Press release
Steady Expansion Forecast for Electric Heat Tracing Market, Projected to Reach $3.56 Billion by 2029
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.Electric Heat Tracing Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, the market size for electric heat tracing has seen significant growth. The forecast predicts an expansion from $2.57 billion in 2024 to $2.71 billion in 2025, exhibiting a Compound Annual Growth Rate (CAGR) of 5.5%. The surging growth in the past era has been a result of its application in commercial and residential sectors, a focus on energy efficiency, a burgeoning oil & gas industry, the requirement for freeze protection, and industrial use.
Electric Heat Tracing Market Size Forecast: What's the Projected Valuation by 2029?
The market size for electric heat tracing is forecasted to undergo significant expansion over the forthcoming years, reaching a valuation of $3.56 billion in 2029, with a compound annual growth rate (CAGR) of 7.0%. Contributing factors to the projected growth during this period include the integration of digitalization and Internet of Things (IoT), increased pharmaceutical & chemical production, the broadening of cold chain logistics, strict adherence to safety standards and infrastructural growth. The forecast period will also see major trends like expanded cold chain logistics, the rise of pharmaceutical and chemical sectors, the prominence of renewable energy and sustainability, regulatory compliance and standards, and a heightened emphasis on safety and reliability.
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What Are the Drivers Transforming the Electric Heat Tracing Market?
The global trend towards automation and industrialization is anticipated to boost the expansion of the electric heat tracing market. The shift from an economy reliant on manual labour to one dominated by machine labour signifies automation and industrialization. The incorporation of automation in the manufacturing processes of electric heat systems provides benefits such as lower operational costs, increased worker safety, quicker factory turnaround times, and straightforward tracking of heat trace procedures. For example, the International Federation of Robotics, based in Germany and specializing in industrial automation services, issued a World Robotics report in September 2023, noting 553,052 industrial robot installations worldwide-an annual increase of 5% from 2022. As per regional distribution, Asia saw 73% of all newly deployed robots, Europe 15%, and the Americas 10%. By 2023, the industrial robot market is projected to experience a 7% growth, exceeding 590,000 units globally. Hence, the rise in automation and industrialization around the world is fueling the advancement of the electric heat tracing market.
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What Long-Term Trends Will Define the Future of the Electric Heat Tracing Market?
The trend around product development and innovation is becoming increasingly prominent within the electric heat tracing market. Top market competitors are beginning to showcase advanced electric heat tracing systems that feature state-of-the-art technology like self-regulation, power limiting, parallel constant wattage, and skin effect tracing, as well as series resistance using either polymer or mineral. For example, nVent, a company based in the UK, and a provider of electrical connection and protection solutions, unveiled the RAYCHEM ETS-05 heat tracing thermostat in June 2022. This latest addition to the productive nVent RAYCHEM ETS-05 controller family offers an affordable local heat tracing control solution, which also boasts enhanced central monitoring capabilities, thereby satisfying the growing industrial need for equipment integration. The ETS-05-AL thermostat has been upgraded with an extended voltage range that goes up to 277 volts and features a relay for remote fault monitoring. This functionality allows plant managers to identify faults from their central control room enabling a faster and more efficient fault resolution. This also lessens the expense related to field maintenance. The adjustable fail-safe feature gives operators the flexibility to customize the solution depending on the unique demands of each application.
Which Segments in the Electric Heat Tracing Market Offer the Most Profit Potential?
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
Subsegments:
1) By Electric Heat Tracing Cables: Self-Regulating Cables, Constant Wattage Cables, Series Resistance Cables
2) By Power Connection Kits: Termination Kits, Splice Kits, Junction Boxes
3) By Control And Monitoring Systems: Temperature Controllers, Sensors, Monitoring Software
4) By Thermal Insulation Materials: Pipe Insulation, Blanket Insulation, Rigid Insulation
5) By Other Components: Mounting Accessories, Heat Tracing Accessories, Protective Conduit
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Which Firms Dominate the Electric Heat Tracing Market by Market Share and Revenue in 2025?
Major companies operating in the electric heat tracing market include 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., Pentair Plc., Urecon Ltd., Supermec, Raychem RPG, nVent Electric plc, NIBE Industrier AB, Watlow Electric Manufacturing Company, Heat Trace Limited, Tyco Thermal Controls, Nelson Heat Trace, RSCC Heat Trace, Technitrace
Which Regions Offer the Highest Growth Potential in the Electric Heat Tracing Market?
North America was the largest region in the electric heat tracing market in 2024. Asia-pacific is expected to be the fastest-growing region in the electric heat tracing market during the forecast period. The regions covered in the electric heat tracing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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