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Browse in-depth TOC on “Steam Trap Market”
160 – Tables
90 – Figures
250 – Pages
Steam Trap Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$ 4.57 billion |
|
Estimated Value by 2029 |
$ 5.57 billion |
|
Growth Rate |
Poised to grow at a CAGR of 4.1% |
|
Market Size Available for |
2020–2029 |
|
Forecast Period |
2024–2029 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Mechanical, Drip Application, Process Application and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Lack of awareness about benefits of steam trap systems |
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Key Market Opportunities |
Integration of steam traps with IoT sensors |
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Key Market Drivers |
Growing demand for energy-efficient steam systems |
Thermostatic segment is expected to exhibit highest CAGR in the steam trap market during the forecast period.
Thermostatic steam traps are ruggedly designed and have a significantly long service life. They have fewer wear and tear than other types of steam traps, therefore keeping lower maintenance costs and reduced operational downtime. This makes them attractive for industries that can’t afford to stop productions as these may include pharmaceuticals and food processing. Further, thermostatic steam traps are relatively easier to install than most other types. This makes them more readily available for adoption into an existing system of steam, and this ease of integration brings down the total cost of ownership. Accordingly, industries are more likely to adopt these traps at the time of system upgradation or installation.
Screwed segment is expected to hold major share in the steam trap market.
Screwed segments have the largest market share for steam traps due to several significant advantages. They can be used for a large range of pipe sizes and materials, thus applying to various applications in many different industries, which may make them highly used and even often selected by end-users. Moreover, screwed connections are generally cheaper than welded connections or any other type of connection. This lesser startup cost makes them appealing to several facilities, most especially in those industries that need to operate on tight budgets. Another big advantage is reliability, screwed connections work great under diversified pressure and temperatures, providing a secure seal and minimizing leaks, ensuring efficient operation in a steam system.
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North America is expected to hold the second largest share of the steam trap market.
The North American market shares the second largest share of the steam trap industry and is primarily driven by the following factors. First, it has numerous significant industries, oil and gas, chemical, food and beverages, and pharmaceuticals, which require steam trap systems in order to have an efficient management of condensate and pressure regulation. Next, North America has an already established infrastructure for power generation and manufacturing facilities that are highly automated and require reliable steam trap solutions in order to maintain and sustain the operations. Furthermore, the already stringent policies on the need to conserve energy and carbon emissions further drive the implementation of high-efficiency steam traps in efforts to reduce energy losses and increase systems regarding sustainability.
The key companies in the steam trap companies include Spirax Group plc (UK), Emerson Electric Co. (US), Thermax Limited (India), SLB (US), Velan Inc. (Canada), Watts (US), Armstrong International Inc. (US), TLV CO., LTD. (Japan), Forbes Marshall (India), Xylem (US).
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