Global Steam Trap Market, By Product (Mechanical, Thermodynamic, Thermostatic), Body Material (Steel, Iron, Others), Application (Tracing Application, Drip Application, Process Application), End-User Industry (Chemicals, Energy and Power, Food & Beverages, Oil & Gas, Pharmaceuticals, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028.
The steam trap market is expected to witness market growth at a rate of 4.3% in the forecast period of 2021 to 2028. Data Bridge Market Research report on the steam trap market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The rise in demand from the end-use industries globally is escalating the growth of steam trap market.
Steam traps refer to a type of automated valve that assists in draining out gaseous oxygen (i.e. compressed steam) and non-incondensable gases such as water without enabling steam to flee. The steam is generally used frequently in the sector for cooling or as a mechanical power pulling force. To extract condensate gasses from the water network, steam cages are used.
The increase in automation in the oil and gas industry across the globe acts as one of the major factors driving the growth of steam trap market. The rise in number of strict regulations imposed by regulatory bodies to enhance manufacturing efficiency and reduced cost, and surge in the requirement for durable and light-weight steam traps with longer shelf life accelerate the market growth. The use decoking processes and fluid catalytic cracking in the oil and gas refineries for separating a small amount of steam from the hydrogen present in coke, and end-user industries are actively adopting steam traps to ramp up fuel savings further influence the market. Additionally, research and development activities, the surge in investment, and expansion of oil and gas sector positively affect the steam trap market. Furthermore, surge in investments in power infrastructure in emerging economies extends profitable opportunities to the market players in the forecast period of 2021 to 2028.
On the other hand, high periodic maintenance and operational costs and presence of stringent regulations are expected to obstruct the market growth. Concerns regarding the inconvenience especially with large capacity are projected to challenge the steam trap market in the forecast period of 2021-2028.
This steam trap market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on steam trap market, contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Steam Trap Market Scope and Market Size
The steam trap market is segmented on the basis of product, body material, application, and end-use industry. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- On the basis of type, the steam trap market is segmented into mechanical, thermodynamic, and thermostatic.
- On the basis of body material, the steam trap market is segmented into steel, iron, and others.
- On the basis of application, the steam trap market is segmented into tracing application, drip application and process application.
- On the basis of end-user industry, the steam trap market is segmented into chemicals, energy and power, food & beverages, oil & gas, pharmaceuticals and others.
Global Steam Trap Market Country Level Analysis
The steam trap market is analyzed and market size, volume information is provided by country, purity, product, body material, application and end-use industry as referenced above.
The countries covered in the global steam trap market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the steam trap market due to the larger amount of mechanical industries within the region. Asia-Pacific is expected to be the fastest growing market during the forecast period of 2021 to 2028 because of the rapid industrialization in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Steam Trap Market Share Analysis
The steam trap market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to steam trap market.
The major players covered in the steam trap market report are Spirax-Sarco Engineering plc, The Weir Group PLC, Flowserve Corporation, CIRCOR International, Inc., Emerson Electric Co., Schlumberger Limited., Thermax Global, Velan Inc., Watts., Richards Industrials, Watson McDaniel, Pentair plc., Volfram., Colton Industries, VYC Industrial, Armstrong International Inc., Axion Flexible Insulation Jackets, CIRCOR International, Inc., Kirloskar Brothers Limited (India)., and Spirax Sarco Limited, among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.