Published Date : Apr 23, 2018
ALBANY, New York, April 23, 2018: A report added by MarketResearchReports.biz to their vast library, titled, “Electric heat tracing systems market - global industry reports, size, share, growth, trends, and forecast 2017 - 2025,” projects this market to witness a stellar growth during forthcoming years, owing to increasing applications in the expanding oil and gas industry.
Until recent times, steam tracing methods were primarily used not only in the oil and gas industry but also in industrial processes. However, electric heat tracing systems soon caught up with the former type, and are gradually experiencing a growing use since past few years. This is mainly due to notable advantages provided by the systems such as low maintenance costs, easy installation and operational processes, and effective monitoring and controlling of desired processes as compared to the steam tracing systems. Such advantages are slowly increasing the preference for use of the steam tracking systems, thereby instigating a gradual rise in the growth of the electric heat tracing systems market.
However, a high risk exists in terms of hazardous effects caused due to overlapping heating cables, which could pose dangerous for people operating the systems as well as the surroundings. Such risks may reduce use of these systems among potential customers, consequently restraining the global electric heat tracing systems market growth. Nevertheless, these risks are being dealt with by major players and system manufacturers in the market, which is further expected to offset some of the restraints.
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Geography-wise, the global electric heat tracing systems market is spread across North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. Of these North America holds a leading position in the market owing to its vast interest in the oil and gas industry present all over the world. A strong industrial sector is also responsible for this region to showcase extensive growth, and this trend is projected to continue even in forthcoming years. Apart from North America, a gradually burgeoning industrial sector in Europe is making this region depict an impressive growth. Large investments made by public and private agencies is further contributing towards Europe to sustain a positive future for the global electric heat tracing systems market.
The global electric heat tracing systems market depicts a highly consolidated landscape with few players holding large market shares. The vendor landscape is still in its early stages, but nevertheless depicts substantially intense competition between individual businesses operating in this market. Mergers & acquisitions with oil & gas and other industrial businesses are chief strategies of most players. Supermec Private Limited, Thermon Inc., Eltherm GmbH, Emerson Electric Co., Urecon, Danfoss, Chromalox (subsidiary of Spirax-Sarco Engineering plc), Pentair PLC, Parker Hannifin Corp, BriskHeat, and Raychem RPG, are key players operating in the global electric heat tracing systems market.
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