The Global Steam Trap Market size is expected to reach $4.4 billion by 2030, rising at a market growth of 3.7% CAGR during the forecast period. In the year 2022, the market attained a volume of 12,839.7 thousand Units experiencing a growth of 4.0% (2019-2022).
Increasing developments and investments in the energy & power segment contribute to market demand. Hence, Energy & Power segment acquired $354.5 million revenue in the market in 2022. Global industrial expansion and urbanization have led to a rapid increase in energy consumption. Thus, the development of intrastate transmission and sub-transmission networks has increased in response to the growing demand for power. Due to rising household incomes, expanding manufacturing, and growing heavy industries, there will be a rise in demand for energy and power. Using renewable energy is essential for ensuring access to electricity, which will lead to the need for steam traps. Some of the factors impacting the market are increasing requirement for energy-efficient steam systems, measures to reduce carbon emissions and accelerate industrialization, and lack of awareness of the benefits of steam trap systems.
The demand for energy-efficient steam systems increases as businesses seek to reduce their energy expenses. Steam traps play a crucial role in attaining this goal by preventing the wasteful loss of live steam and minimizing the risk of water hammer. Live steam, a valuable resource generated by boilers for powering equipment and heating processes, is of utmost significance to businesses, compelling them to maximize its utilization. Moreover, as industrialization has spread worldwide, so has the demand for energy-efficient steam traps. As more industries emerge and existing ones develop, the need for traps that reduce energy consumption and operating expenses has increased. Greater efficiency and less energy loss are the features of energy-efficient traps, which result in substantial cost savings throughout the traps. As these nations continue to grow and industrialize, there is a growing energy demand, primarily in the manufacturing, power generation, and petrochemical industries.
However, Lack of awareness is a significant obstacle for the steam trap market, primarily because many companies are unaware of the benefits of steam traps. They require extensive knowledge of the proper selection and installation process. This may cause businesses to make improper purchasing decisions, acquire unsuitable steam traps, or install them inadequately. Steam traps are less popular than energy-saving solutions like insulation or variable-speed drives. This lack of visibility contributes to a limited comprehension of steam traps' benefits and potential impact on energy efficiency.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Spirax Sarco Engineering plc, Emerson Electric Co., Schlumberger N.V., Thermax Limited, Velan, Inc., Forbes Marshall Pvt. Ltd, Xylem, Inc., Armstrong International, Inc., TLV Co., Ltd, Watts Water Technologies, Inc.
Increasing developments and investments in the energy & power segment contribute to market demand. Hence, Energy & Power segment acquired $354.5 million revenue in the market in 2022. Global industrial expansion and urbanization have led to a rapid increase in energy consumption. Thus, the development of intrastate transmission and sub-transmission networks has increased in response to the growing demand for power. Due to rising household incomes, expanding manufacturing, and growing heavy industries, there will be a rise in demand for energy and power. Using renewable energy is essential for ensuring access to electricity, which will lead to the need for steam traps. Some of the factors impacting the market are increasing requirement for energy-efficient steam systems, measures to reduce carbon emissions and accelerate industrialization, and lack of awareness of the benefits of steam trap systems.
The demand for energy-efficient steam systems increases as businesses seek to reduce their energy expenses. Steam traps play a crucial role in attaining this goal by preventing the wasteful loss of live steam and minimizing the risk of water hammer. Live steam, a valuable resource generated by boilers for powering equipment and heating processes, is of utmost significance to businesses, compelling them to maximize its utilization. Moreover, as industrialization has spread worldwide, so has the demand for energy-efficient steam traps. As more industries emerge and existing ones develop, the need for traps that reduce energy consumption and operating expenses has increased. Greater efficiency and less energy loss are the features of energy-efficient traps, which result in substantial cost savings throughout the traps. As these nations continue to grow and industrialize, there is a growing energy demand, primarily in the manufacturing, power generation, and petrochemical industries.
However, Lack of awareness is a significant obstacle for the steam trap market, primarily because many companies are unaware of the benefits of steam traps. They require extensive knowledge of the proper selection and installation process. This may cause businesses to make improper purchasing decisions, acquire unsuitable steam traps, or install them inadequately. Steam traps are less popular than energy-saving solutions like insulation or variable-speed drives. This lack of visibility contributes to a limited comprehension of steam traps' benefits and potential impact on energy efficiency.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Industry Outlook
On the basis of industry, the market classified into chemicals, energy & power, food & beverages, oil & gas, pharmaceuticals, and others. The food and beverages segment acquired a substantial revenue share in the market in 2022. The need for steam traps in the food and beverage segment is driven by the need to improve product quality and adapt to changes in customer preferences. Thermal energy and steam are the most crucial food and beverage processing resources. Utilizing steam accurately is essential as distribution system losses negatively impact production costs and sustainability.Product Outlook
On the basis of product, the market is segmented into mechanical, thermodynamics, and thermostatic. In 2022, the mechanical segment dominated the market with the maximum revenue share. Mechanical steam traps are a form of steam trap that relies on mechanical principles rather than external energy sources or complex control systems for operation. They are used in many industrial applications because of their popularity for dependability, simplicity, and robustness. Furthermore, compared to more complicated traps that might require additional infrastructure or control systems, these traps are usually simpler to install. They may be the better choice for retrofitting or upgrading existing systems due to their ease of installation.Application Outlook
Based on application, the market is fragmented into tracing, drip, and process. The process segment recorded a remarkable revenue share in the market in 2022. Due to its effectiveness at eliminating condensate and non-condensable gases from steam distribution lines, it ensures that only dry steam is delivered to processes or devices. Environmentally aware industries concentrate on efficiently delivering dry steam to expand system performance and decrease energy losses. These are essential for removing condensate and pollutants from steam, ensuring that the steam utilized in various processes satisfies the necessary criteria for quality and purity.Body Material Outlook
By body material, the market is categorised into steel, iron, and others. In 2022, the steel segment held the highest revenue share in the steel trap market. Steel is tough and durable, making it a perfect choice for steam traps that endure high temperatures and pressures without breaking. The steam traps last longer and require less maintenance because they are also good at preventing rust and other damage. Maintaining high hygiene standards is essential in the food, beverage, and pharmaceutical industries. Steel has a non-porous surface that is simple to clean and sterilize, fulfilling strict regulatory requirements and protecting product purity. It is particularly crucial in steam trap applications where contamination must be avoided through cleaning.Regional Outlook
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region witnessed the largest revenue share in the market. Diverse industries, such as manufacturing, petrochemicals, and power generation, rely significantly on steam-based processes. As the economies of this region continue to expand, the demand for steam systems that are both efficient and sustainable will increase, creating a significant market. As new manufacturing facilities develop and existing ones undergo modernization, the demand for advanced steam trap technologies to enhance energy efficiency, reduce operational costs, and meet strict environmental standards is rising.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Spirax Sarco Engineering plc, Emerson Electric Co., Schlumberger N.V., Thermax Limited, Velan, Inc., Forbes Marshall Pvt. Ltd, Xylem, Inc., Armstrong International, Inc., TLV Co., Ltd, Watts Water Technologies, Inc.
Scope of the Study
Market Segments Covered in the Report:
By Industry (Volume, Thousand Units, USD Million, 2019-2030)- Oil & Gas
- Food & Beverages
- Chemicals
- Energy & Power
- Pharmaceuticals
- Others
- Mechanical
- Thermodynamics
- Thermostatic
- Tracing
- Drip
- Process
- Steel
- Iron
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Spirax Sarco Engineering plc
- Emerson Electric Co.
- Schlumberger N.V.
- Thermax Limited
- Velan, Inc.
- Forbes Marshall Pvt. Ltd
- Xylem, Inc.
- Armstrong International, Inc.
- TLV Co., Ltd
- Watts Water Technologies, Inc.
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global Steam Trap Market by Industry
Chapter 6. Global Steam Trap Market by Product
Chapter 7. Global Steam Trap Market by Application
Chapter 8. Global Steam Trap Market by Body Material
Chapter 9. Global Steam Trap Market by Region
Chapter 10. Company Profiles
Companies Mentioned
- Spirax Sarco Engineering plc
- Emerson Electric Co.
- Schlumberger N.V.
- Thermax Limited
- Velan, Inc.
- Forbes Marshall Pvt. Ltd
- Xylem, Inc.
- Armstrong International, Inc.
- TLV Co., Ltd
- Watts Water Technologies, Inc.
Methodology
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