Global Electric Heating Cable Market to register 4.2% CAGR through 2026

May 20, 2020

As per the report titled ‘Global Electric Heating Cable Market Size study, by Product Type (Self-regulating Heating Cable, Constant Wattage Heating Cable, Mineral Insulated Heating Cable and Skin-Effect Heat-Tracing Cable), by Application (Industrial, Residential and Commercial) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global electric heating cable market was valued at USD 2.6 billion in 2019 and is projected to record a healthy growth rate of 4.2% during the forecast years.

An electric heating cable, also known as a heat trace cable, is a wire cable that generates heat and is available in four types, namely, self-regulating, constant wattage, mineral insulated, and skin-effect heat racing cable. These cables are extensively used across residential, commercial, and industrial sectors for a wide range of applications such including loss replacement, freeze protection, pipe tracing, viscosity control, and temperature process maintenance.

Escalating demand for energy-efficient electric heat tracing solutions, increasing per capita income, rapid urbanization, and growth of the industrial sector are driving the global electric heating cable market.  

Considering the geographical landscape, North America electric heating cable market is projected to amass significant gains over the forecast period. The growth can be attributed to escalating demand for heating solutions across the region owing to cold climate which could potentially cause freezing of pipelines, chemicals, or oil & gas supply.  

Asia Pacific electric heating cable market is expected to show robust growth in the forthcoming years with China emerging as a leading contributor. The presence of several market majors along with comparatively low pricing are contributing to the growth of the industry in APAC.

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Major players operating in global electric heating cable market are SST Group, Raychem Corporation, Anhui Huanrui Heating Manufacturing Co. Ltd., Wuhu Jiahong New Material Co. Ltd., Thermon Inc., Emerson Electric Co., Bartec, AnBang Electric Corp., Heat Trace Products LLC, Eltherm, and Anhui Huayang among others.

These companies are focusing on collaborations, new product development, and expansion in untapped markets to improve their market stance. For instance, in 2018, nVent, an electric connection and protection solutions provider, launched its manufacturing plant in St. Petersburg, Russia to expand its business in the country and strengthen its global reach.

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