PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490238
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490238
Electric Pipe Heating Cables Market size was valued at USD 1,708.21 Million in 2023, expanding at a CAGR of 6.90% from 2024 to 2032.
In the industry business, heat trace cable is another name for wire cables that generate heat, such as electric heating cables. Many uses for it include replacing heat loss, tracing pipes, freezing protection, controlling viscosity, maintaining temperature in processes, roofing, gutters, and much more.
Electric Pipe Heating Cables Market- Market Dynamics
Increasing demand from the construction and residential sectors is expected to propel market demand
Major factors propelling the overall market revenue growth is the rising demand and use of electric heating cables in various commercial, residential, and industrial applications. Residential applications for these wires include floor heating, pipe freeing, and roof heating. Due to features like efficiency and dependability, electric heating cables are frequently utilized in the electronics and building industries. Major firms are investing in raising output to meet demand from numerous industries globally, particularly in developing nations and areas.
Furthermore, the growing demand for electric heating cables is the building and construction industry's rapid development. This, in turn, is significantly fueling the market's revenue growth for electric heating cables globally. Another significant driver propelling the worldwide electric heating cable market's revenue growth is the oil and gas industry's growing need for electric heating cables.
Electric Pipe Heating Cables Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.90% over the forecast period (2024-2032)
Based on Type segmentation, the self-regulating heating cable segment was predicted to show maximum market share in the year 2023, owing to high demand from the construction sector.
Based on Application segmentation, the industrial segment was the leading application in 2023, mainly due to increased demand from industrial buildings across multiple sectors.
Based on End User segmentation, the construction segment was the leading End User in 2023, mainly due to the demand for electric cables in large constructions.
On the basis of region, North America was the leading revenue generator in 2023, owing to high demand from large oil & gas and construction industries.
The Global Electric Pipe Heating Cables Market is segmented on the basis of Type, Application, End User, and Region.
The market is divided into four categories based on Type: self-regulating heating cable, constant wattage heating cable, mineral insulated and skin-effect heating cable. The self-regulating heating cable segment dominates the market. The increasing demand for deployment of self-regulating cables are likely to contribute to market growth.
The market is divided into three categories based on Application: industrial, residential, and commercial. The industrial segment dominates the market and is likely to maintain its dominance during the forecast period. Growing demand for electric cables in industrial application for carrying high loads and other operations is likely to fuel the market demand.
The market is divided into five categories based on End User: construction, electronics, automotive, manufacturing, and others. The construction segment dominates the market and is likely to maintain its dominance during the forecast period. Increasing demand construction buildings, which is anticipated to boost the demand for electric heating cables.
Electric Pipe Heating Cables Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Increasing investments in technological advancements by manufacturers operating in the U.S., and Canada is further proliferating growth of the North American market. These regions are further divided as per the nations bringing business for the companies.
Electric Pipe Heating Cables market is dominated by the large market players. To remain competitive in the electric pipe heating cables market, industry players are engaging in new product development with advanced technology to increase their sales revenue. Furthermore, the companies in the market are also focusing on various strategies like join venture, partnerships, mergers & acquisition to enhance their market footprints.
In 2022, SST Group opened their new facility in Dubai, to strengthen its presence across Middle East region.