Global Steam Trap Market By Product (Mechanical, Thermodynamic, Thermostatic), Application (Tracing Application, Drip Application, Process Application), Body Material (Steel, Iron, Others), End-User Industry (Chemicals, Energy and Power, Food & Beverages, Oil & Gas, Pharmaceuticals, Others), Geography (North America, Europe, Asia-Pacific, Europe, South America, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Steam Trap Market
Global steam trap market is registering a substantial CAGR of 5.25% in the forecast period of 2019-2026. The report contains data of the base year 2018 and historic year 2017. This rise in market value can be attributed to the constant use for reducing fuel consumption; strict rules enforced by regulatory authorities to enhance manufacturing effectiveness and reduced expenses.
Market Definition: Global Steam Trap Market
Steam traps are a sort of automated valve that drains out gaseous oxygen (i.e. compressed steam) and non-incondensable gases like water without enabling steam to flee. Steam has been used frequently in the sector for cooling or as a mechanical power pulling force. Steam cages are used to extract condensate gasses from the water network. Propulsion/drive, atomization, heating/sterilization, cleaning, humidification, humidification, motive and moisturization are some typical applications for steam in the sector.
- End-user industries constantly are using steam traps to reduce fuel consumption
- Strict rules enforced by regulatory authorities for the reduction of the carbon footprints
- Strengthening the use of safe and renewable sources of energy
- High demands for gasoline across distinct end-user sectors
- Regular servicing and operating costs associated with the steam trap activities
- Strict laws and rules governing the manufacturing of steam traps
- When managing heavy stresses and capacity, the traps become big, costly and hard for staff to manage
Segmentation: Global Steam Trap Market
- Tracing Application
- Drip Application
- Process Application
By Body Material
By End-User Industry
- Energy and Power
- Food & Beverages
- Oil & Gas
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
Key Developments in the Market:
- In August 2019, Astor Place Holdings, the Select Equity Group L.P.'s private equity subsidiary declared that they have acquire the assets of Richards Industries, Inc., a major supplier of regulators, valves as well as other flow control products. With this acquisition, Astor place is expanding its range of products and end-users on the industry.
- In July 2018, Armstrong introduced an Advanced Wireless Monitoring Solution for Steam Traps, by the name of Armstrong Intelligent Monitoring Series 5700, which is a wireless surveillance system that controls and analyzes the procedure of steam traps effectively. The AIM 5700 range can correctly identify prospective problems such as steam traps plug and blast-thru, which can lead to broken machinery, item failure, and security concerns. With this product launch, the company has expanded the product portfolio of as well as increased its market share
Global steam trap market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of steam trap market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors:
Few of the major competitors currently working in the global steam trap market 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)., Spirax Sarco Limited, among others.
Research Methodology: Global Steam Trap Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved