IMARC Group, a leading market research company, has recently releases report titled “Steam Trap Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the industry, including the global steam trap market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the steam trap market?
The global steam trap market size reached US$ 3.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2023-2028.
What is Steam Trap?
A steam trap is a type of automatic valve that filters out condensate (i.e., condensed steam) and non-condensable gases such as air without letting steam escape. Steam traps are a critical part of the steam system in various industries as they ensure that steam is used efficiently and effectively. The main purpose of a steam trap is to prevent steam loss while removing any condensate and gas that could compromise the system’s performance. They are used in a wide range of applications, from heating systems and steam-based processes to large-scale industrial equipment like steam boilers, turbines, and heat exchangers. There are several types of steam traps, including mechanical (such as float and thermostatic and inverted bucket traps), thermostatic (including balanced pressure and bimetallic traps), and thermodynamic (such as disc and impulse traps). Each type operates on different principles and is suited to applications, depending on factors such as the required discharge capacity, operating pressure, and maintenance considerations.
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Steam Trap Market Trends:
The increasing focus on energy conservation and efficiency improvements across industries represents one of the key factors driving the growth of the market across the globe. Efficient steam traps reduce energy consumption by preventing steam leakage and improving the condensate recovery system, which leads to significant cost savings and reduced environmental impact. The expansion of key industries that rely heavily on steam systems, such as oil and gas, chemicals, power generation, and food and beverage, is directly contributing to the demand for steam traps.
The growing investments in infrastructure development, particularly in emerging economies, necessitate the deployment of new steam traps and the replacement of old ones, thus boosting the market growth. Innovations that lead to the development of more efficient, reliable, and longer-lasting steam traps encourage end-users to upgrade their existing systems.
Stringent regulations aimed at reducing greenhouse gas emissions and promoting sustainable practices compel industries to adopt more efficient steam traps to minimize energy loss and improve carbon footprints. The need to reduce operational downtime and maintenance costs pushes industries to invest in high-quality steam traps, which are crucial components in steam systems. The role of steam traps in ensuring process efficiency and equipment longevity makes them indispensable in applications where steam quality is critical which is fueling the growth of the market.
The need to retrofit and upgrade older steam systems to meet modern efficiency standards also drives the replacement market for steam traps. In line with this, enhanced safety standards and the need for compliance with insurance and policy regulations ensure the continuous demand for reliable steam trap solutions. The growth of energy management services, which include system audits and optimization, often results in recommendations for the installation of more efficient steam traps which is facilitating the market growth.
Steam Trap Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the steam trap market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Circor International Inc.
- Emerson Electric Co.
- Flowserve Corporation
- Pentair Inc.
- Schlumberger Limited
- Spirax-Sarco Engineering
- Thermax Ltd.
- Velan Inc.
- Watts Water Technologies Inc.
- The Weir Group PLC, etc.
Key Market Segmentation:
The report has segmented the global steam trap market on the basis of product type, application, material type, distribution channel, end-use industry and region.
Breakup by Product Type:
- Thermodynamic
- Mechanical
- Thermostatic
Breakup by Application:
- Instrument Steam Tracing
- Line Steam Tracing
- Drip Application
- Process Application
- Others
Breakup by Material Type:
- Steel
- Iron
- Others
Breakup by Distribution Channel:
- Online
- Offline
Breakup by End-Use Industry:
- Oil & Gas
- Power Generation
- Pharmaceuticals
- Food & Beverages
- Pulp & Paper
- Chemical
- Others
Breakup by Region:
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
- Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)
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