Steam Traps Market size is set to grow by USD 1401.96 mn from 2023-2027, emerging heat recovery steam generator technology for power generation to boost the market growth, Technavio

NEW YORK, May 10, 2024 /PRNewswire/ -- The global steam traps market  size is estimated to grow by USD 1401.96 mn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of over 5.75%  during the forecast period. 

For more insights on the forecast market size and historic data (2017 - 2021) - Buy Report

Market Driver

Steam traps, essential components in industrial processes, typically exhibit signs of faults and require replacement every three to five years. Neglecting steam trap monitoring can lead to significant energy losses, estimated at billions of dollars annually across various industries. Companies invest in regular inspections to prevent costly downtime and safety hazards from cold steam trap failures or blow-through traps. In response, IoT-enabled steam trap monitoring solutions are emerging, utilizing keywords like wax-filled capsules, fluid dynamics, valves, and Instrument/Line Steam Tracing. These advancements enable real-time parametric data communication over cloud-based services, benefiting both end-users and manufacturers in sectors such as oil and gas, chemicals, and developing economies. Key players in this market include Schlumberger Limited, Thermax Limited, Velan, Watts Water, TLV, and Forbes Marshall. IoT sensor technology, battery-less systems, semiconductor design, and companies like Everactive and Spartan Controls are driving rapid economic growth in this sector, addressing the lack of awareness and high investments in mechanical steam traps with steel body materials. 

Market Challenges

• The steam traps market experiences significant growth due to economic expansion in emerging economies, high investments, and increasing awareness towards energy efficiency and conservation. Key players like Schlumberger Limited, Thermax Limited, Velan, Watts Water, TLV, and Forbes Marshall offer mechanical and thermostatic steam traps in various industries, including oil and gas, chemicals, food processing, power generation, and healthcare. Steam trap failure, resulting from factors such as dirt, pressure surges, incorrect sizing, and faulty operations, leads to energy wastage, fuel consumption, and greenhouse gas emissions. Manufacturers are responsible for providing high-quality steam traps to prevent equipment damage, ensure better process control, and maintain operational efficiency and safety.

Research report provides comprehensive data on impact of trend, driver and challenges - Request a sample report!

Segment Overview 

This steam traps market report extensively covers market segmentation by

1. End-user 
• 1.1 Petroleum
• 1.2 Thermal power
• 1.3 Chemical and others
2. Material 
• 2.1 Steel
• 2.2 Iron
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Petroleum-  Steam traps are critical components in industrial processes, ensuring optimal temperature and pressure conditions for various applications. These high-quality steam traps, which include Mechanical, Thermostatic, and float mechanisms, play a pivotal role in process optimization by preventing condensate from accumulating in the system. The consequences of equipment damage due to steam leaks can be costly and detrimental to operational efficiency and safety. In the context of the global oil industry's recovery, steam traps are essential for industries such as Instrument Steam Tracing, Line Steam Trapping, Drip Application, and Process Application. These applications rely on steam for heating, sterilization, and condensation processes, which can be temperature-sensitive and susceptible to solidification of fluids. Advancements in steam trap technology include the integration of temperature-sensitive elements, such as bimetallic elements and wax-filled capsules, and fluid dynamics studies to improve valve design. Developing economies are increasingly adopting these innovations, with IoT sensor technology, battery-less IoT systems, and semiconductor designs from companies like Everactive and Spartan Controls revolutionizing steam trap monitoring and maintenance. By addressing steam leaks and ensuring better process control, industries can improve operational efficiency, reduce energy consumption, and enhance safety. The integration of these advanced technologies in steam trap systems is crucial for maintaining the high-performance standards required in industries that rely on steam for their processes.

For more information on market segmentation with geographical analysis including forecast (2023-2027) and historic data (2017-2021) - Download a Sample Report

Research Analysis

In the rapidly expanding economies, the demand for energy-efficient solutions is on the rise, particularly in sectors such as oil and gas, chemicals, food processing, and power generation. Mechanical steam traps, a crucial component in steam systems, have gained significant attention due to their potential to conserve energy and prevent steam leakages. These steam traps, often made of steel body material, are subject to failure, leading to inefficiencies and increased maintenance costs. To address these challenges, emerging technologies like IoT sensor technology and battery-less IoT systems are being explored. Semiconductor design companies, such as Everactive and Emerson Electric, are at the forefront of this innovation, developing advanced steam trap monitoring systems. Spartan Controls and Yarway Steam Traps are also making strides in this area, providing maintenance services and energy conservation solutions for steam trap systems. In developing economies, the lack of awareness about the importance of steam trap maintenance and energy efficiency can hinder progress. However, with increasing investments in infrastructure and technology, the steam trap market is poised for growth, offering opportunities for companies to make a significant impact on energy conservation and efficiency.

Market Research Overview

The Steam Traps Market encompasses a wide range of products designed to protect and regulate steam systems in various industries. These essential components ensure efficient energy utilization and prevent potential hazards such as water hammer and steam leaks. Key players in this market include manufacturers and suppliers of various types of steam traps, such as thermostatic, pressure-sensitive, and thermodynamic traps. The market is driven by factors like increasing industrialization, rising demand for energy efficiency, and stringent safety regulations. Additionally, advancements in technology have led to the development of smart steam traps, offering features like remote monitoring and predictive maintenance. The global Steam Traps Market is projected to grow significantly in the coming years, with key regions being North America, Europe, and Asia Pacific.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Petroleum
• Thermal Power
• Chemical And Others
• Material
• Steel
• Iron
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio