The steam trap market is expected to increase from USD 4.2 billion in 2023 to USD 8 billion in 2033. The steam traps industry is expected to capture a CAGR of 6.8% over the forecast period.
One of the primary factors surging the market growth for the steam trap is the increase in automation in the oil and gas industry worldwide. The increase in stringent requirements set by regulatory authorities to improve industrial efficiency and minimize costs. As well as the surge in demand for robust and lightweight steam traps with a longer shelf life.
The use of decoking technologies and fluid catalytic cracking in oil and gas refineries to separate a small amount of steam from the hydrogen in coke, as well as end-user businesses actively implementing steam traps to increase fuel savings, impact the market. Research and development activities, increased investment, and the oil and gas sector's expansion all favorably impact the steam trap business.
Increased investment in power infrastructure in emerging economies creates attractive prospects for market participants from 2023 to 2033. High maintenance and operational costs, as well as the presence of strict regulations, are projected to hamper market expansion. Difficulties with discomfort, particularly with large capacity, are anticipated to affect the steam trap market.
Infrastructure's Silent Heroes: Steam Traps Fueling Progress
Market (2023 to 2033)
| Market CAGR | 6.8% |
|---|---|
| Market Size – 2023 | USD 4.2 billion |
| Market Size – 2033 | USD 8 billion |
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From 2018 to 2022, the steam trap industry had considerable growth and improvements. Industrial activity increased significantly during this time, particularly in the oil and gas, chemicals, and power generation sectors.
Demand for steam traps increased as these businesses emphasized energy efficiency and sustainability. Steam trap manufacturers responded by creating creative and technologically advanced steam trap solutions, which improved overall performance while lowering maintenance costs.
The steam trap business is expected to maintain its current growth rate. The demand for steam traps may continue to rise as enterprises strive for greater energy saving and operational efficiency. Emerging industries such as renewable energy and healthcare are expected to contribute to market growth for the steam trap.
With continued research and development efforts, steam trap manufacturers may create more sophisticated and automated solutions to meet the changing needs of industries.
The rising need for energy-efficient solutions across various industries fuels the market growth for steam traps. By efficiently eliminating condensate and reducing steam leakage, steam traps are essential for optimizing steam systems. The demand for steam traps is becoming increasingly important as industries work to improve energy efficiency and lower operating costs.
The steam trap industry is growing due to strict environmental sustainability and energy conservation laws. Industries are investing in steam trap systems due to the growing focus on process optimization, and the desire to reduce carbon footprints fuels the market growth of steam traps.
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The rising use of alternative energy sources and technologies is one of the factors limiting the steam trap business. There is a move towards renewable energy and energy-efficient systems as businesses and organizations try to lessen their carbon footprint and adopt more sustainable practices. Since steam traps are most frequently employed in conventional steam-based systems, this move presents a problem for the steam trap business.
As businesses investigate and invest in alternative heating and energy solutions, the steam trap business could fall. Steam trap manufacturers must adapt to the changing market dynamics and diversify their product lines to stay competitive.
There is a rising need for steam traps that can efficiently reduce energy losses in steam systems due to the increased focus on energy efficiency. Steam trap manufacturers now have a lucrative chance to innovate and deliver cutting-edge steam trap technologies.
A sizable market is created by the growth of businesses like oil and gas, chemicals, and food processing in emerging markets. Steam traps that can reduce greenhouse gas emissions are required due to strict rules on emissions and environmental sustainability. The steam trap business is anticipated to increase significantly and has several potentials for companies to prosper.
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| Attributes | Details |
|---|---|
| United States Market Size - 2033 | USD 1.2 billion |
| United States Market Absolute Dollar Growth | USD 507.5 million |
| CAGR % 2018 to 2022 | 1.2% |
| CAGR % 2023 to 2033 | 5.6% |
The power generation, oil and gas, chemicals, and food processing industries are just a few of the industries that heavily rely on the North American steam trap business. For steam systems to operate effectively and continuously, condensate and non-condensable gases must be removed using steam traps. The steam trap business in North America has expanded significantly in recent years due to the growing demand for energy-efficient products and the need to save operating expenses. Steam trap manufacturers are concentrating on creating sophisticated technologies that offer more energy savings, increased dependability, and improved steam quality management. Due to a strong industrial sector and the adoption of strict energy efficiency rules, the United States and Canada account for most market growth in the North American steam trap industry. The growth of end-use businesses and continued investments in infrastructure development are other factors. Leading North American steam trap market companies are constantly involved in product innovation, strategic alliances, and mergers to obtain a competitive edge. Overall, companies are placing a high priority on energy conservation and are looking for steam systems with the best performance.
| Attributes | Details |
|---|---|
| United Kingdom Market Size - 2033 | USD 212.7 million |
| United Kingdom Market Absolute Dollar Growth | USD 84.4 million |
| CAGR % 2018 to 2022 | 0.3% |
| CAGR % 2023 to 2033 | 5.2% |
The steam trap market in Europe is expanding steadily, which is expected to continue. By removing condensate and limiting steam loss, steam traps are essential for preserving the effectiveness and dependability of steam systems. The rising use of steam traps in various industries, including food processing, chemicals, and power generation, as well as the emphasis on energy conservation and operational efficiency, fueling the market's expansion. The demand in the European steam trap industry is being driven by strict rules pertaining to sustainability and energy efficiency.
| Attributes | China Market |
|---|---|
| Market Size - 2033 | USD 2.1 billion |
| Market Absolute Dollar Growth | USD 1.2 billion |
| CAGR % 2018 to 2022 | 6.2% |
| CAGR % 2023 to 2033 | 8.2% |
| Attributes | Japan Market |
|---|---|
| Market Size - 2033 | USD 1.4 billion |
| Market Absolute Dollar Growth | USD 697.5 million |
| CAGR % 2018 to 2022 | 5.2% |
| CAGR % 2023 to 2033 | 7.0% |
| Attributes | South Korea Market |
|---|---|
| Market Size - 2033 | USD 508.0 million |
| Market Absolute Dollar Growth | USD 254.4 million |
| CAGR % 2018 to 2022 | 5.5% |
| CAGR % 2023 to 2033 | 7.2% |
Due to factors like infrastructure expansion and the rising need for energy-efficient solutions, the Asia Pacific steam trap market is expanding significantly. Steam traps are essential components used in steam systems to remove condensate and stop energy loss. Steam traps are needed to optimize energy consumption and save operating costs in the region's expanding sectors, which include oil & gas, chemicals, and power generation. Adopting strict rules and the rising awareness of environmental sustainability are other factors spurring the market growth for the steam trap. To keep a competitive edge, prominent players in the Asia Pacific steam trap industry are actively focused on product innovation and strategic alliances.
| Attributes | Details |
|---|---|
| Top Material | Steel |
| CAGR % 2018 to 2022 | 4.0% |
| CAGR % 2023 to 2033 | 6.6% |
The steam trap industry uses the steel segment most frequently in terms of material because the steam traps' steel bodies can survive freeze-ups without causing harm to the steam system. Steel helps steam traps operate more efficiently, saves energy, and lowers production costs. Steel as a body material offers the whole steam system increased durability, cost-effectiveness, reliability, and design flexibility. It also has benefits for the environment, such as recyclability. The steel segment is expected to maintain its lead throughout the projected period.
| Attributes | Details |
|---|---|
| Top Application | Tracing Application |
| CAGR % 2018 to 2022 | 3.9% |
| CAGR % 2023 to 2033 | 6.4% |
The tracing application category dominates the global market. The use of steam to subtly raise a process or product's temperature is referred to as a steam tracing application.
For both essential services and common steam lines, tracing applications are used. This means that during the forecast period, the tracing application category may increase at a swift rate.
To scale their businesses in the market, steam trap manufacturers can consider the following top five strategies:
Multiple companies that offer identical products or services often compete in any market. Several steam trap manufacturers and suppliers compete to produce solutions that satisfy various industries' needs.
Product quality, performance, dependability, energy efficiency, cost-effectiveness, and customer service are driving factors in the steam trap market. Companies distinguish themselves by providing unique features, superior technologies, and customized solutions to fit the needs of specific customers. They may offer extra maintenance, training, and technical support to acquire a competitive advantage.
Pivotal Steam Trap Manufacturers
Recent Developments and Breakthroughs
| Company | Strategy |
|---|---|
| Richards Industrials | Equilibar LLC: Pioneers in Back Pressure, Vacuum, and Electronic Regulation |
| Yarway Steam Traps | Spartan Controls Becomes Western Canada Representative for Yarway Steam Traps |
| Company | Details |
|---|---|
| Richards Industrials | Equilibar LLC was acquired by Richards Industrials in 2021, a maker of valves, regulators, and other flow control equipment. Equilibar LLC offers a wide selection of back pressure, vacuum, electronic regulators, unique valves, and other fluid control devices. |
| Yarway Steam Traps | Yarway Steam Traps, a product brand that Emerson Electric Co. purchased from the Valves & Controls business segment of Pentair, were represented in Western Canada by Spartan Controls as of 2019. Yarway steam trap and strainer products are to be supported by Spartan Controls as their representative. |
The steam trap industry is likely to secure a CAGR of 6.8% through 2033.
The steam trap industry is likely to record a value of USD 4.2 billion in 2023.
The steam trap market is estimated to surpass USD 8 billion by 2033.
North America is likely to lead the steam trap industry.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 5.1. Thermodynamic 5.2. Mechanical 5.3. Thermostatic 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Drip Application 6.2. Process Application 6.3. Tracing Application 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material 7.1. Steel 7.2. Iron 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-User 8.1. Oil & Gas 8.2. Power Industry 8.3. Pharmaceuticals 8.4. Food & Beverage 8.5. Pulp & Paper 8.6. General Industry 8.7. Others 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. MEA 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Weir Group PLC 17.2. Watson Mcdaniel Company 17.3. Tunstall Corporation 17.4. Emerson Electric Co. 17.5. Schlumberger N.V. 17.6. Watts Water Technologies, Inc. 17.7. Tlv International, Inc. 17.8. Spirax-Sarco Engineering PLC 17.9. Pentair PLC 17.10. Flowserve Corporation 17.11. Circor International, Inc. 17.12. Thermax Limited 17.13. Velan Inc. 17.14. Armstrong International Inc. 17.15. Miyawaki Inc. 17.16. Hawa Engineers Ltd. 17.17. Bestobell Steam Traps 17.18. Thermal Energy International Inc. 17.19. Esco India 17.20. Neta Valves Pvt. Ltd. 18. Assumptions & Acronyms Used 19. Research Methodology
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Steam Trap Market
