Self-Regulating Heating Cables Market Size, Share, Competitive Landscape and Trend Analysis Report by Vertical and Application : Global Opportunity Analysis and Industry Forecast, 2021-2030

COVID-19 Impact Analysis 

• The coronavirus's unfavorable global effects are already evident, and had a big impact on the self-regulating heating cables market in 2020.
• The World Health Organization declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths globally. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
• The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
• Since the pandemic, the restriction of imports and exports has affected the self-regulating heating cables market to a great extent as consumers’ consumption and demand patterns are changing amidst the pandemic. 

Top Impacting Factors

The oil & gas industry has been experiencing tremendous growth globally. Also, various construction and electrical projects are in line, especially in the Southeast Asian countries. Thus, the need for better-conducting channels in various industries offers future growth opportunities for market players operating in the global self-regulating heating cables market. The growth prospects of the self-regulating heating cable market are primarily attributed to introduction of advanced products by the self-regulating heating cable manufacturers. Self-regulating heat tracing cables have the ability to adjust their output to the nearby temperature. This flexibility offers more heat where required and mitigates energy consumption as the ambient temperature surges; thereby, eliminating heating costs. The cable is used for various construction industry applications, such as metallic or non-metallic piping tanks and equipment, sewage pipes, intake and drain lines, and water pipes, in unheated areas. Thus, rising usage of these cables in the construction sector is expected to fuel the growth of the global self-regulating heating cables market in the coming years.

Market Trends

• Growing Usage of Self-Regulating Heating Cables in Construction Industry
• The number of commercial buildings increases at an unprecedented rate, owing to which self-regulating heating cables are widely utilized in the construction industry for pipe freezing protection and to maintain the temperature of the equipment. Growing population globally boosts the growth of the construction industry. Companies operating in the global self-regulating heating cables market are focusing on collaborations to make their products available in developing and developed regions.
• Increase in Adoption of Electric Heat Tracing Systems over Conventional Steam Tracing Systems
• Electric heat tracing is a technique through which the temperature of pipes, vessels, tanks, or equipment is maintained by using an electrically-heated cable. Initially, steam tracing was used more often than electric heat tracing to protect pipes from freezing and to maintain a constant flow of temperature for piping that transports substances that can solidify at ambient temperatures. However, steam tracing is not generally recommended for use with non-metal or lined piping and vessels. In addition, steam tracing has some limitations such as the leakage of steam, poor temperature control resulting in overheating, high operating costs, the requirement for routine maintenance, and high hot water system costs.
• Rising Adoption of Heat Tracing Systems in Power Plants
• Electric heat tracing systems are finding increasing demand from power plants. Plant elements requiring supplemental heat include pipes, valves, conveyors, lubrication systems, and lubricants that run through them. Some plant elements also require supplemental heat to maintain critical temperature levels during shutdown periods, such as cold weather shutdowns. Heat tracing cables are used along pipes and throughout other power plant systems, including cooling towers, as well as at many transfer points located in coal yards. Electric heat tracing systems are designed to deliver the heat required to maintain optimal operating temperatures and prevent freezing.