Asia Pacific Heat Tracing Market 2021 Industry Growth, Size, Share, Top Players, Key Application, Emerging Trends, New Opportunity and Forecast 2028

Companies Covered in Asia Pacific Heat Tracing Market Research Report are Thermon, Inc. (U.S.), Kerone (India), Lloyd Insulations (India) Limited (India), Korea EHT (South Korea), nVent (U.S.), Chromalox (U.S.), Parker Hannifin (U.S.), eltherm group (Germany), Spirax Sarco (U.K.), BARTEC Safe.t Technology (Germany)

Pune, India, Jan. 05, 2022 (GLOBE NEWSWIRE) — The Asia Pacific heat tracing market size is expected to gain momentum by reaching USD 446.32 million by 2028 while exhibiting a CAGR of 5.4% between 2021 to 2028. In its report titled “Asia Pacific Heat Tracing Market, 2021-2028,” Fortune Business Insight mentions that the market stood at USD 293.30 million in 2020 and is estimated to be USD 308.69 million in 2021.

A heat tracing system is a collection of electrical or steam-powered thermal insulation units deployed across different applications such as power, energy, food beverages, and many others to minimize heat deficiencies.
The availability of large-scale production plants with a significant output of numerous components is likely to favor the Asia Pacific heat tracing market size. For instance, the industry major Chromalox owns and operates a testing & manufacturing facility in Wujiang, China with a total area of 25,000 ft². The unit is capable of delivering special type self-regulating cables for constant temperature, heat trace cables, heat trace panels, skin effect systems, panels, and power controls, heater system integration, and many other key components.

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List of Key Market Players Profiled in Report

• Thermon, Inc. (U.S.)
• Kerone (India)
• Lloyd Insulations (India) Limited (India)
• Korea EHT (South Korea)
• nVent (U.S.)
• Chromalox (U.S.)
• Parker Hannifin (U.S.)
• eltherm group (Germany)
• Spirax Sarco (U.K.)
• BARTEC Safe.t Technology (Germany)
• Emerson (U.S.)
• Straight Line Industrial Services, Inc. (U.S.)
• Heaton Engineering Pvt. Ltd. (India)
• ATP Thermtech Pvt. Ltd. (India)
• Heat Trace Engineering (Australia)
• Wuhu Jiahong Co., Ltd. (China)
• Bellis Australia Pty. Ltd. (Australia)
• Danfoss (Denmark)

Report Scope & Segmentation

Segmentation:

By type, the market is bifurcated into electric and steam. By application, it is segmented into power temperature maintenance, hot water temperature maintenance, floor heating, and freezing protection. By end-user, it is divided into, oil & gas, chemical, residential, commercial, food & beverage, pharmaceuticals, water & wastewater management, electric utility, and others.

• Based on end-user, the oil & gas segment held the market share of 20.9% in 2020. This is attributable to the increasing integration of natural gas and LNG generating & processing units’ facilities along with favorable expansion plans by the regional hydrocarbon companies.

Finally, based on region, the market is based in Asia Pacific.

 COVID-19 Impact:

The pandemic has helped in providing a counterbalance to the investment potential across production facilities. For instance, according to a report by the Department of the Treasury under the Government of Australia, the national administration declared that it will provide an extra AUD 41 billion in the financial year 2021-22 to help the private sector businesses, which are affected by the pandemic. The department further concluded that the total funding under COVID-19 economic response now totals about AUD 291 billion or USD 214 billion since the starting of the pandemic, and this will help the market and businesses such as heat tracing in upcoming years to flourish.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

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Competitive Landscape

Key Players Launch New Products to Garner Growth

 The Asia Pacific market for heat tracing systems has a huge amount of important companies that are incessantly trying to advance exclusive innovations to satisfy the demand from across the area. In order to do so, they are collaborating with regional or reputed firms, forming mergers, procurements and launching novel products to fortify their portfolio in the market. Below mentioned are the industry developments:

• August 2021 – nVent announced the launch of a new range of advanced heat controllers named RAYCHEM 460 and RAYCHEM 465 to facilitate optimized fire protection and other critical heat-retaining uses.
• February 2020 – Thermon launched a new software solution called TraceNet Sync to reduce the deployment and decommissioning time & labor as well as providing optimized digital synchronization and safeguard panel configuration.

Drivers & Restraints

Expansion of New Chemical Production Plants to Augment Demand for Heat Capturing Products

The increasing investments is expected to boost the chemical production capabilities, which in turn will favor the Asia Pacific heat tracing market growth. The industry is witnessing various different extension plans & contracts to increase their prevailing output volume. For instance, in April 2021, a Sweden-based Nouryon in association with the Indian chemicals company Atul Limited declared the to start the production of monochloroacetic acid (MCA) in Gujrat.  The new expansion plans to have an initial capacity of 32,000 tons per annum (TPA), as the company aims to boost the output to 60,000 TPA over the near term.

Regional Insights

Facility Expansions to Drive Regional Market

China’s heat tracing market share was USD 118.02 million in 2020. This country is expected to hold the dominant position in the market throughout the forecast period. This is attributable to the introduction of new expansion plans across manufacturing facilities, growing hydrocarbon exploration & production activities, and rapidly increasing energy demand.
Following China, India is also projected to observe significant CAGR during the forecast period in the Asia Pacific heat tracing market share owing to the expansion of chemical production & processing operations, transformation of residential & commercial infrastructure, rising food & beverage industries, and many other parameters are contributing to the country’s market.

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Major Table of content:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Emerging Trends – For Major Countries
  • Key Industry Developments – Mergers, Acquisitions, Partnerships, Etc.
  • Insights on Regulatory Landscape
  • Porters Five Forces Analysis
• Qualitative Analysis – Impact of COVID-19
  • Impact of COVID-19 on the Heat Tracing Market
  • Steps Taken by the Government to Overcome the Impact
  • Key Developments by the Industry Players in Response to COVID-19
  • Potential Opportunities and Challenges due to COVID-19 Outbreak
• Asia Pacific Heat Tracing Market Analysis (USD Million), Insights and Forecast, 2017-2028
  • Key Findings / Summary
  • Market Analysis, Insights and Forecast – By Type
    • Electric
    • Steam
  • Market Analysis, Insights and Forecast – By Application
    • Power Temperature Maintenance
    • Hot Water Temperature Maintenance
    • Floor Heating
    • Freezing Protection
  • Market Analysis, Insights and Forecast – By End-user
    • Oil & Gas
    • Chemical
    • Residential
    • Commercial
    • Food & Beverage
    • Pharmaceuticals
    • Water & Wastewater Management
    • Electric Utility
    • Others
  • Market Analysis, Insights and Forecast – By Country
    • China
    • India
    • Japan
    • Australia
    • Southeast Asia
    • Rest of Asia Pacific
• China Heat Tracing Market Analysis (USD Million), Insights and Forecast, 2017-2028
  • Key Findings / Summary
  • Market Analysis, Insights and Forecast – By Type
    • Electric
    • Steam
  • Market Analysis, Insights and Forecast – By Application
    • Power Temperature Maintenance
    • Hot Water Temperature Maintenance
    • Floor Heating
    • Freezing Protection
  • Market Analysis, Insights and Forecast – By End-user
    • Oil & Gas
    • Chemical
    • Residential
    • Commercial
    • Food & Beverage
    • Pharmaceuticals
    • Water & Wastewater Management
    • Electric Utility
    • Others

TOC Continued…!

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