self-regulating heating cable Market

The self-regulating heating cable 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.

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.

Europe includes Germany, Russia, France, the UK, and Italy. The region is known for better standards of living, with people exhibiting higher income levels. Oil & gas, construction, and chemicals are the major industries in Europe. The construction industry is expanding vigorously due to demographic trends, low mortgage rates, and increased income of individuals. Along with new construction projects, renovation and maintenance activities for the existing structures have also increased. The UK and Germany are experiencing high growth in their construction sector in Europe. The ever-rising manufacturing industry mainly drives the self-regulating heating cables market in Germany. These cables have a wide array of applications in industrial manufacturing and power generation plants. With the growth in demand for power generation in the country, the self-regulating heating cable market is likely to demonstrate strong growth in the coming years. The growing construction sector is surging the demand for these cables as they are deployed for various applications in commercial buildings and residential homes. Further, several companies are highly involved in offering self-regulating heating cables. For instance, in July 2019, SST GmbH provided 555 km of heating cables for 49 km of pipelines for natural gas production scheduled to start at the Chayanda oil and gas condensate field.

The overall self-regulating heating cable market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the self-regulating heating cable market. The process also serves the purpose of obtaining an overview and forecast for the self-regulating heating cable market with respect to all the segments. It also provides the overview and forecast for the global self-regulating heating cable market based on all the segmentation provided with respect to four major regions—North America, Europe, Asia Pacific, the MEA, and SAM. Also, primary interviews were conducted with industry participants and commentators to validate data as well as to gain more analytical insights into the topic. Participants of this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts and key opinion leaders specializing in the self-regulating heating cablemarket.