The global steam trap market size is projected to grow from USD 3.8 billion in 2023 to USD 4.6 billion by 2028, at a CAGR of 3.8% during the forecast period. The market growth is driven by factors including the increasing demand for energy-efficient steam systems and rapid economic growth in emerging economies provinding opportunities for steam trap market. However, lack of awareness and benefits of steam trap systems are challenging the market growth.

The major players are Spirax-Sarco Engineering plc (UK), Emerson Electric Co. (US), Schlumberger Limited (US), Thermax Limited (India), Velan Inc. (Canada), Watts Water Technologies, Inc. (US), Armstrong International Inc. (US), TLV CO., LTD. (Japan), Forbes Marshall (India), and Xylem Inc. (US).

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Mechanical steam trap Segment to hold the largest share of the steam trap market during 2023–2028
The mechanical steam trap segment is expected to account for the largest size of the steam trap market during the forecast period. Mechanical steam traps are a type of steam trap that operates based on mechanical principles rather than relying on external energy sources or complex control systems. They are known for their reliability, simplicity, and robustness, contributing to their popularity in various industrial applications. Furthermore, these steam traps are generally easier to install than more complex traps that may require additional infrastructure or control systems. This ease of installation can make them a preferred choice for retrofitting or upgrading existing systems.

Oil & Gas end-user industry to dominate the market during the forecast period
The oil & gas end-user industry is expected to account for the largest share of the steam trap market during the forecast period. In the oil & gas industry, steam is utilized for various critical applications, including heating, distillation, separation, and power generation. Effective management of steam systems is paramount to ensure operational efficiency, cost-effectiveness, and safety within these industrial operations. Steam traps play a pivotal role in these contexts by efficiently removing condensate and preventing steam loss, which can significantly impact energy consumption and overall productivity. Moreover, the oil and gas industry operates under stringent regulatory frameworks and safety standards. The seamless functioning of steam systems is essential to comply with environmental regulations and safety protocols. In this context, steam traps ensure the proper functioning of steam distribution, minimizing the potential for leaks and energy waste that could lead to environmental hazards or operational disruptions.

The steam trap market in the Asia Pacific is expected to maintain the highest share during 2023–2028
Asia Pacific is expected to hold the largest share of the Steam trap market throughout the forecast period. The region is home to diverse industries, including manufacturing, petrochemicals, power generation, and more, all of which rely heavily on steam-based processes for their operations. As economies in this region continue to grow, the demand for efficient and sustainable steam systems becomes increasingly pronounced, creating a substantial market for steam traps. Furthermore, the Asia-Pacific region is experiencing significant urbanization and industrialization, leading to increased infrastructure development and expansion. As new industrial facilities are established, and existing ones undergo modernization, the demand for advanced steam trap technologies to enhance energy efficiency, reduce operational costs, and meet stringent environmental regulations is rising.