Report : Self-Regulating Heating Cable Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Application (Freeze Protection & Process Temperature Maintenance, Floor Heating, Roof & Gutter De-Icing, and Others) and Vertical (Oil & Gas, Chemicals, Energy & Power, Commercial, Residential, and Others)
Growing Residential and Commercial Industries to Support Self-Regulating Heating Cable Market Growth During Forecast Period
According to our latest market study on “Self-Regulating Heating Cable Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Application (Freeze Protection & Process Temperature Maintenance, Floor Heating, Roof & Gutter De-Icing, and Others) and Vertical (Oil & Gas, Chemicals, Energy & Power, Commercial, Residential, and Others),” the market was valued at US$ 917.42 million in 2019 and is projected to reach US$ 1,615.58 million by 2027; it is expected to grow at a CAGR of 7.5% from 2020 to 2027. The report highlights key factors driving the market growth, and prominent players with their developments in the market.
Globally, the self-regulating heating cable market is heavily fragmented with significantly strong presence of several local as well as regional market players across Asia, especially China and India. However, the global market comprises a few prominent market players, such as Heat Trace Limited, Nexans Norway AS, Nvent Electric PLC, Spirax-Sarco Engineering, SST GmbH, Thermon Industries, Inc., Chromalox (Spirax-Sarco Engineering plc), nVent Electric plc, and NIBE Group. These players continue to dominate the global market with strong competitive positioning, notable customer base, brand recognition and geographical reach, to name a few factors. Several market players have a dominating position and market share in their respective countries or regions. The self-regulating heating cable has profound scope of commercial, residential and industrial application the demand from end-user industries as well as industry vertical continue which to power the growth of the global market. Furthermore, the growing end-user industries worldwide, especially across the APAC and MEA regions, are projected to witness more lucrative market growth rate and subsequently provide numerous profitable business opportunities for the market players during the coming years.
Geographically, the developed regions, such as North America and Europe, continue to dominate the global market owing to the cold weather conditions and steady demand for floor heating, roof & gutter de-icing, and temperature maintenance from their commercial, industrial and residential end users. As a result, North America and Europe collectively accounted for 66.1% of the global market share in 2019, with Europe leading the global market with 39.5% of the total market share in 2019. Huge demand for heat tracing solutions and system from the considerably large industrial, commercial, and residential end-user base has contributed significantly in the region’s early adoption of the products. However, in terms of growth rate, the APAC and MEA regions are poised to provide lucrative business growth opportunities for the market players owing to their fast-growing industrial end users. For instance, countries, such as China, India, Saudi Arabia, Nigeria, and Turkey, are swiftly adopting advanced materials and solution—including self-regulating heating cable—to modernize their existing industrial infrastructure to support the growing demand from end users. Hence, the APAC and MEA regions are anticipated to witness CAGRs of 8.9% and 8.2%, respectively, during the forecast period.
Impact of COVID–19 Pandemic on Self-Regulating Heating Cable Market
North America is one of the most important regions for the adoption and growth of new technologies owing to favorable government policies to boost innovation, presence of huge industrial base, and high purchasing power especially in developed countries, such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the economic growth of the region in a negative manner. Presently, the US is one of the worst-affected countries due to the COVID-19 outbreak with 8,683,298 confirmed cases and more than 225,073 deaths as per the World Health Organization.
The US is a home to a large number of manufacturing and technology companies. Thus, the impact of coronavirus outbreak is anticipated to be the highest on the country’s economy. The US is one of the important markets for self-regulating heating cables. The ongoing crisis and situation in the US are going to impact the self-regulating heating cable market growth in a negative manner. The factory and business shutdowns across the US, Canada, and Mexico are impacting the adoption of self-regulating heating cables. North America is home to a large number of manufacturing and technology companies and thus the impact of coronavirus outbreak is anticipated to be quite severe in 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation in the US is going to impact the growth of the North America self-regulating heating cable market in a negative manner for the next few quarters.
The global self-regulating heating cable market has been segmented as follows:
Self-Regulating Heating Cable Market – by Application
Self-Regulating Heating Cable Market – by Region