Feb 10, 2021
Aluminum Heating Cables to Hold Around two-third Market Share through 2030, Projects Fact.MR
by Team Fact.MR
Changing climatic conditions is a major concern for humanity, and countries in the North American region have faced a cold wave in recent years. Households in colder regions have started using heating cables for under-floor heating, roof heating, and snow melting, rather than depending on traditional heat pumps and central heat furnaces. Of late, integration of technology has made heat cables more efficient, reliable, and stable. Self-regulating heating cables are increasingly being used in commercial buildings and residential homes, influenced by feature such as better control, lower maintenance cost, and higher safety and reliability.
Furthermore, growth in gas & oil pipelines is driving demand for electric heat cables. These cables are used to ensure timely heating of oil & gas pipelines, so that the related substance does not lose its viscosity.
Fact.MR has recently published a detailed report along with the dynamics on the global heating cable market. According to the published report, the market is expected to surpass 2 Bn in 2030, experiencing a steady growth rate of close to 6% CAGR over the forecast period.
Key Takeaways from Heating Cable Market Study
- The heating cable market is anticipated to add 1.7X value by 2030 as compared to 2020.
- Constant electric power heating cables capture a major chunk of the market, which is more than 50% of global demand, and are set to create US$ 500 Mn opportunity by 2030.
- Commercial use is the fastest-growing segment, owing to rise in the number of industries across regions, holding a market share of over 85%.
- North America is set to dominate market revenue in 2020, and is expected to gain 161 BPS by 2030 over 2020.
- The heating cable market in East Asia is expected to experience an impressive growth rate of more than 7% during 2020-2030.
- Aluminum heating cables will account for two-third marker share over the next ten years.
- Through 2030, the market in the U.S. is projected to expand at a CAGR of close to 7%, while that in Germany and the U.K. at over 6% and over 7%, respectively.
- Demand for heating cables is set to grow in China at a CAGR of close to 8% through 2030.
“Integration of sensors with wireless technology and incorporating IoT with heating cables to facilitate growth opportunities during the forecast period,” says a Fact.MR analyst.
Market Moving towards Consolidation
As the heating cable market is fragmented with a number of players, key players are operating strategically and acquiring companies to increase their consumer base and mark their presence in the global market.
However, increasing number of acquisitions and partnerships among players will increase spending on research and development. Players will come up with newer technology integration in heating cables, providing improved performance, which will surge demand over the forecasted time period.
More Valuable Insights on Heating Cable Market
Fact.MR offers an unbiased report on the global heating cable market, offering with historical demand data of 2015-2019 and forecasted statics for 2020 through 2030. The report contains insights of the heating cable market based on product type (constant electric power, constant wattage, and self-regulating), maximum wattage (below 50 watts, 50-100 watts, 100-150 watts, and above 150 watts), maximum temperature (F) (below 100, 100-150, 150-200, and above 200), conductor material (copper, aluminum, and others), application (freeze protection, temperature maintenance, snow melting on driveways, and gulley and roof snow protection), and end use (residential and commercial), across seven regions (North America, Latin America, Europe, East-Asia, South Asia, Oceania, and the Middle East & Africa)
About the Industrial Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the industrial industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant - Industrial Goods and Automotive