Steam Trap Market Forecasts to 2030 - Global Analysis By Product, Material, Application, End User and By Geography

According to Stratistics MRC, the Global Steam Trap Market is accounted for $2.3 billion in 2023 and is expected to reach $5.2 billion by 2030 growing at a CAGR of 4.2% during the forecast period. A steam trap is a mechanical device used in steam systems to remove condensate and non-condensable gases from the steam line. It plays a crucial role in maintaining the efficiency and safety of steam-based heating or processing systems. Steam traps are installed at points in a steam system where condensate is likely to accumulate, such as after heat exchangers, in radiators, or at low points in the steam piping. It is responsible for removing condensate to maintain energy efficiency, safety, and the overall effectiveness of the system.

Market Dynamics:

Driver:

Growing demand for energy-efficient steam systems

Energy efficiency is a cornerstone of long-term sustainability. Energy-efficient steam systems help in conserving natural resources, such as fossil fuels and water. By using steam more efficiently, industries can minimize resource consumption and contribute to sustainable resource management. Industries that invest in energy-efficient technologies gain a competitive edge. They can offer products and services at lower costs, potentially leading to increased market share and profitability. This can result in higher production rates, better product quality, and increased overall operational reliability.

Restraint:

Lack of awareness

Since many firms are not aware of the advantages of steam traps, lack of knowledge is a big barrier for the steam trap industry. They might need to thoroughly understand the right selection and installation method. This may lead to firms buying the wrong steam traps, getting the wrong ones, or installing them wrongly. Businesses, however, may overlook adequate maintenance if they are unaware of these requirements, resulting in ineffective or broken steam traps. Inefficient steam traps may accidentally discharge live steam, increasing energy expenditures and greenhouse gas emissions, which exacerbate environmental problems.

Opportunity:

Growing demand in oil and gas sector

One of the key reasons fueling the growth of the market is the rise in automation in the global oil and gas sector. The market is further influenced by end-user industries' active use of steam traps to increase fuel savings, as well as the usage of decoking procedures and fluid catalytic cracking in oil and gas refineries for extracting a tiny quantity of steam from the hydrogen present in coke. The market's expansion is accelerated by the rise in the number of stringent restrictions put in place by regulatory authorities to increase industrial efficiency and cut costs, as well as the surge in demand for strong, lightweight steam traps with longer shelf lives.

Threat:

High investments

Businesses may incur significant costs while purchasing and installing steam traps, mostly because of the high initial cost. The type of steam trap used, its size, and the materials utilised in its construction are just a few of the variables that can have a big impact on the price of steam traps. The intricacy of the steam trap design is one important consideration. Due to the additional engineering and accuracy needed to achieve improved performance and efficiency, more sophisticated and complicated steam trap models often attract higher pricing. This factor inhibits market expansion.

COVID-19 Impact:

The steam trap manufacturing industry across the globe has been negatively impacted due during the pandemic owing to disruptions in supply chains for raw materials as well as components. The decrease in demand for steam traps from the industrial sector is a result of the global shutdown of all production operations. Additionally, because of import and export limitations, trade of the products was restricted, which had a detrimental effect on the market.

The mechanical steam trap segment is expected to be the largest during the forecast period

The mechanical steam trap segment is estimated to have a lucrative growth. Instead than depending on external energy sources or intricate control systems, mechanical steam traps function according to mechanical principles. They are used in many industrial applications because of their reputation for dependability, simplicity, and durability. Furthermore, compared to more complicated traps that could need extra infrastructure or control systems, these steam traps are typically simpler to install. They may be a preferable option for retrofitting or updating existing systems due to their ease of installation.

The oil & gas segment is expected to have the highest CAGR during the forecast period

The oil & gas segment is anticipated to witness the fastest CAGR growth during the forecast period. In many oil and gas processes, steam is used for heating and transferring heat to different parts of the system. Some oil and gas industry equipment, such as steam-driven turbines and compressors, rely on steam for power generation or compression. Steam traps are employed to remove condensate from these systems, preventing damage to the equipment and ensuring optimal performance. Steam traps helps to maintain the efficiency, safety, and environmental compliance of steam-based processes and systems.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period. In the Asia-Pacific region, steam traps are widely used in industries such as manufacturing, power generation, chemical processing, and food production. Many global steam trap manufacturers have established a presence in the Asia-Pacific region to serve the growing market. The region's diverse industrial landscape and the increasing focus on energy efficiency and sustainable practices are fuelling the market growth.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period. Europe places a strong emphasis on energy efficiency and sustainability. European countries often adhere to regional standards and regulations for steam systems. These may include directives from organizations like the European Pressure Equipment Directive (PED) or local standards set by individual countries. European companies and manufacturers are often at the forefront of steam trap technology, developing advanced and efficient traps that contribute to improved system performance and energy conservation.

Key players in the market:

Some of the key players profiled in the Steam Trap Market include: Emerson Electric Co., Schlumberger Limited, Flowserve Corporation, Miyawaki Inc, Thermax Ltd., Circor International Inc., Velan Inc., The Weir Group PLC, Pentair Inc., Thermal Energy International Inc., Watts Water Technologies Inc., Forbes Marshall, Watson McDaniel, Bestobell Steam Traps, TLV International Inc, Weir Group PLC, Richards Industrials and Spirax-Sarco Engineering PLC.

Key Developments:

In May 2021, Richards Industrials, the manufacturer of valves, regulators and other flow control products announced the acquisition of Equilibar LLC. Equilibar LLC provides a broad range of back pressure, vacuum, and electronic regulators, along with specialty valves and other fluid control products.

In October 2019, Emerson Electric Co. had named Spartan Controls as the representative for Yarway Steam Traps in Western Canada, a product brand acquired from the Valves & Controls business unit of Pentair. Spartan Controls would represent and support Yarway steam trap and strainer products.

Products Covered:

• Mechanical
• Thermodynamic
• Thermostatic
• Metallic Steam Traps
• Liquid Expansion Steam Traps
• Inverted Bucket Steam Traps

Materials Covered:

• Iron
• Steel

Applications Covered:

• Drip Application
• Line Steam Tracing
• Process Application
• Instrument Steam Tracing
• Turbines Drainage
• Other Applications

End Users Covered:

• Pharmaceuticals
• Oil & Gas
• Power Generation
• Pulp & Paper
• Food & Beverages
• Chemicals
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances