NEW YORK, March 1, 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
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Report Coverage |
Details |
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Page number |
163 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.75% |
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Market growth 2023-2027 |
USD 1,401.96 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.25 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 34% |
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Key countries |
US, Canada, China, India, and Germany |
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.
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. 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
Analyst Review
The Steam Traps Market is experiencing a significant surge driven by several factors, including rapid economic growth in emerging economies like those in the Asia Pacific region. As industries in these regions expand, there’s a growing need for energy-efficient steam systems to optimize production processes and reduce costs. However, one of the challenges hindering the widespread adoption of these systems is the lack of awareness about the benefits of steam trap systems.
Steam traps play a crucial role in oil & gas end-user industries, ensuring the efficient and safe operation of steam systems by removing condensate and preventing steam loss. Within the steam trap market, the mechanical steam trap segment stands out for its reliability and effectiveness in various industrial applications. Moreover, advancements in materials have led to the development of steam traps with steel body material segments, offering enhanced durability and performance.
Recognizing the importance of energy efficiency, organizations such as the International Energy Agency (IEA) have been advocating for the adoption of technologies like steam traps to curb energy waste and reduce greenhouse gas emissions. Through research and initiatives, the IEA aims to raise awareness among industries about the potential savings and environmental benefits of implementing energy-efficient solutions like steam traps.
In the Asia Pacific region, where industrial activity is booming, the demand for steam traps is on the rise, driven by the need for improved energy efficiency and cost savings. Industries in this region, particularly in the oil & gas sector, are increasingly investing in steam trap systems to optimize their operations and remain competitive in the global market.
Overall, the steam traps market presents a promising opportunity for industries seeking to enhance their energy efficiency and reduce operational costs. With advancements in technology and growing awareness about the benefits of steam trap systems, the market is expected to witness sustained growth, especially in emerging economies where industrialization is driving the demand for energy-efficient solutions. Request a FREE Sample
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The steam turbine market is estimated to grow at a CAGR of 3.82% between 2022 and 2027. The size of the market is forecast to increase by USD 3,416.12 million.
ToC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
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SOURCE Technavio