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.
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