Pune, Sept. 22, 2020 (GLOBE NEWSWIRE) — The primary source of fuel production across sectors is oil and gas. The growing demand for oil and gas pipeline systems is driving the global electric heat tracing systems market. The information is shared by Fortune Business Insights, in a report, titled “Electric Heat Tracing System Market Size, Share and Global Trend By Component (Electric Heat Tracing Cables, Power Connection Kit, RTD Sensors), By Application (Process Temperature Maintenance, Hot Water Temperature Maintenance, Floor Heating, Freezing Protection) By End User (Residential, Commercial, Industrial), and Geography Forecast till 2026.”Electric heat tracing systems are used to monitor and control the temperature on pipes, tanks, vessels, instrumental panels, and valve. In addition to this, these systems are used to compensate for the heat loss as it avoids freezing by maintaining the required temperature. This enables a smooth flow of materials inside a vessel or pipe. It also reduces the fluid viscosity to allow effective pumping. Viscosity allows effective and convenient transportation of hydrocarbons through the vessel. Spurred by these benefits, the electric heat tracing systems market growth is likely to increase in the forecast years. To get the short-term and long-term impact of COVID-19 on this market,Please visit: https://www.fortunebusinessinsights.com/industry-reports/electric-heat-tracing-system-market-100490
In the case of harsh environmental conditions, electric heat tracing vessel prevents the shutdown of the pipeline. This, as a result, will increase the number of electric heat tracing installations across the world. Electric heat tracing components include power connection kit, heat tracing cables, and RTD sensors. These components help in the effective processing of electric heat tracing systems.Top Players Overview:Some of the leading players operating in the global electric heat tracing system market include;Parker HannifinEmerson Network PowerPentairDanfoss GroupRaychem RPGChromalox Inc.Warmup PlcBriskHeatUrecon Ltd.Eltherm UK LtdThermon Holding GroupBartecSupermec
Heat tracing manufacturers prefer self-regulating cables as they are energy-efficient heat tracing systems. These cables have proved to be essentially safe and can be used in hazardous as well as non-hazardous areas. Majority of the industries are likely to adopt these cables as they do not burn out or overheat in case of self-overlapping. Furthermore, the adoption of these cables is increasing as they need less maintenance and can last long. Owing to this, the electric heat tracing systems market size is expected to spur in the forthcoming years.
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Increasing use of smart grids and smart metering are likely to help for the better management of power services. Better infrastructural facilities are also expected to encourage growth in the market.The increased spending on oil and gas across the world is another factor likely to drive the Electric Heat Tracing System Market. Rising investments in energy efficiency projects backed by governments may also stimulate growth in the market. The penetration of renewable sources is increasing, fueling demand for energy and which is expected to drive the Electric Heat Tracing System Market.Key Segmental Overview:By ComponentBy ApplicationBy End UserBy GeographyThe information used is derived from various primary and secondary sources. It also throws light on some of the major players operating in the market. The report studies profiles of these leading companies and their share in the market. It provides insights on some of the strategies adopted by these companies to survive the competition and maintain their stronghold.
Regional Analysis:North America (The USA and Canada)Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific)Latin America (Brazil, Mexico and Rest of Latin America)Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
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North America to Witness the Highest Demand for Electric Heat Tracing SystemsAmong regions, North America is considered as the most suitable for the adoption of electric heat tracing systems. The market in this region is expected to witness higher CAGR owing to extreme weather conditions. Countries such as the US and Canada witness the highest snowfall, which actuates the need for electric heat tracing systems. These systems allow effective distribution and transmission of petroleum products without fail. Fluctuations in atmospheric temperature in these countries are likely to fuel adoption of electric heat tracing systems to ensure an effective supply of oil and gas.The market in Europe is expected to rise at a considerable rate owing to the precise implementation of these systems. Due to adverse climatic conditions, the pressure in pipelines can increase and pipelines can burst. This, in turn, can disrupt the overall pipeline system. Enabled by this, the operators in Europe are using electric heat tracing systems. Developments in electric heat tracing systems are paving way for the market in countries such as Japan, India, South Korea, Australia, and China. In addition to this, these companies are putting efforts to improve transportation of oil and gas industry. This will further create growth opportunities for the market in Asia Pacific. An increasing number of E&P activities for hydrocarbon especially in countries such as Iran, UAE, Saudi Arabia, and Kuwait. The market in the Middle East & Africa is expected to grow considerably as this region is the main exporter of oil and gas.
Sener Receives Award for Installing a Heat Tracing System in its Plant in Northern Cape“Industrial and commercial sectors are growing immensely around the world, which increases the consumption of oil and gas. This, in turn, necessitates infrastructural demand for pipeline and oil storage terminal, which will propel growth in the electric heat tracing systems market,” stated a lead analyst at Fortune Business Insights. Against this backdrop, the electric heat tracing systems market share is anticipated to foster over the projected horizon.Several companies are planning to invest in these systems as they decrease production loss, prevent freezing of equipment, and quickly repairs work. The electric heat tracing systems market revenue is expected to reach new heights between 2018 and 2026. As per the report, some of the leading companies functioning in the market are Raychem RPG, Pentair Plc., Bartec, Thermon Holding Group, Chromalox Inc., and Urecon Ltd. Among these, Pentair announced the separation of its electrical business in April 2018. Their electrical business will be named under nVent Electric plc. Pentair aims to focus on lowering cost, optimizing uptime, and improving utilization. Another company called Sener and its partners were awarded for installing an electric heat tracing system in their plant in April 2018. This system runs at 100MW Ilanga.
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