Steam Traps Market to Grow by USD 1.4 Billion by 2027, Driven by AI-Powered Advances and Heat Recovery Steam Generator Tech - Technavio

NEW YORK, Sept. 5, 2024 /PRNewswire/ -- Report with the AI impact on market trends- The global steam traps market size is estimated to grow by USD 1.40 bilion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of over 5.75% during the forecast period. Emerging heat recovery steam generator technology for power generation is driving market growth, with a trend towards development of IoT sensor technology for steam traps. However, faulty steam traps result in energy loss poses a challenge. Key market players include Armstrong Flow Control, Armstrong International Inc., Ayvaz, Clark Reliance, Dwyer Instruments LLC, Emerson Electric Co., Forbes Marshall Pvt. Ltd., GlobalSpec LLC, MIYAWAKI Inc., Newton Steam Traps Fluid Technology Co. Ltd., Parker Hannifin Corp., Schlumberger Ltd., Spirax Sarco Engineering plc, Swagelok Co., Thermax Ltd., TLV Co. Ltd., Uni Klinger Ltd., Velan Inc., Watson McDaniel Co., and Watts Water Technologies Inc..

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Market Driver

Steam traps are essential components in industrial processes, but they require regular monitoring to ensure optimal performance. Unattended steam traps can lead to significant energy losses and costly downtime. According to industry estimates, billions of dollars are wasted annually due to steam trap failures. To address this issue, IoT-enabled steam trap monitoring solutions are gaining popularity. These solutions use automated sensing technologies to detect anomalies in real-time and communicate parametric data over cloud-based services. For instance, PsiKick's Steam Trap Monitor solution continuously analyzes steam trap performance and sends alerts for any faults. This proactive approach helps prevent energy loss and costly downtime, ensuring industrial processes run efficiently. 

Steam traps are essential components in Process Applications, particularly in industries like oil and gas and chemicals. The market for steam traps is witnessing significant trends, including the use of wax-filled capsules for improved fluid dynamics in Instrument Steam Tracing and Line Steam Tracing. Valve manufacturers focus on developing advanced steam traps with mechanical bodies made of steel and iron for enhanced durability. Fluid condensation and solidification are major challenges, leading to investments in innovative solutions like drip application and process application steam traps. Rapid economic growth in developing and emerging economies presents both opportunities and challenges. IoT sensor technology and battery-less IoT systems, such as Everactive and Spartan Controls, are revolutionizing steam trap monitoring. Major players in the market include Schlumberger Limited, Thermax Limited, Velan, Watts Water, TLV, and Forbes Marshall. The market faces challenges like water hammer, sterilization, and high investments. Mechanical steam traps remain popular, but semiconductor design innovations are expected to disrupt the market. Overall, the steam trap market is poised for growth, driven by the increasing demand for efficient and cost-effective solutions. 

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 Market Challenges

• Steam traps are essential components in industrial processes that prevent steam from entering condensate lines, reducing steam consumption and maintaining thermal efficiency. However, older steam traps may lead to energy losses due to leaks or inefficient operation. Factors contributing to such losses include dirt build-up, pressure surges, and incorrect trap sizing. Manufacturers test new steam traps under challenging conditions to ensure they meet end-user requirements and minimize energy losses. International vendors prioritize design protocols to prevent steam wastage, while regional or local vendors may offer lower-priced alternatives that do not adhere to these standards. These variations in design and manufacturing processes can result in varying levels of reliability and potential energy losses. Inaccurate tests that assess steam trap performance may overlook energy losses through radiation, which can significantly impact a system's overall efficiency. To mitigate these losses, it is crucial to maintain steam traps properly and consider the unique factors affecting their operation. Regular maintenance and proper sizing can help minimize energy losses and optimize steam system performance.
• In the dynamic industrial landscape, steam traps are a critical component in various sectors like oil and gas, chemicals, food processing, power generation, and healthcare. With rapid economic growth in emerging economies, the demand for steam traps is surging. However, challenges persist. High investments in infrastructure and lack of awareness about energy efficiency and conservation pose significant hurdles. Mechanical steam traps, primarily made of steel body material, dominate the market. Key players like Schlumberger Limited, Thermax Limited, Velan, Watts Water, TLV, and Forbes Marshall lead the market. However, steam trap failure due to equipment damage, fuel consumption, and greenhouse gas emissions necessitate better process control and maintenance services. Energy wastage and rising energy costs, coupled with environmental awareness, have fueled the need for high-quality steam traps. Temperature-sensitive elements, such as bimetallic and thermostatic mechanisms, are gaining popularity. Despite these challenges, the market for steam traps is expected to grow, driven by industrial expansion and process optimization.

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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- The Steam Traps Market is a significant sector in the industrial industry. These devices are essential for maintaining efficient energy usage in power plants and process industries. Steam traps remove condensate and air from steam lines, ensuring optimal steam flow and preventing energy loss. Market growth is driven by increasing industrialization and the need for energy efficiency. Major players include Spirax Sarco, Emerson, and Honeywell. These companies offer various types of steam traps, including thermostatic, pressure-reducing, and thermodynamic models. Procurement of steam traps is a crucial investment for industrial facilities, enhancing productivity and reducing operational costs.

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Research Analysis

The global steam trap market is experiencing rapid economic growth due to increasing demand from various industries such as oil and gas, chemicals, food processing, and power generation. Emerging economies are driving the market's expansion, with a significant number of new installations and modernization of existing infrastructure. However, the lack of awareness regarding the importance of steam trap maintenance and energy efficiency is a major challenge. High investments are being made in the development of advanced steam trap technologies, including mechanical steam traps made of steel body material, energy-efficient solutions, and IoT sensor technology with battery-less systems. Companies like Everactive, Emerson Electric, Spartan Controls, and Yarway Steam Traps are leading the way in innovation, offering semiconductor design and smart steam trap solutions to improve energy efficiency and conserve energy in industrial processes. Steam trap failure can lead to significant energy loss and production downtime, making maintenance services essential. The market is expected to continue growing, driven by the need for reliable and efficient steam trap systems in various industries.

Market Research Overview

The Steam Traps Market is witnessing significant growth due to the rapid economic expansion in various industries such as oil and gas, chemicals, food processing, power generation, and healthcare. Emerging economies are also driving the demand for steam traps as they invest heavily in industrial infrastructure. However, the lack of awareness about the importance of steam trap maintenance and energy efficiency is a major challenge. Steam traps are critical components in industrial processes, ensuring the efficient transfer of steam and condensate. They come in various types, including Mechanical, Thermostatic, and Float Mechanisms. Materials used range from Steel and Iron to advanced Temperature-sensitive elements, Bimetallic elements, Wax-filled capsules, and Fluid Dynamics valves. Industries like oil and gas, chemicals, and power generation are major consumers of steam traps. Industrial expansion and process optimization have led to increased demand. However, steam trap failure can lead to equipment damage, energy wastage, fuel consumption, and greenhouse gas emissions. Regulatory mandates for energy conservation and environmental awareness are also driving the market. New technologies like IoT sensor technology, Battery-less IoT systems, and Semiconductor design are revolutionizing steam trap monitoring and maintenance. Companies like Everactive and Spartan Controls are leading the way in this area. The market for steam traps is vast and diverse, with applications ranging from Instrument Steam Tracing, Line Steam Tracing, Drip Application, and Process Application. Despite the challenges, the future looks bright for the Steam Traps Market.

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

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SOURCE Technavio