Global Electric Heating Cable Market 2023-2030

Global Electric Heating Cable Market 2023-2030

Global Electric Heating Cable Market Size, Share & Trends Analysis Report by Type (Self-Regulating Electric Heating Cable, Constant Wattage Electric Heating Cable, Mineral Insulated Electric Heating Cable, and Skin-Effect Electric Heating Cable), and by Application (Industrial, Residential, and Commercial) Forecast Period (2023-2030)

The global electric heating cable market is anticipated to grow at a considerable CAGR of 5.5% during the forecast period (2023-2030). The growth of the electric heating cable is driven by several factors, including the increasing demand for energy-efficient heating solutions in both in industrial and residential applications. Additionally, there is a rising trend of adopting electric heating cables for snow melting applications in commercial spaces, which further contributes to the demand for electric heating cables. For example, the King Electric Company offers SC series snow melt cable, a custom in-concrete snow and ice melting cable that operates at 208 or 240 volts. This specialized cable is designed to be embedded in the concrete surfaces and is widely used in various applications such as sidewalks, driveways, stairs, and others. The SC series snow melt cable provides efficient snow melting capabilities, ensuring surfaces remain clear and safe during winter conditions.

The combination of energy efficiency and the ability to melt snow and ice in commercial spaces makes electric heating cables a sought-after solution for various industries and residential applications. As a result, the market for electric heating cables is experiencing significant growth due to these diverse and practical applications.

Segmental Outlook

The market is segmented based on the type of electric heating cable and its application areas. The types of electric heating cables include self-regulating electric heating cable, constant wattage electric heating cable, mineral insulated electric heating cable, and skin-effect electric heating cable. Among these, the self-regulating electric heating cable segment is anticipated to register significant growth during the forecast period, driven by factors including its ability to self-regulate heat output and prevent overheating. In terms of applications, the electric heating cable market is categorized into industrial, residential, and commercial sectors.

The Industrial Segment Is Expected To Be a Prominent Market Share Holder in the Electric Heating Cable Market

The industrial segment is expected to be a prominent market share holder in the electric heating cable market, primarily owing to the wide range of industrial applications where these cables are utilized. The industrial sector relies heavily on maintaining specific temperatures for various processes, and electric heating cables offer an efficient solution for achieving and maintaining the required temperatures. For instance, in June 2023, nVent Electric launched a new self-regulating heating cable called XTVR. This innovative cable incorporates High Power Retention (HPR) technology, making it ideal for freeze protection and temperature maintenance applications. The XTVR heating cable claims solid construction with a heating core and pressure-extruded electrical insulation, ideal for critical industrial applications with high exposure or maintenance temperatures.

The industrial sector's demand for electric heating cables is driven by the need for reliable and precise temperature control in various processes, and the introduction of advanced technologies such as HPR further enhances their demand in this market segment.

Regional Outlook

Geographically, the global electric heating cable market is further segmented into North America (the US and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Europe is anticipated to experience substantial growth and hold a prominent share in the electric heating cable market. This growth can be attributed to increasing industrial activities and cold climatic conditions that create a demand for efficient heating solutions in the region.

On the other hand, the Asia-Pacific region is projected to witness considerable growth during the forecast period. This growth is driven by rapid industrialization and the growing adoption of electric heating cables in residential and commercial spaces for various applications. Both regions present lucrative opportunities for market players, and companies may adopt various strategies to tap into these markets and meet the increasing demand for electric heating cables.

The North American Region is anticipated to hold a Significant Share of the Global Electric Heating Cable Market

The North American region, including the US and Canada, is expected to hold a significant share in the global electric heating cable market. The growth in this region is primarily driven by factors such as the need for energy-efficient heating solutions in extreme weather conditions. The presence of various market players, such as Thermon, nVent, and Chromalox, among others, in the US also propels the demand of electric heating cables. These market players are considerably contributing to the market growth by adopting various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and launching of new technology electric heating cables launches to stay competitive in the market. For instance, in June 2023, nVent Electric plc launched the XTVR self-regulating heating cables with High Power Retention (HPR) technology. These heating cables are designed for freeze protection and temperature maintenance applications. The XTVR heating cables use High Power Retention (HPR) technology, which allows them to maintain high power output even at low temperatures.

Market Players Outlook

Major companies serving the global electric heating cable market include Thermon, Raychem RPG Pvt. Ltd., Emerson Electric Co., nVent Electric plc, and Watts Water Technologies, Inc., among others. These market players are considerably contributing to the market growth by adopting various strategies such as mergers and acquisitions, partnerships, collaborations, funding, and new product launches to stay competitive in the market. For instance, in June 2021, nVent launched a new self-regulating heating cable called nVent RAYCHEM HTV with high power retention technology. The cable is designed for high-temperature applications and has a design life of more than three decades. It surpasses previous self-regulating heating cables in performance and design life.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global electric heating cable market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who stands where’ in the market.