Steam Trap Market is Anticipated to Witness High Growth Owing to Increased Investments in Industrialization
The steam trap market has been witnessing significant growth over the years due to growing industrialization in various regions. Steam traps play a vital role in industries as they help extract condensate from steam lines, tanks and other equipment in order to maintain efficiency and keep the process running smoothly. Rising demand from industries such as oil & gas, chemicals, power generation, paper & pulp and food & beverages has boosted the sales of steam traps across the globe. The steam trap systems help reduce energy losses, save fuel costs and prevent wet steam disturbances and process interruptions.
The global steam trap market is estimated to be valued at US$ 1.8 billion in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the steam trap market include Schlumberger Limited, Emerson Electric Co., Flowserve Corporation, CIRCOR International, Inc., The Weir Group PLC, Spirax Sarco, Armstrong International Inc., Forston Engineering, Velan Inc., and other prominent players.
The Steam Trap Market Growth is provides ample opportunities for players as industrialization increases worldwide. Adoption of IoT-based steam trap monitoring systems along with the development of smart steam traps is expected to open new avenues for market expansion. Further, rising investments in upgrading aging infrastructure in process industries as well as establishment of new industries in emerging economies offer lucrative growth prospects for key market players.
Global industrial expansion has also increased the demand for steam traps across regions. Major steam trap companies are focusing efforts on expanding their geographical footprint through strategic collaborations and acquisitions in high growth markets to meet the rising demand. The market witnesses increased demand from regions such as Asia Pacific, South America and the Middle East and Africa backed by rapid pace of industrialization.
Market Drivers
Rise in investments for industrialization projects: Many countries worldwide are investing heavily in industrialization initiatives to boost their manufacturing capabilities. This has led to increased demand for steam systems and associated equipment such as steam traps from industries.
Market Restrains
Steam Trap Market News is high installation and maintenance costs: Steam traps require high installation and commissioning costs. Further, periodic maintenance and replacement of worn-out parts increase the operational expenditure over the lifetime of steam traps. This high cost of ownership acts as a major restrain for the steam trap market.
Segment Analysis
The global steam trap market is segmented into thermostatic, thermodynamic, mechanical and others. The thermostatic steam trap segment dominates the market and accounts for over 40% share. Thermostatic steam traps help in maintaining a consistent supply of steam by opening and closing automatically based on temperature changes. These steam traps are affordable and require low maintenance making them a popular choice across industries for steam system maintenance and process improvement.
The Asia Pacific region dominates the global steam trap market with over 35% share and is expected to witness the highest growth during the forecast period. This is attributed to growing industrialization and presence of manufacturing powerhouses like China and India driving demand. Continued infrastructure development projects, urbanization and expansion of process industries are further propelling the steam trap market in Asia Pacific. North America and Europe are other major regional markets however growth is projected to be higher in developing Asian countries.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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