The global Electric Heating Cable market size is expected to gain momentum during the forecast period. This is ascribable to factors such as rising commercial and residential sector across the globe. This information is published by Fortune Business Insights, in its upcoming report, titled, “Electric Heating Cable Market Size, Share & Industry Analysis, By Type (Self Regulated Heating Cable, Constant Wattage Heating Cable, Mineral Insulated Heating Cable, Skin Effect Heating Cable), By Application (Industrial, Residential, Commercial) and Regional Forecast, 2020-2027.”
The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies to curb the spread of the novel coronavirus, several industries have been on a standstill with zero operational activities. However, a collective effort from the government, as well as the industries is anticipated to bring the economy back on track and aid in resuming industrial activities.
Electric heating cables are mainly used for heat tracing systems to retain the desired temperature of several objects such as vessels, pipes, and others. They generate heat with the help of electricity and are often adopted to prevent heat loss, along with providing freeze protection to the pipes across the globe.
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What does the Report Include?
The global market for electric heating cable report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
DRIVING FACTORS
Growing Residential & Commercial Sector to Promote Growth
The rapid-paced industrialization is driving the demand for optimum amenities across commercial and residential sectors. The electric heating cable provides ample protection from low temperature problems that proves to be beneficial across severe cold climatic regions. In addition to this, the growing commercial sector and the increasing government focus to build advanced electric heating systems is expected to contribute to the growth of the global electric heating cable during the forecast period.
REGIONAL INSIGHTS
Growing Commercial Sector in North America to Spur Demand
Among all the regions, North America is expected to remain dominant and hold the highest position in the global electric heating cable market during the forecast period. This dominance is attributable to the increasing demand for advanced electric heating cable across commercial sector in countries such as the U.S. in the region.
Europe, on the other hand, is expected to hold the second position in the market backed by the growing demand for advanced heating solutions owing to extremely cold climatic conditions in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
Eminent Companies Sign Contracts to Expand Their Product Portfolio
The global electric heating cable market is fragmented by the presence of key players that are focusing on securing contracts from government and other companies to expand their electric heating cable product portfolio. The major companies are adopting strategies such as partnership, the introduction of new products, and collaboration to maintain their presence that will bode well for the market growth in the forthcoming years.
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Industrial Development:
- October 2020: EKTK announced the signing of contract with Mora Hospital to install electric heating cable power systems. Mora Hospital is focusing on expansion on its new facilities for healthcare and rehabilitation clinic and has assigned EKTK with a contract worth SEK 46 million to provide advanced electric cable heating solutions.
List of the Companies Operating in the Global Market for Electric Heating Cable:
- SST Group
- Thermon Inc.
- Bartec
- Raychem Corporation
- Emerson Electric Co.
- AnBang Electric Corp
- Others
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