Report : North America and Europe Steam Trap Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Mechanical, Thermodynamic, and Thermostatic); Application (Drip, Process, and Tracing); End-User (Oil and Gas, Pharmaceuticals, Food and Beverage, Pulp and Paper, and Others)
Mechanical Segment to Dominate North America and Europe Steam Trap Market during 2021–2028
According to our new market research study on “North America and Europe Steam Trap Market Forecast to 2028 – COVID-19 Impact and Analysis,” the market is expected to reach US$ 3,969.11 million by 2028 from US$ 2,598.67 million in 2020; it is estimated to grow at a CAGR of 5.6% from 2021 to 2028. The report provides trends prevailing in the market along with the drivers and restraints pertaining to the market growth. The surging demand for electronic products is a key factor encouraging developments in steam traps across North America and Europe. Rising sustainability concerns, burgeoning demand for energy-efficient solutions, and enforcement of stringent regulations to reduce carbon footprint across different industries are the additional factors bolstering the market growth in these regions. Steam traps are widely being used across the pharmaceuticals, paper & pulp, food & beverages, and oil & gas industries across North America and Europe.
The efficient operation of mechanical steam traps depend on differences in steam and condensate densities. Inverted buckets and ball float steam traps are among the commonly available mechanical steam trap types. The pressure difference between the water and steam pushes the stainless-steel float ball up, and the trap enables opening and closing of valve. The stainless-steel floats surrounded by steam traps are standard for controlling the high pressure and temperature in corrosive liquids or water. The mechanical steam traps are non-corrosive and have high strength, and stainless steel is an enormously versatile as well as better option for durable float. The overall movement of the stainless-steel float relies on the condensate flow. Mechanical steam traps offer accurate response about the condensate flow without being affected by external factors.
The proliferation of the oil & gas sector across North America and Europe is a key force boosting the steam trap market growth in these regions. The constant increase in investments in this sector would boost oil & gas activities in the coming days. In 2018, the FLNG Export Terminal and Kitsault Energy Corridor project, Canada, accepted the final investment decision (FID), followed by commencing the construction activities, which consist of four phases, in 2019. Furthermore, Russian companies, such as Lukoil and Rosneft, witnessed rigorous production and drilling activities at the beginning of 2018. Therefore, continuous rise in the number of oil & gas projects is propelling the adoption of steam traps for oil & gas flow control.
North America, especially the US, has witnessed an unprecedented rise in the number of confirmed cases, resulting in large-scale lockdown across different regions along with the shutdown of industrial activities. As a result, several small & medium enterprise owners have imposed limitations on their industry personnel whereas many others have laid off non-essential staff members owing to restricted business operations. In addition,, they have also minimized the allocated budget for manufacturing of industrial equipment owing to economic slowdown, which affected the global nosiness activities. Moreover, component manufacturers, supply chain stakeholders, and distributors are facing shortage of business opportunities. North America is home to many manufacturing and technology companies and thus the impact of the COVID-19 outbreak has been severe in 2020, and the similar effect is likely to continue in 2021. Hence, the ongoing COVID-19 crisis and critical situation in the US is limiting the steam trap market growth of North America.
Bestobell Steam Traps, Emerson, Thermal Energy International Inc., Spirax-Sarco Engineering plc, Thermax Limited, CIRCOR International, Inc., Flowserve Corporation, Velan Inc., Watson McDaniel, and Watts Water Technologies, Inc. are among the key players profiled during this market study. In addition to these players, several other essential market players have also been studied and analyzed to get a holistic view of the North America and Europe steam trap market.
The report segments the North America and Europe Steam Trap Market as follows:
North America and Europe Steam Trap Market – by Product Type
North America and Europe Steam Trap Market – by Application
North America and Europe Steam Trap Market – by End-User