Electric Heat Tracing Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

NORTHBROOK, Ill. - Feb. 7, 2023 - PRLog -- The Electric Heat Tracing market is projected to grow from USD 2.5 Billion in 2022 to USD 3.8 Billion in 2027; it is expected to grow at a CAGR of 8.3% from 2022 to 2027.

The growth of the market is attributed to the increasing adoption of electric heat tracing systems over conventional steam tracing systems, the rising demand for energy-efficient electric heat tracing systems, and low maintenance cost of electric heat tracing systems are the factors driving the growth of the electric heat tracing market.

Electric Heat Tracing is a system used to maintain or raise the temperature of pipes and vessels in various industrial applications. The system involves the use of electric heating cables or mats to provide heat to the pipes or vessels, thereby preventing the formation of ice or maintaining process temperatures. The Electric Heat Tracing Market is expected to grow due to increasing demand for energy-efficient and cost-effective heating solutions in various industries such as oil and gas, chemical, pharmaceutical, and food and beverage. The market is also driven by factors such as rising infrastructure development, growth in industrial automation, and increasing safety concerns in the workplace. However, the market may be hindered by factors such as high initial investment costs and stringent government regulations.

North America to lead electric heat tracing market in 2027

The market in North America is expected to hold the largest share as well as grow at the highest CAGR during the forecast period. The region is one of the long duration cold weather regions, therefore, the demand for electric heat tracing is more compared to the other regions. These electric heat tracing is to prevent pipes and vessels from freezing and maintain the process temperature. Furthermore, US has the largest network of oil & gas pipelines in the region, Similarly, Canada is one of the largest energy producers in the world. Hence, protecting the pipelines from freezing in cold weather and maintaining the temperature of fluids in pipelines is important.

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The key players in the Electric heat tracing market include nVent Electric plc (UK), Thermon Group Holding, Inc. (US), Spirax-Sarco Engineering plc (UK), NIBE Industrier AB (Sweden), BARTEC Top Holding GmbH (Germany), Danfoss (Germany), eltherm GmbH (Germany), Emerson Electric Co. (US), Watlow Electric Manufacturing Company (US), Drexan Energy System, Inc. (Canada)

News also covered: https://www.globenewswire.com/news-release/2022/09/14/2516093/0/en/Electric-Heat-Tracing-Market-worth-3-8-Billion-in-2027-Exclusive-Report-by-MarketsandMarkets.html
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