Organizations working in the global electric heat tracing systems market are concentrating on collaborations and in-licensing to make their products accessible in developing and developed markets, for example, Latin America and Asia Pacific. For example, Thermon and 3M Canada have gone into a key consent to sell electric heat tracing products of the business line produced by Thermon. As indicated by the collaboration, 3M Canada has been given full expert to market and sell three different items in Canada: KSR, HSX, and TTS heat tracing accessories and cables. This coalition is foreseen to reinforce the market position of Thermon in Canada, along these lines expanding its brand value in the commercial sector. According to the analyst, mergers are acquisitions and collaborations are some of the critical business strategies adopted by market players to sustain their position in the race. Moreover, they are investing heavily in the research and development activities so as to come up with more innovative solutions and gain an edge over their competitors.
According to a recent report by Transparency Market Research, the global electric heat tracing systems market in 2016, was valued around worth of US$2,897 mn and is foreseen to grow at a steady CAGR of over 4.0% within the forecast period from 2017 to 2025.
In terms of component, the electric heat tracing systems market is classified into power connection kit, RTD sensors (thermostat), electric heat tracing cables, and other accessories. As far as revenue, other accessories segment, in 2016, comprised over half market share. Geographically, the electric heat tracing systems market in the region of North America is evaluated to flourish at a steady CAGR of over 5.0% inferable from the steady interest and utilization of electric heat tracing systems in different end-use areas in the mentioned region.
Rising Inclination in Commercial Applications to Contribute in Market Growth
The electric heat tracing systems market is basically determined by the low support expense, increasing popularity of electric heat tracing systems over ordinary steam tracing, and surging demand for oil and gas pipeline system.
Right now, steam tracing framework represents highest share of global market. Nevertheless, tracing of pipe work and vessels is difficult and complicated to keep hold of the steam tracing systems in comparison to electric heat tracing systems. The absence of dependable strategy to control and screen the steam tracing systems makes it unsatisfactory for applications, for example, procedure maintenance where strong hold on temperature is obligatory. Thinking about the whole tracing framework, control and observing, and control circulation framework, the absolute deployment expense of electric heat tracing framework is three fourth of entire installation expense of steam tracing framework. Resultantly, there is a notable shift in the direction of rising popularity of electric heat tracing framework over steam tracing framework in commercial, residential, and industrial applications.
Overlapping of Heat Cables to Hinder Demand
Electric heat tracing framework expects to remunerate heat loss and keep up the procedure temperature. It is utilized for maintaining temperature and freeze protection in a drawn out no flow condition attributable to the relative staggering expense of electrical energy. It is additionally utilized to maintain temperature and freeze protection crosswise over tanks, piping, and instrumentation.
The base spacing between the cables is 1 inch (2.5cm). In case, after establishment electric heating links are crossed over, touched, and overlapped among themselves, this could prompt overheating and burnout, which can harm the electric heat tracing systems. These results of overlapping of the heating cables are probably going to hinder the electric heat tracing systems market in coming years.
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