NEW YORK, Jan. 18, 2024 /PRNewswire/ — The steam traps market size is expected to grow by USD 1.40 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 5.75% during the forecast period. Emerging heat recovery steam generator technology for power generation drives market growth. Global energy demand rises due to population growth and economic expansion. Clean energy seeks to meet these needs while complying with emission norms. Despite renewable and nuclear sources, fossil fuels still dominate energy production. Heat recovery steam generators, vital for efficient power production, utilize exhaust gases, boosting electricity output without additional costs, fueling the steam traps market’s growth. Universal-type steam traps are an emerging market trend. However, Faulty steam traps that cause energy loss challenge market growth. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a Free PDF Sample
Technavio has announced its latest market research report titled Global Steam Traps Market 2023-2027
The market is segmented by End-user (Petroleum, Thermal Power, Chemical, and others), Material (Steel and Iron), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).
Key Highlights:
The report recognizes the following as some of the key players in the steam traps market: Armstrong Flow Control, Armstrong International Inc., Ayvaz, Clark Reliance, Dwyer Instruments LLC, Emerson Electric Co., Forbes Marshall Pvt. Ltd., GlobalSpec LLC, MIYAWAKI Inc., Newton Steam Traps Fluid Technology Co. Ltd., Parker Hannifin Corp., Schlumberger Ltd., Spirax Sarco Engineering plc, Swagelok Co., Thermax Ltd., TLV Co. Ltd., Uni Klinger Ltd., Velan Inc., Watson McDaniel Co., and Watts Water Technologies Inc.
Steam Traps Market is fragmented in nature.
Market to observe 5.25% YOY growth in 2023.
Market Dynamics:
The Steam Traps Market is driven by the growing demand for energy efficiency in industrial processes, particularly in boiler systems. With a focus on condensate recovery, steam trap technologies such as mechanical, thermodynamic, float and thermostatic, inverted bucket, bimetallic, disc, and piston traps are gaining prominence. Industries prioritize steam trap monitoring, testing, and maintenance for optimal performance. The market sees trends in steam system optimization across process industries and HVAC systems. Key aspects include pressure reduction, temperature control, corrosion prevention, leak detection, and the integration of steam trap sensors. Non-return valves play a crucial role in enhancing steam quality, while trap sizing is essential for efficient operation. Overall, the market is witnessing a shift towards comprehensive steam trap solutions, reflecting a commitment to sustainability and resource utilization.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing the report
Keg Segments:
The petroleum segment will contribute majorly to the market growth. Maintaining a robust steam system is crucial for refineries, providing high-quality steam. Efficient condensate removal via steam traps ensures system integrity. Growing demand for petroleum products fuels refinery activities, driving steam trap demand. The oil industry, reaching a balanced state, sees growth led by the US, Brazil, Canada, and Norway, ensuring global supply. Investments continue to meet future oil demand amid robust industry growth. Get a glance at the market contribution of the segments, Request a FREE Sample
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-user
Market Segmentation by Material
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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