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Aug 23, 2023

Steam Trap Market worth $4.6 billion by 2028

News provided by 30 Aug, 2023, 10:15 ET Share this article CHICAGO, Aug. 30, 2023 /PRNewswire/ -- The global steam trap market size is projected to grow from USD 3.8 billion in 2023 to USD 4.6 billion

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30 Aug, 2023, 10:15 ET

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CHICAGO, Aug. 30, 2023 /PRNewswire/ -- The global steam trap market size is projected 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 according to a new report by MarketsandMarkets™. Increasing demand for energy-efficient steam systems and the growing adoption of automation in steam systems drive the market for steam trap.

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Browse in-depth TOC on "Steam Trap Market" 120 – Tables60 – Figures200 – Pages

Steam Trap Market Report Scope:

Report Coverage

Details

Market Revenue in 2023

$ 3.8 billion

Estimated Value by 2028

$ 4.6 billion

Growth Rate

Poised to grow at a CAGR of 3.8%

Market Size Available for

2019–2028

Forecast Period

2023–2028

Forecast Units

Value (USD Million) and Volume (Thousand Units)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Mechanical, Application, Body Material, End-User Industry and Region

Geographies Covered

Asia Pacific, Europe, North America and Rest of World

Key Market Challenge

Lack of awareness and benefits of steam trap systems

Key Market Opportunities

Rapid economic growth in emerging economies

Key Market Drivers

Increasing demand for energy-efficient steam systems

Mechanical steam trap segment to hold the largest size of the steam trap market during the forecast period.

The mechanical steam trap segment is expected to account for the largest size of the steam trap industry throughout the forecast period. Mechanical steam traps detect the contrast in weight between water and steam. Their continuous discharge of significant amounts of water makes them highly suitable for various tasks. They are particularly valuable for applications where releasing water at the steam's temperature is needed, such as in heat exchangers, coils, and situations requiring a constant steam supply. Furthermore, mechanical steam traps are renowned for their robust and reliable design, which leads to lower maintenance requirements and extended operational lifetimes. This durability appeals to industries seeking long-term solutions that reduce downtime and overall costs.

Steam trap market for tracing applications is expected to grow faster during the forecast period.

The steam trap market for tracing applications is expected to grow faster during the forecast period. Tracing applications involve maintaining a consistent temperature along pipelines, which is essential in oil and gas, chemicals, and food production. Steam traps play a crucial role in these applications by effectively controlling the steam flow to maintain the desired temperature, preventing overheating or underheating of the traced lines. Moreover, expanding industries such as food and beverage, where temperature-sensitive processes are crucial for maintaining product quality, contribute to the growth of steam traps in tracing applications. Steam traps enable precise control of temperatures during cooking, pasteurization, and sterilization, ensuring consistent product quality and safety.

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Asia Pacific is expected to dominate the steam trap market during the forecast period.

The Asia Pacific region will dominate the steam trap market throughout the forecast period. It is expected to grow at the highest CAGR from 2023 to 2028. The Asia-Pacific region serves as a manufacturing hub for automotive, electronics, textiles, and other industries. These industries heavily rely on steam for various processes. Steam traps ensure a consistent steam supply, enhancing production efficiency and reducing operational costs, contributing to increased demand. In addition, the expanding healthcare and food and beverage sectors within the Asia-Pacific region rely heavily on steam for sterilization, production processes, and temperature control. Steam traps are crucial in ensuring steam's efficient and precise delivery.

The key players operating in the steam trap companies include 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), among others.

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