Summary

The electric heat tracing market is projected to grow from USD 2.96 billion in 2024 to USD 4.34 billion in 2029; it is expected to grow at a CAGR of 7.9% during the forecasted period. The global heat tracing market is experiencing robust growth, driven by increasing demand for precise temperature control across industries such as oil and gas, chemicals, and manufacturing, coupled with advancements in heat tracing technologies and expanding infrastructure projects.

“Self regulating is expected to grow at highest CAGR during the forecasted period.”
Self-regulating heating cables boast a distinctive design that optimizes temperature control with efficiency and reliability. These cables incorporate dedicated bus wires for precise current flow, ensuring uniform heat distribution without energy wastage. Embedded in a specialized conductive polymer matrix, these cables autonomously adapt their resistance to changes in surrounding temperature, effectively regulating heat output. This innovative technology mitigates the risk of overheating and streamlines installation on intricate structures like pipe elbows and valves, owing to the cable's flexibility. Moreover, self-regulating heating cables demand minimal maintenance and provide an extended lifespan, establishing them as a cost-effective and dependable solution for diverse applications in the business landscape.
“Market for freeze protection & process temperature maintenance application is to grow at highest CAGR during forecast period. ”
To mitigate the risk of damage and financial disruptions caused by freezing temperatures, businesses employ pipe tracing cable systems. These systems are designed to prevent heat loss from insulated pipes and equipment, safeguarding against frozen pipes and potential compromises in fluid performance. Comprising self-regulating heating cables, thermostats, controllers, sensors, and control panels, these comprehensive solutions address the challenge of freeze protection. Particularly critical for water-based products susceptible to freezing at 0°C (32°F), these solutions ensure optimal temperature control and minimize costly downtime. Renowned for their versatility across industries, heat trace systems provide reliable freeze protection for liquids in pipes across various industrial applications, even in hazardous environments.




“US to offer significant growth opportunities for Electric heat tracing market between 2024 and 2029.”
The United States commands the electric heat tracing market in North America, propelled by several factors. The market experiences substantial growth due to the demand for dependable freeze protection solutions in regions with harsh winters. Additionally, the ongoing modernization and expansion of critical infrastructure, including oil and gas pipelines, create significant growth prospects. This involves the replacement of outdated systems and accommodation for heightened exploration and production activities. The market's expansion is not limited to the oil and gas sector; there is a notable surge in demand for electric heat tracing systems across diverse industries such as chemicals, commercial, and residential sectors. These comprehensive solutions, integrating self-regulating heating cables with thermostats, controllers, sensors, and control panels, ensure precise temperature control and effectively mitigate costly downtime.

The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:

• By Company Type: Tier 1 -45%, Tier 2 -30%, and Tier 3 - 25%
• By Designation: C-level Executives - 40%, Directors - 35%, and Others -25%
• By Region: North America - 45%, Europe -30%, Asia Pacific - 15%, ROW - 10%

The key players operating in the electric heat tracing market are nVent Electric PLC (UK), Thermon Group Holdings (US), Spirax-Sarco Engineering Plc (UK), Nibe Industrier AB (Sweden), Bartec Top Holdings Gmbh(Germany).

Research Coverage:
This market research report delivers a thorough analysis of the electric heat tracing market, categorized by type, component, application, vertical industry, and geographic region. Key insights encompass identifying primary drivers and challenges influencing market growth, providing a reliable market forecast until 2029, and presenting a detailed competitive landscape analysis with key players strategically positioned in the electric heat tracing ecosystem. The report emphasizes factors such as the demand for dependable freeze protection solutions in regions with severe winters, the growth opportunities propelled by the modernization and expansion of infrastructure like oil and gas pipelines, and the escalating adoption of electric heat tracing systems across various sectors beyond oil and gas, including chemicals, commercial, and residential industries. This meticulous examination aims to furnish valuable insights for stakeholders to leverage opportunities and navigate potential challenges in the electric heat tracing market.
Key Benefits of Buying the Report
• Analysis of key drivers (Increasing adoption of electric heat tracing systems over conventional steam tracing systems in hardware technologies, Rising demand for energy-efficient electric heat tracing systems, Low maintenance cost associated with electric heat tracing systems), restraints (Adverse effects of overlapping heating cables), opportunities (Growing demand for heat tracing systems in various verticals, Rising adoption of heat tracing systems in power plants), and challenges (Installation of heat tracing systems on tanks and large vessels) influencing the growth of the electric heat tracing market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the electric heat tracing market
• Market Development: Comprehensive information about lucrative markets - the report analyses the electric heat tracing market across varied regions.
• Market Diversification: Exhaustive information about new services, untapped geographies, recent developments, and investments in the electric heat tracing market
• Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players like nVent Electric PLC (UK), Thermon Group Holdings (US), Spirax-Sarco Engineering Plc (UK), Nibe Industrier AB (Sweden), Bartec Top Holdings Gmbh(Germany). among others in the Electric heat tracing market.

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Table of Contents

1 INTRODUCTION 33
1.1 STUDY OBJECTIVES 33
1.2 MARKET DEFINITION 33
1.3 STUDY SCOPE 34
1.3.1 MARKETS COVERED 34
FIGURE 1 ELECTRIC HEAT TRACING MARKET: SEGMENTATION 34
1.3.2 REGIONAL SCOPE 35
1.3.3 INCLUSIONS AND EXCLUSIONS 35
1.3.4 YEARS CONSIDERED 36
1.4 CURRENCY CONSIDERED 36
1.5 UNITS CONSIDERED 36
1.6 LIMITATIONS 36
1.7 STAKEHOLDERS 37
1.8 SUMMARY OF CHANGES 37
1.9 RECESSION IMPACT 38
2 RESEARCH METHODOLOGY 39
2.1 RESEARCH DATA 39
FIGURE 2 ELECTRIC HEAT TRACING MARKET: RESEARCH DESIGN 39
2.1.1 SECONDARY DATA 40
2.1.1.1 List of major secondary sources 40
2.1.1.2 Key data from secondary sources 40
2.1.2 PRIMARY DATA 41
2.1.2.1 List of key participants in primary interviews 41
2.1.2.2 Key data from primary sources 42
2.1.2.3 Key industry insights 43
2.1.2.4 Breakdown of primaries 43
2.1.3 SECONDARY AND PRIMARY RESEARCH 44
2.2 MARKET SIZE ESTIMATION 44
FIGURE 3 ELECTRIC HEAT TRACING MARKET: RESEARCH FLOW 45
2.2.1 BOTTOM-UP APPROACH 45
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY (SUPPLY SIDE): REVENUE FROM SALES OF ELECTRIC HEAT TRACING PRODUCTS 45
2.2.1.1 Approach to estimate market size using bottom-up analysis (demand side) 46
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 46
2.2.2 TOP-DOWN APPROACH 47
2.2.2.1 Approach to estimate market size using top-down analysis (supply side) 47
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 47
2.3 DATA TRIANGULATION 48
FIGURE 7 DATA TRIANGULATION 48
2.4 RESEARCH ASSUMPTIONS 49
2.5 RISK ASSESSMENT 50
2.6 PARAMETERS CONSIDERED TO ANALYZE IMPACT OF RECESSION ON ELECTRIC HEAT TRACING MARKET 50
2.7 RESEARCH LIMITATIONS 51
3 EXECUTIVE SUMMARY 52
FIGURE 8 ELECTRIC HEAT TRACING CABLES SEGMENT TO ACCOUNT FOR LARGEST SHARE OF ELECTRIC HEAT TRACING MARKET IN 2029 52
FIGURE 9 SELF-REGULATING SEGMENT TO DOMINATE ELECTRIC HEAT TRACING MARKET IN 2029 53
FIGURE 10 FREEZE PROTECTION AND PROCESS TEMPERATURE MAINTENANCE SEGMENT TO EXHIBIT HIGHEST CAGR IN ELECTRIC HEAT TRACING MARKET DURING FORECAST PERIOD 54
FIGURE 11 OIL & GAS SEGMENT TO LEAD ELECTRIC HEAT TRACING MARKET IN 2029 55
FIGURE 12 ELECTRIC HEAT TRACING MARKET IN NORTH AMERICA TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD 56
4 PREMIUM INSIGHTS 57
4.1 SIGNIFICANT OPPORTUNITIES FOR PLAYERS IN ELECTRIC HEAT TRACING MARKET 57
FIGURE 13 RISING NUMBER OF OIL & GAS CONSTRUCTION PROJECTS TO DRIVE MARKET 57
4.2 ELECTRIC HEAT TRACING MARKET IN NORTH AMERICA, BY COUNTRY AND VERTICAL 58
FIGURE 14 US AND OIL & GAS VERTICAL HELD LARGEST SHARES OF ELECTRIC HEAT TRACING MARKET IN NORTH AMERICA IN 2023 58
4.3 ELECTRIC HEAT TRACING MARKET, BY COUNTRY 58
FIGURE 15 US TO RECORD HIGHEST CAGR IN ELECTRIC HEAT TRACING MARKET DURING FORECAST PERIOD 58
5 MARKET OVERVIEW 59
5.1 INTRODUCTION 59
5.2 MARKET DYNAMICS 59
FIGURE 16 ELECTRIC HEAT TRACING MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 59
5.2.1 DRIVERS 60
5.2.1.1 Growing preference for electric heat tracing systems over steam tracing systems 60
5.2.1.2 Rising demand for energy-efficient electric heat tracing systems 60
5.2.1.3 Low maintenance costs associated with electric heat tracing systems 61
FIGURE 17 ELECTRIC HEAT TRACING MARKET: IMPACT ANALYSIS OF DRIVERS 61
5.2.2 RESTRAINTS 61
5.2.2.1 Adverse effects of overlapping heating cables 61
FIGURE 18 ELECTRIC HEAT TRACING MARKET: IMPACT ANALYSIS OF RESTRAINTS 62
5.2.3 OPPORTUNITIES 62
5.2.3.1 Growing demand for heat tracing systems in oil & gas industry 62
5.2.3.2 Rising adoption of heat tracing systems in power plants 63
FIGURE 19 ELECTRIC HEAT TRACING MARKET: IMPACT ANALYSIS OF OPPORTUNITIES 63
5.2.4 CHALLENGES 64
5.2.4.1 Difficulties in installing heat tracing systems on tanks and large vessels 64
FIGURE 20 ELECTRIC HEAT TRACING MARKET: IMPACT ANALYSIS OF CHALLENGES 64
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 65
FIGURE 21 ELECTRIC HEAT TRACING MARKET: TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 65
5.4 PRICING ANALYSIS 66
5.4.1 AVERAGE SELLING PRICE TREND OF ELECTRIC HEAT TRACING CABLES, BY VERTICAL 66
FIGURE 22 AVERAGE SELLING PRICE TREND OF ELECTRIC HEAT TRACING CABLES, BY VERTICAL (USD/METER) 66
TABLE 1 AVERAGE SELLING PRICE TREND OF ELECTRIC HEAT TRACING CABLES, BY VERTICAL (USD/METER) 66
5.4.2 AVERAGE SELLING PRICE TREND OF ELECTRIC HEAT TRACING CABLES, BY REGION 67
FIGURE 23 AVERAGE SELLING PRICE TREND OF ELECTRIC HEAT TRACING CABLES, BY REGION, 2019–2023 (USD/METER) 67
FIGURE 24 AVERAGE SELLING PRICE OF ELECTRIC HEAT TRACING CABLES, 2020–2029 (USD/METER) 67
5.5 VALUE CHAIN ANALYSIS 68
FIGURE 25 ELECTRIC HEAT TRACING MARKET: VALUE CHAIN ANALYSIS 68
5.6 ECOSYSTEM ANALYSIS 70
FIGURE 26 ELECTRIC HEAT TRACING MARKET: ECOSYSTEM ANALYSIS 70
TABLE 2 ROLE OF PLAYERS IN ELECTRIC HEAT TRACING ECOSYSTEM 71
5.7 INVESTMENT AND FUNDING SCENARIO 72
FIGURE 27 NUMBER OF DEALS IN ELECTRIC HEAT TRACING MARKET 72
FIGURE 28 FUNDING IN ELECTRIC HEAT TRACING MARKET 72
5.8 TECHNOLOGY ANALYSIS 72
5.8.1 KEY TECHNOLOGIES 72
5.8.1.1 Self-regulating cables 72
5.8.1.2 Digital control systems 73
5.8.1.3 High-temperature insulation materials 73
5.8.2 ADJACENT TECHNOLOGIES 73
5.8.2.1 Thermal imaging 73
5.8.2.2 Advanced heat transfer fluids 73
5.8.2.3 Wireless sensor networks 73
5.8.3 COMPLEMENTARY TECHNOLOGIES 73
5.8.3.1 Renewable energy integration 73
5.8.3.2 Predictive maintenance solutions 73
5.8.3.3 Remote access management platforms 73
5.9 PATENT ANALYSIS 74
FIGURE 29 NUMBER OF PATENTS GRANTED IN ELECTRIC HEAT TRACING MARKET, 2014–2023 74
TABLE 3 LIST OF PATENTS GRANTED IN ELECTRIC HEAT TRACING MARKET, 2023 74
5.10 TRADE ANALYSIS 76
5.10.1 IMPORT SCENARIO 76
FIGURE 30 IMPORT DATA FOR HS CODE 851680-COMPLIANT PRODUCTS, BY COUNTRY, 2018–2022 (USD THOUSAND) 76
5.10.2 EXPORT SCENARIO 77
FIGURE 31 EXPORT DATA FOR HS CODE 851680-COMPLIANT PRODUCTS, BY COUNTRY, 2018–2022 (USD THOUSAND) 77
5.11 KEY CONFERENCES AND EVENTS, 2023–2024 78
TABLE 4 ELECTRIC HEAT TRACING MARKET: LIST OF KEY CONFERENCES AND EVENTS, 2024 78
5.12 CASE STUDY ANALYSIS 79
5.12.1 PROJECT ENGINEERING FIRM DEPLOYED CHROMALOX’S HEAT TRACE CABLE FOR RAPID-RESPONSE TEMPERATURE CONTROL SYSTEM 79
5.12.2 HYDROELECTRIC DAM IMPLEMENTED NEW CUSTOMIZED CHROMALOX OPEN COIL ELEMENT HEATERS FOR EFFICIENT ELECTRIC HEAT TRACING 79
5.12.3 COMPANY UTILIZED NVENT ELECTRIC PLC’S TRACE HEATING SUPPLIES TO PROVIDE INDUSTRIAL FROST PROTECTION SERVICE 80
5.13 TARIFF AND REGULATORY LANDSCAPE 80
5.13.1 TARIFF ANALYSIS 80
TABLE 5 MFN TARIFFS FOR HS CODE 851680-COMPLIANT PRODUCTS EXPORTED BY CHINA 80
TABLE 6 MFN TARIFFS FOR HS CODE 851680-COMPLIANT PRODUCTS EXPORTED BY GERMANY 81
TABLE 7 MFN TARIFFS FOR HS CODE 851680-COMPLIANT PRODUCTS EXPORTED BY JAPAN 81
5.13.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 81
TABLE 8 AMERICAS: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 81
TABLE 9 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 82
TABLE 10 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 83
5.13.3 STANDARDS AND REGULATIONS 83
5.13.3.1 IEC 62395-1 – Electrical Resistance Trace Heating Systems – Industrial and Commercial Applications 83
5.13.3.2 IEC 62395-2 – Electrical Resistance Trace Heating Systems – Application Guide for System Design, Installation, and Maintenance 83
5.13.3.3 UL 1673 – Electric Space Heating Cables 83
5.13.3.4 UL 1588 – Roof and Gutter De-Icing Cable Units 83
5.13.3.5 UL 515 – Commercial and Industrial Ordinary Locations 83
5.13.3.6 IEEE Std.515.1 – Standards for Testing, Design, and Installation of Electrical Resistance Heat Cables 84
5.13.3.7 IEC 60079-30-1 – General and Testing Requirements 84
5.13.3.8 IEC 60079-30-2 – Applications for Design, Installation, and Maintenance 84
5.13.3.9 UL 515- Hazardous Location Requirements 84
5.14 PORTER’S FIVE FORCES ANALYSIS 84
TABLE 11 ELECTRIC HEAT TRACING MARKET: PORTER'S FIVE FORCES ANALYSIS 84
FIGURE 32 ELECTRIC HEAT TRACING MARKET: PORTER'S FIVE FORCES ANALYSIS 85
5.14.1 THREAT OF NEW ENTRANTS 85
5.14.2 THREAT OF SUBSTITUTES 85
5.14.3 BARGAINING POWER OF SUPPLIERS 86
5.14.4 BARGAINING POWER OF BUYERS 86
5.14.5 INTENSITY OF COMPETITIVE RIVALRY 86
5.15 KEY STAKEHOLDERS AND BUYING CRITERIA 86
5.15.1 KEY STAKEHOLDERS IN BUYING PROCESS 86
FIGURE 33 KEY STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE VERTICALS 86
TABLE 12 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE VERTICALS (%) 87
5.15.2 BUYING CRITERIA 87
FIGURE 34 KEY BUYING CRITERIA FOR TOP THREE VERTICALS 87
TABLE 13 KEY BUYING CRITERIA FOR TOP THREE VERTICALS 87
6 DIFFERENT MODES OF ELECTRIC HEAT TRACING 88
6.1 INTRODUCTION 88
6.2 PIPES 88
6.3 VESSELS AND TANKS 88
6.4 RAIL TRACKS AND ROADS 89
6.5 ROOFS 89
6.6 OTHER MODES 89
7 ELECTRIC HEAT TRACING MARKET, BY COMPONENT 90
7.1 INTRODUCTION 91
FIGURE 35 ELECTRIC HEAT TRACING CABLES TO ACCOUNT FOR LARGEST SHARE OF ELECTRIC HEAT TRACING MARKET IN 2029 91
TABLE 14 ELECTRIC HEAT TRACING MARKET, BY COMPONENT, 2020–2023 (USD MILLION) 91
TABLE 15 ELECTRIC HEAT TRACING MARKET, BY COMPONENT, 2024–2029 (USD MILLION) 92
7.2 ELECTRIC HEAT TRACING CABLES 92
7.2.1 STRINGENT REGULATORY STANDARDS TO BOOST ADOPTION 92
TABLE 16 ELECTRIC HEAT TRACING CABLES: ELECTRIC HEAT TRACING MARKET, 2020–2023 (MILLION METERS) 92
TABLE 17 ELECTRIC HEAT TRACING CABLES: ELECTRIC HEAT TRACING MARKET, 2024–2029 (MILLION METERS) 93
7.2.2 BY MAINTENANCE TEMPERATURE 93
7.2.2.1 Up to 100°C 93
7.2.2.2 101°C to 250°C 93
7.2.2.3 Above 250°C 94
7.3 POWER CONNECTION KITS 94
7.3.1 CONVENIENCE, EFFICIENCY, AND SAFETY FEATURES OF POWER CONNECTION KITS TO DRIVE MARKET 94
7.4 CONTROL AND MONITORING SYSTEMS 94
7.4.1 NECESSITY TO MONITOR AND CONTROL HEATING SYSTEMS FOR OPTIMUM FUNCTIONING TO ACCELERATE DEMAND 94
7.5 THERMAL INSULATION MATERIALS 95
7.5.1 NEED TO MITIGATE HEAT LOSS IN HEATING SYSTEMS TO FOSTER MARKET GROWTH 95
7.6 OTHER COMPONENTS 95
8 ELECTRIC HEAT TRACING MARKET, BY TYPE 96
8.1 INTRODUCTION 97
FIGURE 36 SELF-REGULATING SEGMENT TO ACCOUNT FOR LARGEST SHARE OF ELECTRIC HEAT TRACING MARKET IN 2029 97
TABLE 18 ELECTRIC HEAT TRACING MARKET, BY TYPE 2020–2023 (USD MILLION) 97
TABLE 19 ELECTRIC HEAT TRACING MARKET, BY TYPE 2024–2029 (USD MILLION) 98
8.2 SELF REGULATING 98
8.2.1 ABILITY TO ADJUST HEAT OUTPUT BASED ON ENVIRONMENTAL CONDITIONS TO BOOST ADOPTION 98
TABLE 20 SELF REGULATING: ELECTRIC HEAT TRACING MARKET, BY VERTICAL, 2020–2023 (USD MILLION) 98
TABLE 21 SELF REGULATING: ELECTRIC HEAT TRACING MARKET, BY VERTICAL, 2024–2029 (USD MILLION) 99
8.3 CONSTANT WATTAGE 99
8.3.1 SIGNIFICANT FOCUS ON PREVENTING DISRUPTIONS IN INDUSTRIAL PROCESSES TO BOOST DEMAND 99
TABLE 22 CONSTANT WATTAGE: ELECTRIC HEAT TRACING MARKET, BY VERTICAL, 2020–2023 (USD MILLION) 100
TABLE 23 CONSTANT WATTAGE: ELECTRIC HEAT TRACING MARKET, BY VERTICAL, 2024–2029 (USD MILLION) 100
8.4 MINERAL INSULATED 101
8.4.1 GROWING DEPLOYMENT DUE TO FIRE-RESISTANT AND SUPER AMPACITY PROPERTIES TO FUEL MARKET GROWTH 101
TABLE 24 MINERAL INSULATED: ELECTRIC HEAT TRACING MARKET, BY VERTICAL, 2020–2023 (USD MILLION) 101
TABLE 25 MINERAL INSULATED: ELECTRIC HEAT TRACING MARKET, BY VERTICAL, 2024–2029 (USD MILLION) 102
8.5 SKIN EFFECT 102
8.5.1 RISING USE TO TRACE LONG PIPELINES COST-EFFECTIVELY TO FOSTER MARKET GROWTH 102
TABLE 26 SKIN EFFECT: ELECTRIC HEAT TRACING MARKET, BY VERTICAL, 2020–2023 (USD MILLION) 103
TABLE 27 SKIN EFFECT: ELECTRIC HEAT TRACING MARKET, BY VERTICAL, 2024–2029 (USD MILLION) 103
9 ELECTRIC HEAT TRACING MARKET, BY APPLICATION 104
9.1 INTRODUCTION 105
FIGURE 37 FREEZE PROTECTION AND PROCESS TEMPERATURE MAINTENANCE SEGMENT TO ACCOUNT FOR LARGEST SHARE OF ELECTRIC HEAT TRACING MARKET IN 2029 105
TABLE 28 ELECTRIC HEAT TRACING MARKET, BY APPLICATION, 2020–2023 (USD MILLION) 105
TABLE 29 ELECTRIC HEAT TRACING MARKET, BY APPLICATION, 2024–2029 (USD MILLION) 106
9.2 FREEZE PROTECTION AND PROCESS TEMPERATURE MAINTENANCE 106
9.2.1 INCREASING NEED FOR FLUID TEMPERATURE CONTROL IN OIL & GAS INDUSTRY TO CONTRIBUTE TO MARKET GROWTH 106
9.3 ROOF AND GUTTER DE-ICING 107
9.3.1 GROWING INCLINATION TOWARD MAINTAINING STRUCTURAL INTEGRITY OF BUILDINGS AND INFRASTRUCTURE TO PROPEL MARKET 107
9.4 FLOOR HEATING 107
9.4.1 RISING USE TO PREVENT SOLIDIFICATION OF FLUIDS IN CHEMICAL INDUSTRIES TO FOSTER MARKET GROWTH 107
9.5 OTHER APPLICATIONS 107
10 ELECTRIC HEAT TRACING MARKET, BY VERTICAL 108
10.1 INTRODUCTION 109
FIGURE 38 OIL & GAS SEGMENT TO ACCOUNT FOR LARGEST SHARE OF ELECTRIC HEAT TRACING MARKET IN 2029 109
TABLE 30 ELECTRIC HEAT TRACING MARKET, BY VERTICAL 2020–2023 (USD MILLION) 110
TABLE 31 ELECTRIC HEAT TRACING MARKET, BY VERTICAL 2024–2029 (USD MILLION) 110
10.2 COMMERCIAL 111
10.2.1 INCREASING UTILIZATION BY EDUCATIONAL INSTITUTIONS AND HEALTHCARE AND HOSPITALITY FACILITIES TO DRIVE MARKET 111
TABLE 32 COMMERCIAL: ELECTRIC HEAT TRACING MARKET, BY TYPE, 2020–2023 (USD MILLION) 111
TABLE 33 COMMERCIAL: ELECTRIC HEAT TRACING MARKET, BY TYPE, 2024–2029 (USD MILLION) 111
TABLE 34 COMMERCIAL: ELECTRIC HEAT TRACING MARKET, BY REGION, 2020–2023 (USD MILLION) 112
TABLE 35 COMMERCIAL: ELECTRIC HEAT TRACING MARKET, BY REGION, 2024–2029 (USD MILLION) 112
TABLE 36 COMMERCIAL: ELECTRIC HEAT TRACING MARKET, BY NORTH AMERICA, 2020–2023 (USD MILLION) 112
TABLE 37 COMMERCIAL: ELECTRIC HEAT TRACING MARKET, BY NORTH AMERICA, 2024–2029 (USD MILLION) 112
TABLE 38 COMMERCIAL: ELECTRIC HEAT TRACING MARKET, BY EUROPE, 2020–2023 (USD MILLION) 113
TABLE 39 COMMERCIAL: ELECTRIC HEAT TRACING MARKET, BY EUROPE, 2024–2029 (USD MILLION) 113
TABLE 40 COMMERCIAL: ELECTRIC HEAT TRACING MARKET, BY ASIA PACIFIC, 2020–2023 (USD MILLION) 113
TABLE 41 COMMERCIAL: ELECTRIC HEAT TRACING MARKET, BY ASIA PACIFIC, 2024–2029 (USD MILLION) 114
TABLE 42 COMMERCIAL: ELECTRIC HEAT TRACING MARKET, BY ROW, 2020–2023 (USD MILLION) 114
TABLE 43 COMMERCIAL: ELECTRIC HEAT TRACING MARKET, BY ROW, 2024–2029 (USD MILLION) 114
10.3 OIL & GAS 115
10.3.1 GROWING DEMAND IN UPSTREAM AND DOWNSTREAM APPLICATIONS TO PROPEL MARKET 115
TABLE 44 OIL & GAS: ELECTRIC HEAT TRACING MARKET, BY TYPE, 2020–2023 (USD MILLION) 115
TABLE 45 OIL & GAS: ELECTRIC HEAT TRACING MARKET, BY TYPE, 2024–2029 (USD MILLION) 115
TABLE 46 OIL & GAS: ELECTRIC HEAT TRACING MARKET, BY REGION, 2020–2023 (USD MILLION) 116
TABLE 47 OIL & GAS: ELECTRIC HEAT TRACING MARKET, BY REGION, 2024–2029 (USD MILLION) 116
TABLE 48 OIL & GAS: ELECTRIC HEAT TRACING MARKET, BY NORTH AMERICA, 2020–2023 (USD MILLION) 116
TABLE 49 OIL & GAS: ELECTRIC HEAT TRACING MARKET, BY NORTH AMERICA, 2024–2029 (USD MILLION) 116
TABLE 50 OIL & GAS: ELECTRIC HEAT TRACING MARKET, BY EUROPE, 2020–2023 (USD MILLION) 117
TABLE 51 OIL & GAS: ELECTRIC HEAT TRACING MARKET, BY EUROPE, 2024–2029 (USD MILLION) 117
TABLE 52 OIL & GAS: ELECTRIC HEAT TRACING MARKET, BY ASIA PACIFIC, 2020–2023 (USD MILLION) 117
TABLE 53 OIL & GAS: ELECTRIC HEAT TRACING MARKET, BY ASIA PACIFIC, 2024–2029 (USD MILLION) 117
TABLE 54 OIL & GAS: ELECTRIC HEAT TRACING MARKET, BY ROW, 2020–2023 (USD MILLION) 118
TABLE 55 OIL & GAS: ELECTRIC HEAT TRACING MARKET, BY ROW, 2024–2029 (USD MILLION) 118
10.4 CHEMICALS 118
10.4.1 RISING DEMAND FOR MAINTAINING PROCESS TEMPERATURES AND PREVENTING PIPELINE FREEZING IN CHEMICAL TRANSPORTATION TO FOSTER MARKET GROWTH 118
TABLE 56 CHEMICALS: ELECTRIC HEAT TRACING MARKET, BY TYPE, 2020–2023 (USD MILLION) 118
TABLE 57 CHEMICALS: ELECTRIC HEAT TRACING MARKET, BY TYPE, 2024–2029 (USD MILLION) 119
TABLE 58 CHEMICALS: ELECTRIC HEAT TRACING MARKET, BY REGION, 2020–2023 (USD MILLION) 119
TABLE 59 CHEMICALS: ELECTRIC HEAT TRACING MARKET, BY REGION, 2024–2029 (USD MILLION) 119
TABLE 60 CHEMICALS: ELECTRIC HEAT TRACING MARKET, BY NORTH AMERICA, 2020–2023 (USD MILLION) 119
TABLE 61 CHEMICALS: ELECTRIC HEAT TRACING MARKET, BY NORTH AMERICA, 2024–2029 (USD MILLION) 120
TABLE 62 CHEMICALS: ELECTRIC HEAT TRACING MARKET, BY EUROPE, 2020–2023 (USD MILLION) 120
TABLE 63 CHEMICALS: ELECTRIC HEAT TRACING MARKET, BY EUROPE, 2024–2029 (USD MILLION) 120
TABLE 64 CHEMICALS: ELECTRIC HEAT TRACING MARKET, BY ASIA PACIFIC, 2020–2023 (USD MILLION) 120
TABLE 65 CHEMICALS: ELECTRIC HEAT TRACING MARKET, BY ASIA PACIFIC, 2024–2029 (USD MILLION) 121
TABLE 66 CHEMICALS: ELECTRIC HEAT TRACING MARKET, BY ROW, 2020–2023 (USD MILLION) 121
TABLE 67 CHEMICALS: ELECTRIC HEAT TRACING MARKET, BY ROW, 2024–2029 (USD MILLION) 121
10.5 RESIDENTIAL 122
10.5.1 SURGING USE IN ROOF DE-ICING AND FLOOR HEATING APPLICATIONS TO SUPPORT MARKET GROWTH 122
TABLE 68 RESIDENTIAL: ELECTRIC HEAT TRACING MARKET, BY TYPE, 2020–2023 (USD MILLION) 122
TABLE 69 RESIDENTIAL: ELECTRIC HEAT TRACING MARKET, BY TYPE, 2024–2029 (USD MILLION) 122
TABLE 70 RESIDENTIAL: ELECTRIC HEAT TRACING MARKET, BY REGION, 2020–2023 (USD MILLION) 123
TABLE 71 RESIDENTIAL: ELECTRIC HEAT TRACING MARKET, BY REGION, 2024–2029 (USD MILLION) 123
TABLE 72 RESIDENTIAL: ELECTRIC HEAT TRACING MARKET, BY NORTH AMERICA, 2020–2023 (USD MILLION) 123
TABLE 73 RESIDENTIAL: ELECTRIC HEAT TRACING MARKET, BY NORTH AMERICA, 2024–2029 (USD MILLION) 123
TABLE 74 RESIDENTIAL: ELECTRIC HEAT TRACING MARKET, BY EUROPE, 2020–2023 (USD MILLION) 124
TABLE 75 RESIDENTIAL: ELECTRIC HEAT TRACING MARKET, BY EUROPE, 2024–2029 (USD MILLION) 124
TABLE 76 RESIDENTIAL: ELECTRIC HEAT TRACING MARKET, BY ASIA PACIFIC, 2020–2023 (USD MILLION) 124
TABLE 77 RESIDENTIAL: ELECTRIC HEAT TRACING MARKET, BY ASIA PACIFIC, 2024–2029 (USD MILLION) 125
TABLE 78 RESIDENTIAL: ELECTRIC HEAT TRACING MARKET, BY ROW, 2020–2023 (USD MILLION) 125
TABLE 79 RESIDENTIAL: ELECTRIC HEAT TRACING MARKET, BY ROW, 2024–2029 (USD MILLION) 125
10.6 POWER & ENERGY 126
10.6.1 INCREASING ADOPTION IN COAL-FIRED, NUCLEAR, AND SOLAR POWER PLANTS TO FOSTER MARKET GROWTH 126
TABLE 80 POWER & ENERGY: ELECTRIC HEAT TRACING MARKET, BY TYPE, 2020–2023 (USD MILLION) 126
TABLE 81 POWER & ENERGY: ELECTRIC HEAT TRACING MARKET, BY TYPE, 2024–2029 (USD MILLION) 126
TABLE 82 POWER & ENERGY: ELECTRIC HEAT TRACING MARKET, BY REGION, 2020–2023 (USD MILLION) 127
TABLE 83 POWER & ENERGY: ELECTRIC HEAT TRACING MARKET, BY REGION, 2024–2029 (USD MILLION) 127
TABLE 84 POWER & ENERGY: ELECTRIC HEAT TRACING MARKET, BY NORTH AMERICA, 2020–2023 (USD MILLION) 127
TABLE 85 POWER & ENERGY: ELECTRIC HEAT TRACING MARKET, BY NORTH AMERICA, 2024–2029 (USD MILLION) 127
TABLE 86 POWER & ENERGY: ELECTRIC HEAT TRACING MARKET, BY EUROPE, 2020–2023 (USD MILLION) 128
TABLE 87 POWER & ENERGY: ELECTRIC HEAT TRACING MARKET, BY EUROPE, 2024–2029 (USD MILLION) 128
TABLE 88 POWER & ENERGY: ELECTRIC HEAT TRACING MARKET, BY ASIA PACIFIC, 2020–2023 (USD MILLION) 128
TABLE 89 POWER & ENERGY: ELECTRIC HEAT TRACING MARKET, BY ASIA PACIFIC, 2024–2029 (USD MILLION) 129
TABLE 90 POWER & ENERGY: ELECTRIC HEAT TRACING MARKET, BY ROW, 2020–2023 (USD MILLION) 129
TABLE 91 POWER & ENERGY: ELECTRIC HEAT TRACING MARKET, BY ROW, 2024–2029 (USD MILLION) 129
10.7 FOOD & BEVERAGES 130
10.7.1 PRESSING NEED TO MAINTAIN DESIRED TEMPERATURE OF FOOD ADDITIVES TO ACCELERATE DEMAND 130
TABLE 92 FOOD & BEVERAGES: ELECTRIC HEAT TRACING MARKET, BY TYPE, 2020–2023 (USD MILLION) 130
TABLE 93 FOOD & BEVERAGES: ELECTRIC HEAT TRACING MARKET, BY TYPE, 2024–2029 (USD MILLION) 130
TABLE 94 FOOD & BEVERAGES: ELECTRIC HEAT TRACING MARKET, BY REGION, 2020–2023 (USD MILLION) 131
TABLE 95 FOOD & BEVERAGES: ELECTRIC HEAT TRACING MARKET, BY REGION, 2024–2029 (USD MILLION) 131
TABLE 96 FOOD & BEVERAGES: ELECTRIC HEAT TRACING MARKET, BY NORTH AMERICA, 2020–2023 (USD MILLION) 131
TABLE 97 FOOD & BEVERAGES: ELECTRIC HEAT TRACING MARKET, BY NORTH AMERICA, 2024–2029 (USD MILLION) 131
TABLE 98 FOOD & BEVERAGES: ELECTRIC HEAT TRACING MARKET, BY EUROPE, 2020–2023 (USD MILLION) 132
TABLE 99 FOOD & BEVERAGES: ELECTRIC HEAT TRACING MARKET, BY EUROPE, 2024–2029 (USD MILLION) 132
TABLE 100 FOOD & BEVERAGES: ELECTRIC HEAT TRACING MARKET, BY ASIA PACIFIC, 2020–2023 (USD MILLION) 132
TABLE 101 FOOD & BEVERAGES: ELECTRIC HEAT TRACING MARKET, BY ASIA PACIFIC, 2024–2029 (USD MILLION) 133
TABLE 102 FOOD & BEVERAGES: ELECTRIC HEAT TRACING MARKET, BY ROW, 2020–2023 (USD MILLION) 133
TABLE 103 FOOD & BEVERAGES: ELECTRIC HEAT TRACING MARKET, BY ROW, 2024–2029 (USD MILLION) 133
10.8 PHARMACEUTICALS 134
10.8.1 GROWING FOCUS OF HEALTHCARE PROFESSIONALS ON AVOIDING MEDICINE DEGRADATION TO STIMULATE DEMAND 134
TABLE 104 PHARMACEUTICALS: ELECTRIC HEAT TRACING MARKET, BY TYPE, 2020–2023 (USD MILLION) 134
TABLE 105 PHARMACEUTICALS: ELECTRIC HEAT TRACING MARKET, BY TYPE, 2024–2029 (USD MILLION) 134
TABLE 106 PHARMACEUTICALS: ELECTRIC HEAT TRACING MARKET, BY REGION, 2020–2023 (USD MILLION) 135
TABLE 107 PHARMACEUTICALS: ELECTRIC HEAT TRACING MARKET, BY REGION, 2024–2029 (USD MILLION) 135
TABLE 108 PHARMACEUTICALS: ELECTRIC HEAT TRACING MARKET, BY NORTH AMERICA, 2020–2023 (USD MILLION) 135
TABLE 109 PHARMACEUTICALS: ELECTRIC HEAT TRACING MARKET, BY NORTH AMERICA, 2024–2029 (USD MILLION) 135
TABLE 110 PHARMACEUTICALS: ELECTRIC HEAT TRACING MARKET, BY EUROPE, 2020–2023 (USD MILLION) 136
TABLE 111 PHARMACEUTICALS: ELECTRIC HEAT TRACING MARKET, BY EUROPE, 2024–2029 (USD MILLION) 136
TABLE 112 PHARMACEUTICALS: ELECTRIC HEAT TRACING MARKET, BY ASIA PACIFIC, 2020–2023 (USD MILLION) 136
TABLE 113 PHARMACEUTICALS: ELECTRIC HEAT TRACING MARKET, BY ASIA PACIFIC, 2024–2029 (USD MILLION) 137
TABLE 114 PHARMACEUTICALS: ELECTRIC HEAT TRACING MARKET, BY ROW, 2020–2023 (USD MILLION) 137
TABLE 115 PHARMACEUTICALS: ELECTRIC HEAT TRACING MARKET, BY ROW, 2024–2029 (USD MILLION) 137
10.9 WATER & WASTEWATER TREATMENT 138
10.9.1 RISING DEMAND TO SAFEGUARD VALVES, PIPES, TANKS, AND INSTRUMENTATION LINES FROM FREEZING TO PROPEL MARKET 138
TABLE 116 WATER & WASTEWATER TREATMENT: ELECTRIC HEAT TRACING MARKET, BY TYPE, 2020–2023 (USD MILLION) 138
TABLE 117 WATER & WASTEWATER TREATMENT: ELECTRIC HEAT TRACING MARKET, BY TYPE, 2024–2029 (USD MILLION) 138
TABLE 118 WATER & WASTEWATER TREATMENT: ELECTRIC HEAT TRACING MARKET, BY REGION, 2020–2023 (USD MILLION) 139
TABLE 119 WATER & WASTEWATER TREATMENT: ELECTRIC HEAT TRACING MARKET, BY REGION, 2024–2029 (USD MILLION) 139
TABLE 120 WATER & WASTEWATER TREATMENT: ELECTRIC HEAT TRACING MARKET, BY NORTH AMERICA, 2020–2023 (USD MILLION) 139
TABLE 121 WATER & WASTEWATER TREATMENT: ELECTRIC HEAT TRACING MARKET, BY NORTH AMERICA, 2024–2029 (USD MILLION) 140
TABLE 122 WATER & WASTEWATER TREATMENT: ELECTRIC HEAT TRACING MARKET, BY EUROPE, 2020–2023 (USD MILLION) 140
TABLE 123 WATER & WASTEWATER TREATMENT: ELECTRIC HEAT TRACING MARKET, BY EUROPE, 2024–2029 (USD MILLION) 140
TABLE 124 WATER & WASTEWATER TREATMENT: ELECTRIC HEAT TRACING MARKET, BY ASIA PACIFIC, 2020–2023 (USD MILLION) 141
TABLE 125 WATER & WASTEWATER TREATMENT: ELECTRIC HEAT TRACING MARKET, BY ASIA PACIFIC, 2024–2029 (USD MILLION) 141
TABLE 126 WATER & WASTEWATER TREATMENT: ELECTRIC HEAT TRACING MARKET, BY ROW, 2020–2023 (USD THOUSAND) 141
TABLE 127 WATER & WASTEWATER TREATMENT: ELECTRIC HEAT TRACING MARKET, BY ROW, 2024–2029 (USD THOUSAND) 141
10.10 OTHER VERTICALS 142
TABLE 128 OTHER VERTICALS: ELECTRIC HEAT TRACING MARKET, BY TYPE, 2020–2023 (USD MILLION) 142
TABLE 129 OTHER VERTICALS: ELECTRIC HEAT TRACING MARKET, BY TYPE, 2024–2029 (USD MILLION) 142
TABLE 130 OTHER VERTICALS: ELECTRIC HEAT TRACING MARKET, BY REGION, 2020–2023 (USD MILLION) 143
TABLE 131 OTHER VERTICALS: ELECTRIC HEAT TRACING MARKET, BY REGION, 2024–2029 (USD MILLION) 143
TABLE 132 OTHER VERTICALS: ELECTRIC HEAT TRACING MARKET, BY NORTH AMERICA, 2020–2023 (USD MILLION) 143
TABLE 133 OTHER VERTICALS: ELECTRIC HEAT TRACING MARKET, BY NORTH AMERICA, 2024–2029 (USD MILLION) 143
TABLE 134 OTHER VERTICALS: ELECTRIC HEAT TRACING MARKET, BY EUROPE, 2020–2023 (USD MILLION) 144
TABLE 135 OTHER VERTICALS: ELECTRIC HEAT TRACING MARKET, BY EUROPE, 2024–2029 (USD MILLION) 144
TABLE 136 OTHER VERTICALS: ELECTRIC HEAT TRACING MARKET, BY ASIA PACIFIC, 2020–2023 (USD MILLION) 144
TABLE 137 OTHER VERTICALS: ELECTRIC HEAT TRACING MARKET, BY ASIA PACIFIC, 2024–2029 (USD MILLION) 145
TABLE 138 OTHER VERTICALS: ELECTRIC HEAT TRACING MARKET, BY ROW, 2020–2023 (USD MILLION) 145
TABLE 139 OTHER VERTICALS: ELECTRIC HEAT TRACING MARKET, BY ROW, 2024–2029 (USD MILLION) 145
11 ELECTRIC HEAT TRACING MARKET, BY REGION 146
11.1 INTRODUCTION 147
FIGURE 39 NORTH AMERICA TO ACCOUNT FOR LARGEST SHARE OF ELECTRIC HEAT TRACING MARKET IN 2029 147
TABLE 140 ELECTRIC HEAT TRACING MARKET, BY REGION, 2020–2023 (USD MILLION) 147
TABLE 141 ELECTRIC HEAT TRACING MARKET, BY REGION, 2024–2029 (USD MILLION) 148
11.2 NORTH AMERICA 148
11.2.1 IMPACT OF RECESSION ON ELECTRIC HEAT TRACING MARKET IN NORTH AMERICA 148
FIGURE 40 NORTH AMERICA: ELECTRIC HEAT TRACING MARKET SNAPSHOT 149
TABLE 142 NORTH AMERICA: ELECTRIC HEAT TRACING MARKET, BY COUNTRY, 2020–2023 (USD MILLION) 149
TABLE 143 NORTH AMERICA: ELECTRIC HEAT TRACING MARKET, BY COUNTRY, 2024–2029 (USD MILLION) 150
TABLE 144 NORTH AMERICA: ELECTRIC HEAT TRACING MARKET, BY VERTICAL, 2020–2023 (USD MILLION) 150
TABLE 145 NORTH AMERICA: ELECTRIC HEAT TRACING MARKET, BY VERTICAL, 2024–2029 (USD MILLION) 150
11.2.2 US 151
11.2.2.1 Rapid expansion and extensive network of oil and gas pipelines to drive market 151
11.2.3 CANADA 151
11.2.3.1 Growing demand from petroleum companies to fuel market growth 151
11.2.4 MEXICO 152
11.2.4.1 Strong focus of country on energy export to create growth opportunities 152
11.3 EUROPE 152
11.3.1 IMPACT OF RECESSION ON ELECTRIC HEAT TRACING MARKET IN EUROPE 153
FIGURE 41 EUROPE: ELECTRIC HEAT TRACING MARKET SNAPSHOT 154
TABLE 146 EUROPE: ELECTRIC HEAT TRACING MARKET, BY COUNTRY, 2020–2023 (USD MILLION) 155
TABLE 147 EUROPE: ELECTRIC HEAT TRACING MARKET, BY COUNTRY, 2024–2029 (USD MILLION) 155
TABLE 148 EUROPE: ELECTRIC HEAT TRACING MARKET, BY VERTICAL, 2020–2023 (USD MILLION) 155
TABLE 149 EUROPE: ELECTRIC HEAT TRACING MARKET, BY VERTICAL, 2024–2029 (USD MILLION) 156
11.3.2 UK 156
11.3.2.1 Escalating demand from commercial and residential customers to drive market 156
11.3.3 GERMANY 157
11.3.3.1 Rising deployment of heat tracing systems in chemical sector to drive market 157
11.3.4 FRANCE 157
11.3.4.1 Significant need for heat tracing systems across commercial and residential verticals to fuel market growth 157
11.3.5 RUSSIA 158
11.3.5.1 Extensive network of oil and gas pipelines to contribute to market growth 158
11.3.6 REST OF EUROPE 158
11.4 ASIA PACIFIC 158
11.4.1 IMPACT OF RECESSION ON ELECTRIC HEAT TRACING MARKET IN ASIA PACIFIC 159
FIGURE 42 ASIA PACIFIC: ELECTRIC HEAT TRACING MARKET SNAPSHOT 159
TABLE 150 ASIA PACIFIC: ELECTRIC HEAT TRACING MARKET, BY COUNTRY, 2020–2023 (USD MILLION) 160
TABLE 151 ASIA PACIFIC: ELECTRIC HEAT TRACING MARKET, BY COUNTRY, 2024–2029 (USD MILLION) 160
TABLE 152 ASIA PACIFIC: ELECTRIC HEAT TRACING MARKET, BY VERTICAL, 2020–2023 (USD MILLION) 160
TABLE 153 ASIA PACIFIC: ELECTRIC HEAT TRACING MARKET, BY VERTICAL, 2024–2029 (USD MILLION) 161
11.4.2 CHINA 161
11.4.2.1 Increasing adoption in oil & gas industry to regulate fluid temperature in pipelines to support market growth 161
11.4.3 JAPAN 162
11.4.3.1 Minimal average low temperatures across Japan to propel demand 162
11.4.4 SOUTH KOREA 162
11.4.4.1 Growing requirement from oil refineries to drive market 162
11.4.5 REST OF ASIA PACIFIC 162
11.5 ROW 163
11.5.1 IMPACT OF RECESSION ON ELECTRIC HEAT TRACING MARKET IN ROW 163
TABLE 154 ROW: ELECTRIC HEAT TRACING MARKET, BY COUNTRY, 2020–2023 (USD MILLION) 163
TABLE 155 ROW: ELECTRIC HEAT TRACING MARKET, BY COUNTRY, 2024–2029 (USD MILLION) 163
TABLE 156 ROW: ELECTRIC HEAT TRACING MARKET, BY VERTICAL, 2020–2023 (USD MILLION) 164
TABLE 157 ROW: ELECTRIC HEAT TRACING MARKET, BY VERTICAL, 2024–2029 (USD MILLION) 164
11.5.2 SOUTH AMERICA 164
11.5.2.1 Increasing utilization in temperature maintenance and freeze protection applications to fuel market growth 164
11.5.3 MIDDLE EAST 165
11.5.3.1 Significant expansion of oil & gas vertical to drive demand 165
11.5.4 AFRICA 165
11.5.4.1 Need to maintain operational integrity and efficiency across industrial processes to complement market growth 165
12 COMPETITIVE LANDSCAPE 166
12.1 INTRODUCTION 166
12.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, JULY 2019–JANUARY 2024 166
TABLE 158 OVERVIEW OF STRATEGIES ADOPTED BY COMPANIES IN ELECTRIC HEAT TRACING MARKET 166
12.3 REVENUE ANALYSIS OF KEY PLAYERS IN ELECTRIC HEAT TRACING MARKET, 2018–2022 168
FIGURE 43 FIVE-YEAR REVENUE ANALYSIS OF KEY PLAYERS IN ELECTRIC HEAT TRACING MARKET 168
12.4 MARKET SHARE ANALYSIS, 2023 168
FIGURE 44 MARKET SHARE ANALYSIS OF MAJOR PLAYERS, 2023 169
TABLE 159 DEGREE OF COMPETITION 169
12.5 COMPANY VALUATION AND FINANCIAL METRICS 171
FIGURE 45 COMPANY VALUATION (USD MILLION), 2023 171
FIGURE 46 FINANCIAL METRICS (EV/EBITDA), 2023 171
12.6 BRAND COMPARISON 172
FIGURE 47 BRAND COMPARISON 172
12.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 172
12.7.1 STARS 172
12.7.2 EMERGING LEADERS 173
12.7.3 PERVASIVE PLAYERS 173
12.7.4 PARTICIPANTS 173
FIGURE 48 ELECTRIC HEAT TRACING MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2023 174
12.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 175
12.7.5.1 Company footprint 175
FIGURE 49 OVERALL COMPANY FOOTPRINT 175
12.7.5.2 Component footprint 176
TABLE 160 COMPANY COMPONENT FOOTPRINT 176
12.7.5.3 Type footprint 177
TABLE 161 COMPANY TYPE FOOTPRINT 177
12.7.5.4 Application footprint 178
TABLE 162 COMPANY APPLICATION FOOTPRINT 178
12.7.5.5 Vertical footprint 179
TABLE 163 COMPANY VERTICAL FOOTPRINT 179
12.7.5.6 Region footprint 180
TABLE 164 COMPANY REGION FOOTPRINT 180
12.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 181
12.8.1 PROGRESSIVE COMPANIES 181
12.8.2 RESPONSIVE COMPANIES 182
12.8.3 DYNAMIC COMPANIES 182
12.8.4 STARTING BLOCKS 182
FIGURE 50 ELECTRIC HEAT TRACING MARKET: COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2023 182
12.8.5 COMPETITIVE BENCHMARKING: KEY STARTUPS/SMES, 2023 183
12.8.5.1 List of key startups/SMEs 183
TABLE 165 ELECTRIC HEAT TRACING MARKET: LIST OF KEY STARTUPS/SMES 183
12.8.5.2 Competitive benchmarking of key startups/SMEs 183
TABLE 166 OVERALL STARTUPS/SMES FOOTPRINT 183
TABLE 167 STARTUPS/SMES COMPONENT FOOTPRINT 184
TABLE 168 STARTUPS/SMES TYPE FOOTPRINT 184
TABLE 169 STARTUPS/SMES APPLICATION FOOTPRINT 184
TABLE 170 STARTUPS/SMES VERTICAL FOOTPRINT 185
TABLE 171 STARTUPS/SMES REGION FOOTPRINT 185
12.9 COMPETITIVE SCENARIO AND TRENDS 185
12.9.1 PRODUCT LAUNCHES 186
TABLE 172 ELECTRIC HEAT TRACING MARKET: PRODUCT LAUNCHES, JULY 2019–JANUARY 2024 186
12.9.2 DEALS 187
TABLE 173 ELECTRIC HEAT TRACING MARKET: DEALS, JULY 2019–JANUARY 2024 187
12.9.3 OTHER DEALS 191
TABLE 174 ELECTRIC HEAT TRACING MARKET: OTHER DEALS, JULY 2019–JANUARY 2024 191