DUBLIN--(BUSINESS WIRE)--The "Electric Heat Tracing Market - Forecasts from 2018 to 2023" report has been added to ResearchAndMarkets.com's offering.
Electric heat tracing market is expected to witness a CAGR of 4.70% during the forecast period to reach a total market value of US$2.476 billion by 2023, increasing from US$1.880 billion in 2017.
Rapidly growing industries like chemical, oil and gas, food and beverage and others are the major drivers for this market. Increasing concerns regarding energy conservation across industries are augmenting the demand for energy efficient heat tracing systems, thus boosting the market growth.
Furthermore, increasing focus of industry players towards reducing costs, enhancing productivity and improving margins is also fuelling the adoption of these systems among, thereby contributing to the market growth.
Geographically, North America holds a significant share in this market on account booming oil and gas industry in this region. Middle East and Africa, and Asia Pacific regions also hold a decent share of the electric heat tracing market. Flourishing oil and gas industry in Middle East and Africa and rising number of manufacturing facilities in Asia Pacific are the major factors driving the market growth in these regions.
Major industry players profiled as part of the report are Spirax-Sarco Engineering plc, Danfoss, eltherm GmbH, BriskHeat, Parker Hannifin Corp and nVent among others.
By Type of Heating Cable
- Self-Regulating Heating Cables
- Power-Limiting Heating Cable
- Parallel Constant Watt Heating Cable
- Series Constant Watt Heating Cables
- Electric Resistance Heat Tracing
- Skin Effect Tracing
- Impedance Heat Tracing
- Induction Heating
By End-User Industry
- Food and Beverage
- Energy and Power
- Oil and Gas
- Spirax-Sarco Engineering plc
- eltherm GmbH
- Parker Hannifin Corp
- Raychem RPG
For more information about this report visit https://www.researchandmarkets.com/research/x5b9lm/electric_heat?w=4