PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1342761
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1342761
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. Increasing demand for energy-efficient steam systems and the growing adoption of automation in steam systems drive the market for steam trap.
"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.
"Steam trap market in Asia Pacific region to register highest CAGR between 2023 and 2028"
The Steam Trap market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. The region's robust industrialization and infrastructural expansion across various sectors amplify the demand for efficient steam management solutions. As industries scale up and modernize, the imperative of optimizing energy utilization and condensate control elevates the significance of steam traps. Furthermore, governments and industries in the Asia Pacific region significantly emphasize sustainability and energy efficiency. Steam traps offer a practical way to achieve these objectives by preventing steam wastage and optimizing energy consumption. As sustainability becomes a central focus, adopting steam traps aligns with the region's goals and regulations.
Breakdown of primaries
Key players in the steam trap market 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) and others.
The steam trap market has been segmented into product, application, body material, end-user industry, and region. The steam trap market has been studied in North America, Europe, Asia Pacific, and the Rest of the World.
The report will help the market leaders/new entrants with information on the closest approximate revenues for the steam trap and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, opportunities, and challenges.