Dublin, Dec. 15, 2023 (GLOBE NEWSWIRE) -- The "Global Steam Trap Market by Mechanical (Ball Float, Inverted Bucket), Thermodynamic, Thermostatic (Balanced Pressure, Bimetallic), Application (Drip, Process, Tracing), Body Material (Steel, Iron), End-User Industry and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The steam trap market is expected 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. Ansi Gate Valve
The steam trap market is experiencing growth driven by several key factors, including the increasing demand for energy-efficient steam systems and the growing adoption of automation in steam systems. These trends are contributing to the market's expansion, and the report provides valuable insights for market leaders and new entrants.
The report offers information on the approximate revenues for the steam trap market and related segments, assisting stakeholders in understanding the competitive landscape and formulating effective market strategies. It also provides a deeper understanding of the market dynamics, including key drivers, restraints, opportunities, and challenges.
The Asia Pacific region is expected to witness the highest compound annual growth rate (CAGR) in the steam trap market during the forecast period. This growth is attributed to robust industrialization and infrastructure development across various sectors in the region. As industries expand and modernize, the importance of optimizing energy utilization and condensate control through steam traps becomes evident.
Additionally, governments and industries in the Asia Pacific region are increasingly emphasizing sustainability and energy efficiency. Steam traps offer practical solutions to achieve these goals by preventing steam wastage and enhancing energy consumption optimization. This aligns with the region's focus on sustainability and regulatory objectives.
Key players in the steam trap market include industry leaders such as Spirax-Sarco Engineering plc, Emerson Electric Co., Schlumberger Limited, Thermax Limited, Velan Inc., Watts Water Technologies, Inc., Armstrong International Inc., TLV CO., LTD., Forbes Marshall, and Xylem Inc., among others. These companies play a significant role in driving innovation and competitiveness in the steam trap market.
The thermostatic steam trap market is expected to grow at the highest CAGR during the forecast period
The thermostatic steam trap market is expected to grow at the highest CAGR during the forecast period. Thermostatic steam traps offer a sophisticated solution for optimizing steam management by efficiently modulating steam flow based on temperature changes.
This dynamic capability ensures energy conservation and prevents unnecessary steam wastage, aligning seamlessly with industries' intensified focus on operational efficiency and resource utilization. Moreover, their reliable performance and relatively low maintenance requirements make them attractive for industries seeking efficient and cost-effective steam management solutions.
Steel body material segment is expected to dominate the steam trap market throughout the forecast period
The steel body material segment is expected to account for the largest size of the steam trap market throughout the forecast period. Steel's exceptional durability and corrosion resistance make it an ideal choice for steam trap construction, particularly in industries with harsh operating conditions. This longevity ensures prolonged performance and reduces the need for frequent replacements, resulting in cost savings and enhanced operational reliability.
Furthermore, steel's inherent strength allows for the design of robust steam traps capable of withstanding high pressure and temperature variations, further bolstering their suitability for demanding industrial applications. Moreover, steel's excellent heat conduction properties facilitate efficient condensate removal, contributing to enhanced steam trap performance and overall operational efficiency.
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2028
Growing Adoption of Steam Traps in Food & Beverages and Pharmaceuticals Industries to Provide Opportunities for Players in Steam Trap Market
Mechanical Segment to Hold Largest Market Share of Steam Trap Market in 2023
Tracing Application Segment to Hold Largest Market Share During Forecast Period
Steel Segment to Register Highest CAGR During 2023-2028
Oil & Gas Segment to Hold Largest Share of Steam Trap Market in 2023
India to be Fastest-Growing Steam Trap Market During Forecast Period
Increasing Demand for Energy-Efficient Steam Systems
Growing Adoption of Automation in Steam Systems
Need to Enhance Manufacturing Efficiency and Reduce Greenhouse Gas Emissions
Need for Substantial Upfront Investment
Need for Periodic Maintenance and Complexities Associated with Operations of Steam Trap Systems
Rapid Economic Growth in Emerging Economies
Integration of Steam Traps with IoT Sensors
Lack of Awareness About Benefits of Steam Trap Systems
Trends/Disruptions Impacting Customer Business
For more information about this report visit https://www.researchandmarkets.com/r/4ts5ue
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