Heat Tracing Systems Market- Covid-19 Impact, Growth and Forecast till 2031

Heat Tracing Systems: Introduction

· Heat tracing system is placed along pipes or vessels wherein heat is needed to be monitored and controlled. These paths are made up of a resistive element that heats up when electricity or steam passes through it.

· Heat tracing system is necessary in cold conditions where the liquid flowing within pipes is prone to freezing. Freezing within pipes can damage the entire piping system. In extreme conditions, the pressure build-up within the pipes could lead to cracks, or the pipes might even blow up, causing major accident near the processing system.

Key Driver and Restraint of Global Heat Tracing Systems Market

· Increase in adoption of heat tracing systems in industrial applications is expected to drive the market. Rapid industrial expansion has boosted the demand for heat tracing systems across the world, particularly in North America, as the region has cold weather. Thus, industries require maintenance of heat in pipes and vessels.

Global Heat Tracing Systems Market: Segmentation

· The global heat tracing systems market can be segmented in terms of type, component, application, and end-user

· In terms of type, the heat tracing systems market can be divided into forced electric and steam. Currently, Steam tracing systems account for 70% of all the industrial heat tracing systems. However, electric heat tracing system is safer in terms of installation and operation, since it does not use exposed circuits. Thus, the segment is expected to expand at a fast-paced CAGR during the forecast period.

· Based on component, the heat tracing systems market can be classified into electric heat tracing cable, power connection kit, RTD sensor, boiler, steam header, steam manifold, heating circuit, and others. Use of electric heat tracing cables and steam manifolds is higher. Thus, the segment is likely to expand significantly in the near future.

· In terms of application, the heat tracing systems market can be categorized into process temperature maintenance, hot water temperature maintenance, floor heating, freezing protection, and others. The use of heat tracing systems in process temperature maintenance and hot water temperature maintenance is higher.

· Based on end-user, the market can be divided into industrial, commercial, and residential. Demand for heat tracing systems is higher in the industrial segment in industries such as oil & gas and food & beverages.

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Global Heat Tracing Systems Market: Regional Segmentation

· In terms of region, the global heat tracing systems market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa

· The market in Asia Pacific is projected to expand at high CAGR during the forecast period, due to a rise in industrialization and urbanization in China, India, Indonesia, Japan, and Singapore. Therefore, demand for heat tracing systems is expected to increase significantly in the region in the near future.

· The heat tracing systems market in Europe and North America is anticipated to expand significantly during the forecast period. Increase in demand for oil & gas and power is projected to propel the demand for heat tracing systems in these regions.

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COVID-19 Impact on Global Heat Tracing Systems Market

· Demand for heat tracing systems is significantly high in many industrial applications such as oil & gas, chemicals and food & beverages. However, the outbreak of the COVID-19 pandemic has disrupted the supply chain as well as availability of manpower due to lockdowns in various countries. This has led to a reduction in production of heat tracing systems, thus hampering the market.

Key Players Operating in Global Market

· Pentair PLC

· Thermon Inc.

· Emerson Electric Co.

· Danfoss

· Parker Hannifin Corp

· BARTEC GmBH

· Heat Trace Limited

· eltherm GmbH

· Armstrong International Inc

· AMETEK.Inc.

· Spirax Sarco Limited

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