Gas, Chemical, Commercial, Residential, Power And Energy, Food And Beverage, Pharmaceutical, Water And Wastewater Treatment, Other Verticals
• By Application: Freeze Protection Process And Temperature Maintenance, Roof And Guttering De-Icing, Floor Heating, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Electric Heat Tracing market.
The Business Research Company's "Global Electric Heat Tracing Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Electric Heat Tracing Market Include:
1. Executive Summary
2. Electric Heat Tracing Market Characteristics
3. Electric Heat Tracing Market Trends And Strategies
4. Electric Heat Tracing Market - Macro Economic Scenario
5. Electric Heat Tracing Market Size And Growth
………………………………………………………………………..
26. Africa Electric Heat Tracing Market
27. Electric Heat Tracing Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Electric Heat Tracing Market
29. Electric Heat Tracing Market Future Outlook and Potential Analysis
30. Appendix
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