About Steam Traps
A Steam Trap is a device which is used to release or discharge condensates and non-condensable gases with an unimportant loss of live steam. Most of these steam traps are nothing but more than automatic or drain valves which allows distinguishing between condensate and steam. This steam traps holdbacks steam in a container and discharge condensate under high pressure, the main aim of these steam trap is to release condensate whenever it is formed, to utilize it unless it is enchanting. A steam trap is used in industry because of it’s regularly used for heating in industries and a driving force for mechanical power. They are majorly used in such applications which ensures that steam is not wasted. The rising reduction of fossil fuel resources especially coal is driving the demand for geothermal power generation across the globe is driving the market for the steam trap in the forecasted year.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key players are adopting numerous strategies to gain market attention and to increase their market share, this strategy can be listed as increasing product portfolio, making partnerships to adopt certain technologies, and acquiring small players to finish the competition in the future. As well as investing money in the R&D sector to make technical upgrades to the product. Analyst at AMA Research estimates that Global Manufacturers will contribute the maximum growth to Global Steam Traps market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
CIRCOR International, Inc. (United States), Emerson Electric Co. (United States), Flowserve Corporation (United States), Pentair plc (United States), Schlumberger N.V. (United States), Spirax-Sarco Engineering plc (England), Thermax Limited (India), The Weir Group PLC (United Kingdom), Velan Inc. (Canada) and Watts Water Technologies, Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Pentair (United States), Velan (Canada), TLV (Japan), Cameron (United States), Yoshitake (Japan) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Steam Traps market by Type (Mechanical Trap, Thermostatic Trap and Thermodynamic Trap), Application (Tracing Application, Drip Application and Process Application) and Region.
On the basis of geography, the market of Steam Traps has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Body Material, the sub-segment i.e. Steel will boost the Steam Traps market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Oil & Petrochemical will boost the Steam Traps market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Adoption of Iot Sensor Technology for Steam Traps
Market Growth Drivers:
End-User Industries are Actively Adopting Steam Traps to Ramp up Fuel Savings, Strict Regulations Imposed by Regulatory Bodies to Enhance Manufacturing Efficiency and Reduced Cost and Emerging Heat Recovery Steam Generator Technology for Power Generation
Challenges:
Limited Maintenance Programs for Steam Trap Across End-User Industries
Restraints:
Periodic Maintenance and Operational Costs Associated With the Operations of Steam Traps
Opportunities:
Growth in Government Budgets in the emerging and emerged Countries, Increasing of Oil and Petrochemical Fields Expenditures in both developed and developing nations and Rising Investments in Power Infrastructure in Emerging Economies
Market Leaders and their expansionary development strategies
In January 2022, Spirax-Sarco Engineering plc acquired Cotopaxi Limited (UK), a digital energy optimization specialist, for USD 18 million.
In April 2023, Henkel has launched Loctite Pulse Smart Steam Trap for smart monitoring of industrial steam traps. With a set of easy-to-install nano sensors applied at the inlet and outlet of the steam trap, the solution continuously gathers information about the status of the equipment.
Key Target Audience
Associations, organizations, forums, and alliances, Steam trap manufacturers, End users of process industries, Automation consultants, Research organizations, Technology investors, Energy industries association, Distributors and traders and Technology solutions providers
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.