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Heating Cable Market

Heating Cable Market

Heating Cable Market Product (Constant Electric Power, Constant Wattage, Self-Regulating), By Maximum Temperature (Below 100, 100 - 150, 150 - 200), By Maximum Wattage (Below 50, 50 - 100, 100-150), By Conductor Material (Copper, Aluminum)- Global Market Insights 2020 to 2030

Heating Cable Market
FACT730MR

Heating Cable Market Outlook

Heating cables fall under the segment of heating solution, and serve multitude purposes, ranging from commercial uses to residential applications, where demand is primarily concentrated towards commercial applications for temperature maintenance. As a conductor material, aluminum heating cables are mostly preferred across regions.

In a recently published report by Fact.MR, insights regarding key factors fueling market growth have been offered from 2020 to 2030. The market has been tracked in 20+ high-growth countries, where the region of North-America tops the pecking order, closely followed by Europe.

The report also details what impact the COVID-19 pandemic is having on the global heating cable market across the world.

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Historical Performance and Future Projections

Demand for heating cables has shown steady growth throughout 2015-2019 at a CAGR of 4.1%, along with a growth in valuation from US$ 1.13 Bn to US $1.33 Bn. According to the exhaustive analysis by Fact.MR, heating cables are expected to witness significant demand during the forecast period.

By 2030, the heating cable market is expected to surge at a CAGR close to 6%, and overall valuation will reach around US$ 2 Bn.

Prominent players in the market are extensively investing and deploying their resources into the research & development of end-use products, which will act as a driving force for the market.

Analyzing the market over the forecast period, it is expected to progress at a slower pace in the short run (2020-2022), whereas, the market is expected to grow at a rapid pace during the medium run (2020-25).

How Can Digital Technology Impact the Heating Cable Market?

Companies are incorporating IoT with heating solutions to provide a better user experience that can be monitored and regulated efficiently through wireless devices.

Digital technologies such as Internet of Things will ensure efficiency, reliability, and make it much easier to control operations, along with significant safety measures.

Manufacturers are primarily targeting the requirements of end-use industries by developing new products. Integrating technologies such as Internet of Things will assist the seamless operation of heating cables, ensuring proper safety norms.

Technologies such as these are expected to fuel demand for heating cables on a global scale.

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What are the Challenges for Heating Cable Manufacturers?

Some of the primary challenges that are being faced by manufacturers and can adversely affect the global heating cable market are:-

Substitutes of heating cables are potentially affecting demand. Consumers, more often, prefer conventional heating solutions such as heat furnaces or heat pumps in some of the prominent regions such as North America and Europe.

Regions with geographical differences challenge the functioning of heating cables. High altitude mountainous terrains and flood-prone areas restrict the installation of heating cables. Also, application of heating cables is limited within the cold regions of Europe and North America, dragging down market reach.

As heating cables are used during the cold season, there is seasonal demand for the same. Such seasonal demand brings challenges regarding inventory and supply chain management.

Also, the usual lifespan of heating cables varies from 20 – 22 years, which is a concern for manufacturers, restricting the number of new users.

heating cable market product

Who are the Main End Users of Heating Cables?

Heating cables are utilized in both, residential and commercial applications, in which, the residential sector accounts for around 15%, whereas the commercial sector holds 85% of the global market share.

The heating cable market has a wide prospect in terms of application with a large scale of end users. Some of the prominent end users and applications are:-

The oil & gas industry is one of the biggest consumers of heating cables, where these are needed to ensure the constant flow of fluid, concerning the safety and quality of the product.

Global Energy Monitor stated that, each year from 2009 to 2018, 25 new gas and oil pipelines have been set up across the globe, which is a positive sign for the heating cable industry.

Heating cables have played one of the major roles in sports activities by nourishing grounds, which helps maintain greenery.

Heating cables are primarily used to defrost ice on the ground during heavy snowfall, which assists in prolonging the playing season.

Heating cables are utilized in residential areas, ensuring efficient heating solutions for houses. These cables have different applications such as for roof heating, floor heating, pipeline heating, gutter heating, and many others.

Pipe freezing is one of the primary applications of heating cables in the residential sector. Preventing pipes from bursting by anti-freezing the fluids inside them helps the flow of substances.

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How Has COVID-19 Affected the Sales of Heating Cables?

In this unpredicted novel Corona virus pandemic time, most countries have imposed lockdowns to flatten the growth of. Many industries have been affected because of lockdowns and social distancing measures all across the globe.

It has massively affected the manufacturing sector, and heating solution industries such as heating cables have also gone through a lean patch. Disruptions in the supply chain have affected the industry.

The economy has badly suffered during this tough time, with production plants and trade activities halted.

However, with lockdowns having been lifted in most regions, it is expected that a new rise will come into this market and it will resume its normal growth trajectory in the first quarter of 2021 after full-fledged operations are started.

 

heating cable market region

Country-wise Insights

Why is the Heating Cable Market Surging in China?

China is projected to be the most prominent region in the East Asia region over the forecast period.

This is because government regulations are very actively enforced to move towards electric heating options rather than conventional coal-burning heating.

The Government of China is concerned about pollution that is produced while burning coal, and the increase of sulphur-dioxide content in the atmosphere.

The China market for heating cables is expected to expand at the highest CAGR of close to 8% over the forecasted period.

What’s Driving Huge Demand for Heating Cables in the U.S.?

North America is one of the most prominent regions shaping demand for heating cables. Along with East Asia, North America accounts for significant demand, with the U.S. being a major consumer in the region.

The U.S. currently has the largest consumer density of heating cables in the world, and the long-term market dynamics for North America look positive.

Category-wise Insights

Which End Use Demands the Highest Volume of Heating Cables?

Considering the end-use segments, commercial end use of heating cables holds a major part of the overall market share.

Heating cables are extensively used for commercial purposes, such as anti-freezing, where maintaining the density and viscosity of fluid is a major concern.

Despite the immense market share of the commercial segment, the residential segment is projected to observe growth at a CAGR of around 4% over the forecast period.

Heating cables have multiple applications in the residential sector, from floor heating to gutter anti-freezing. This provides a strong posture for the residential segment of heating cables as well.

What is the Opportunity for Self-regulating Heating Cables?

As self-regulating heating cables are more flexible and efficient in comparison with other product types, these cables are projected to witness immense growth among other segments, at a CAGR of around 7%.

Self-regulating heating cables have the potential to regulate the flow of electricity as per the need. Featuring this technology will drive sales and growth of the market over the forecast period.

Which Region Has Great Potential for Heating Cables?

By region, the global heating cables market can be segmented into North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa.

East Asia is one of the most prominent regions and is projected to grow exponentially over the forecast period. China is expected to be the most lucrative market because of increasing environmental regulations.

As such, the market in East Asia is expected to witness the fastest growth among others.

North America and Europe hold the largest chunk of the market share, since consumer density is high and penetration of the product is comparatively more. Environmental conditions drive the growth of the market in these two regions.

The market in MEA and Latin America will grow modestly at a CAGR of around 5%. South Asia and Oceania will account for a nominal share in the global heating cable market space.

Competition Landscape

Fact.MR provides detailed profiles of leading players in the global market who are primarily involved in the manufacturing of heating cables, with essential data points considering market prospects.

Profiling of companies includes some key points such as recent developments in the company, SWOT analysis, and key strategies that they are adopting, which helps to better understand the competitive level in the market.

Report Scope

Attribute

Details

Forecast Period

2020-2030

Historical Data Available for

2015-2019

Market Analysis

US$ Mn for Value & Tons for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

Key Countries Covered

  • U.S.
  • Canada
  • Mexico
  • Brazil
  • Germany
  • Italy
  • France
  • U.K.
  • Spain
  • China
  • Japan
  • India
  • GCC
  • Turkey

Key Segments Covered

  • By Product Type
  • By Maximum Temperature
  • By Maximum Wattage
  • By Conductor Material
  • By Application
  • By End Use
  • By Region

Key Companies Profiled

  • Wuhu Jiahong New Material Co. Ltd
  • SST Group
  • Thermopads
  • Fine Korea Co. Ltd
  • Raychem (nVent Electric)

Customization & Pricing

Available upon Request

Key Segments of Heating Cable Market

Product Type

  • Constant Electric Power 
  • Constant Wattage 
  • Self-Regulating 

Maximum Temperature (F)

  • Below 100
  • 100 – 150
  • 150 – 200
  • Above 200

Maximum Wattage

  • Below 50
  • 50 – 100
  • 100 – 150
  • Above 150

Packaging Format

  • Bulk (B2B) Packaging
  • B2C Packaging Format

Conductor Material

  • Copper
  • Aluminum
  • Others

Application

  • Freeze protection
  • Temperature maintenance
  • Snow Melting On Driveways
  • Gulley and roof snow/ice protection
  • Underfloor heating
  • Others

End Use

  • Residential
  • Commercial

Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

- FAQs -

 Fact.MR projects the global heating cable market to portray steady growth at around 6% CAGR across the 2020-2030 assessment period. High demand for self-regulating heating cables is anticipated to drive growth in a positive direction.
Commercial end user will act as a prominent driver for the heating cable market over the long-term forecast period. Market fragmentation is mainly due to the ability to use the product diverse applications.
Prominent players operating in the global heating cable landscape include Wuhu Jiahong New Material Co. Ltd, SST Group, Thermopads, Fine Korea Co. Ltd, Raychem (nVent Electric), XAREX by E&STEC Co. Ltd, and others.

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.