Global Self-Regulating Heating Cable Market Forecast to 2027 - COVID-19 Impact and Analysis - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 19, 2020--
The “Self-Regulating Heating Cable Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Application and Vertical” report has been added to ResearchAndMarkets.com’s offering.
According to this report the 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. The report highlights key factors driving the market growth, and prominent players with their developments in the market.
Geographically, the developed regions, such as North America and Europe, continue to dominate the global market owing to the cold weather conditions and steady demand for floor heating, roof & gutter de-icing, and temperature maintenance from their commercial, industrial and residential end users. As a result, North America and Europe collectively accounted for 66.1% of the global market share in 2019, with Europe leading the global market with 39.5% of the total market share in 2019. Huge demand for heat tracing solutions and system from the considerably large industrial, commercial, and residential end-user base has contributed significantly in the region’s early adoption of the products.
However, in terms of growth rate, the APAC and MEA regions are poised to provide lucrative business growth opportunities for the market players owing to their fast-growing industrial end users. For instance, countries, such as China, India, Saudi Arabia, Nigeria, and Turkey, are swiftly adopting advanced materials and solution - including self-regulating heating cable - to modernize their existing industrial infrastructure to support the growing demand from end users. Hence, the APAC and MEA regions are anticipated to witness CAGRs of 8.9% and 8.2%, respectively, during the forecast period.
Impact of COVID-19 Pandemic on Self-Regulating Heating Cable Market
North America is one of the most important regions for the adoption and growth of new technologies owing to favorable government policies to boost innovation, presence of huge industrial base, and high purchasing power - especially in developed countries, such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the economic growth of the region in a negative manner. Presently, the US is one of the worst-affected countries due to the COVID-19 outbreak with 8,683,298 confirmed cases and more than 225,073 deaths as per the World Health Organization.
The US is a home to a large number of manufacturing and technology companies. Thus, the impact of coronavirus outbreak is anticipated to be the highest on the country’s economy. The US is one of the important markets for self-regulating heating cables. The ongoing crisis and situation in the US are going to impact the self-regulating heating cable market growth in a negative manner. The factory and business shutdowns across the US, Canada, and Mexico are impacting the adoption of self-regulating heating cables. North America is home to a large number of manufacturing and technology companies and thus the impact of coronavirus outbreak is anticipated to be quite severe in 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation in the US is going to impact the growth of the North America self-regulating heating cable market in a negative manner for the next few quarters.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global self-regulating heating cable market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global self-regulating heating cable market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
- Increasing Demand for Oil & Gas Projects
- Growing Emphasis of Self-Regulating Heating Cables in Construction Industry
- Concern Related to Overlapping of Heating Cables
- Rising Energy & Power Opportunities in Developing Regions
- Mounting Applications of Self-Regulating Heating Cable
- Bartec Top Holding Gmbh
- Danfoss A/S
- Eltherm Gmbh
- Emerson Electric Co.
- Heat Trace Limited
- Nexans Norway As
- Nvent Electric Plc
- Spirax-Sarco Engineering
- SST Gmbh
- Thermon Industries, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/h4li3r
View source version on businesswire.com:https://www.businesswire.com/news/home/20201119005596/en/
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SOURCE: Research and Markets
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PUB: 11/19/2020 05:21 AM/DISC: 11/19/2020 05:21 AM