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Comprehensive Analysis Of The Electric Heat Tracing Market. Explore Market Dynamics, Emerging Applications, And Future Forecast
Electric Heat Tracing Market
As per the report, the electric heat tracing market size has grown strongly in recent years. It will grow from $2.43 billion in 2023 to $2.62 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The electric heat tracing market size is expected to see strong growth in the next few years. It will grow to $3.5 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
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Automation And Industrialization Fuel Electric Heat Tracing Market Growth
Growing automation and industrialization across the globe are expected to propel the growth of the electric heat tracing market going forward. Automation and industrialization refer to the process of transitioning from a manual labor-based economy to a machine labor-driven industrial society. Growing automation in electric heat system manufacturing processes offers reduced operating costs, improved worker safety, reduced factory lead times, and easy monitoring of heat trace processes. For instance, according to the report published by the International Federation of Robotics, a Germany-based organization for industrial automation services, in 2021, an estimated 3 million industrial robots are operating in factories across the world, with an increase of 10% for 384,000 units shipped globally in 2020. Therefore, growing automation and industrialization across the globe are driving the growth of the electric heat tracing market forward.
New Electric Heat Tracing Systems Deliver Enhanced Performance
Product development and innovation are gaining popularity as a key trend in the electric heat tracing market. 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).
The electric heat tracing market covered in this report is segmented -
1) By Components: Electric Heat Tracing Cables, Power Connection Kits, Control And Monitoring Systems, Thermal Insulation Materials, Other Components
2) By Type: Self-Regulating, Constant Wattage, Mineral-Insulated, Skin Effect
3) By Vertical: Oil And Gas, Chemical, Commercial, Residential, Power And Energy, Food And Beverage, Pharmaceutical, Water And Wastewater Treatment, Other Verticals
4) By Application: Freeze Protection Process And Temperature Maintenance, Roof And Guttering De-Icing, Floor Heating, Other Applications
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Major companies operating in the electric heat tracing market report are Thermon Group Holding Inc., Bartec Top Holding GmbH, Danfoss, eltherm GmbH, Emerson Electric Co., Drexan Energy System Inc., Chromalox Inc., Briskheat Corporation, Parker Hannifin Corporation, Warmup Inc, Ives Equipment Inc., Spirax-Sarco Engineering plc, Neptech Inc., Perma-Pipe International Holdings Inc., QmaxTest Research Corporation, SST Group Inc., Pentair Plc., Urecon Ltd., Supermec, Raychem RPG, nVent Electric plc, NIBE Industrier AB, Watlow Electric Manufacturing Company, Heat Trace Limited, Tyco Thermal Controls, Trasor Corp, Delta-Therm Corporation, Nelson Heat Trace, RSCC Heat Trace, Technitrace .
Contents of the report:
1. Executive Summary
2. Electric Heat Tracing Market Report Structure
3. Electric Heat Tracing Market Trends And Strategies
4. Electric Heat Tracing Market - Macro Economic Scenario
5. Electric Heat Tracing Market Size And Growth
…..
27. Electric Heat Tracing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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