The global electric heat tracing market is estimated to grow from USD 1.7 billion in 2020 to USD 2.5 billion by 2025, at a CAGR of 8.2%. The market is expected to decline in 2020 mainly due to the impact of COVID-19. As the oil & gas industry is one of the most impacted industries in 2020, players in this industry are focusing on reducing CAPEX, which would affect the electric heat tracing market. Though the market is expected to be impacted in 2020, it is expected to start to recover by 2021 and will fully recover by 2022. The rise in adoption of electric heat tracing systems over conventional steam tracing systems and low maintenance cost associated with electric heat tracing systems are expected to drive the electric heat tracing market.

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Likewise, the rising demand for energy-efficient electric heat tracing systems and growing demand for heat tracing systems from various end-user industries are expected to propel the demand for electric heat tracing systems during the forecast period.

There have been various developments in the electric heat tracing market. Self-regulating cables have become the most popular elements of electric heat tracing systems, which are offered by most of the industrial heat tracing manufacturers. A self-regulating cable is an energy-efficient component of the heat tracing system. This type of cable eliminates the possibility of heat burnout due to the inability to dissolve internally-generated heat, which is the most common cause of heat tracing system failure. The maximum temperature in self-limiting heat tracing systems can reach usually much lower than the maximum temperature specified since the wattage delivered decreases with an increase in temperature. Thus, self-regulating heating cables are flexible and engineered to automatically increase or decrease the power output depending on the temperature; hence, it is the most energy-efficient system. The primary function of a self-regulating cable is to prevent freezing within pipes and the subsequent bursting of metallic and non-metallic pipes, vessels, and equipment. In general, self-limiting cables are essentially safer than other methods, namely, constant-wattage and tubular resistance tracing methods that require careful over-temperature protection. Thus, the self-regulating feature provides a tremendous boost to operational reliability while cutting installation, maintenance, and energy costs.

The electric heat tracing market for freeze protection & process temperature maintenance application is expected to grow at a significant rate from 2019 to 2025. The freeze protection application is especially important since freezing can damage pipes and equipment. During low-temperature conditions, it becomes important for various end-user industries to protect their products or materials carrying pipelines and preserve vessels and tanks against freezing. Also, in the process temperature maintenance application, generally, there is a need to maintain a higher temperature of fluids, such as fuel oil, acids, and fertilizers. There are numerous upcoming oil & gas and chemical projects planned across major regions such as North America and Europe, which is expected to increase the demand for electric heat tracing systems for freeze protection & process temperature applications during the forecast period.

The electric heat tracing market for the oil & gas vertical is expected to register the highest CAGR during the forecast period. Heat tracing is used to facilitate the processing, transportation, and freeze protection of energy products in both upstream and downstream applications in the oil & gas industry. In the oil & gas industry, electric heat tracing is used to avoid the freezing of pipes, vessels, and tanks in cold regions such as North America and Europe. With numerous oil & gas projects expected to start construction in the next 3 to 5 years in various regions across the world, the demand for electric heat tracing systems is expected to grow significantly.

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The market in North America is expected to register the highest CAGR during 2020–2025.North America includes countries such as the US and Canada, which are among the coldest countries in the world. Electric heat tracing finds increasing adoption in these countries for applications such as freeze protection, roof & gutter de-icing, and floor heating. Moreover, with the new oil & gas pipeline projects planned in the region, the electric heat tracing market in North America is expected to grow significantly during the forecast period.