Steam Trap Market is expected to reach US$ 5642.4 million by 2028

Rising Developments and Investments in Energy & Power Sectors to Provide Growth Opportunities for Steam Trap Market during 2021–2028

According to our latest market study on “Steam Trap Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Application, and End-User,” the market is expected to grow from US$ 3745.5 million in 2021 to US$ 5642.4 million by 2028; it is estimated to grow at a CAGR of 6.0% from 2021 to 2028.”

Energy consumption has surged manifolds with a continuous rise in industrial growth and urbanization across the globe. Thus, to meet the mounting power requirements, there has been growth in the establishment of intrastate transmission and sub-transmission networks. The demand for energy and power is set to increase further due to constantly growing household incomes and expanding manufacturing and heavy industries. The renewable energy also plays significant role in providing access to electricity. The requirement of electricity across both the developed and developing nations, such as the US, the UK, Germany, Australia, China, and India, has been growing significantly over the years, which provides potential for the renewable energy sector.

The New Scotland Electric Transmission Upgrade Project is expected to improve future electrical grid installation and reduce power line congestion. A general power generation machine has a steam trap for efficient power generation using renewable energy sources. Because of the growing gap between power demand and supply, the dynamics of the energy sector is constantly changing. Furthermore, in the developing economies, the governments are aggressively supporting the development of the energy & power sector by taking several initiatives by proposing loans, capital market access, local currency products, and risk management. The development of the energy & power sector propels the demand for steam trap, which bolsters the growth of the steam trap market.

Countries, such as India and Myanmar, have been experiencing high investments in several energy and power projects over the past a few years. In June 2021, the Odisha government approved an investment of US$ 222.789 million in projects mainly focusing on the power sector. Also, in February 2021, the Indian government inaugurated two power projects in Kerala. Thus, increasing investments in energy and power infrastructure across the world are offering enormous prospects for steam trap industry players, which fuels the growth of the steam trap market.

Impact of COVID-19 Pandemic on Steam Trap Market in North America

Countries in North America, especially the US, witnessed an unprecedented rise in the number of COVID-19 confirmed cases, resulting in large-scale lockdown across the region as well as industrial activities. As a result, several small & medium-size enterprise owners limited their industry personnel, whereas many other have laid off nonessential employees shortly owing to restricted business operation. In addition, companies minimized the allocated budget for manufacturing of industrial equipment owing to economic slowdown, which adversely affected the global nosiness activities. Moreover, the component manufacturer, supply chain, and distributor lack of availability of business also has significantly influencing the production of industrial machineries by the market players. North America is a home to many manufacturing and technology companies; thus, the impact of COVID-19 outbreak was quite severe in 2020, and it is continued in 2021 also. Hence, the ongoing crisis and critical situation in the US would impact the growth of the steam trap market in North America in a negative manner for the next a few quarters.

Bestobell Steam Traps, Emerson Electric Co, Thermal Energy International Inc., Spirax-Sarco Engineering plc, Forbes Marshall, CIRCOR International, Inc., Flowserve Corporation, Velan Inc., Watson McDaniel, and Watts Water Technologies, Inc. are among the major companies operating in the steam trap market.

Steam Trap Market - by Geography, 2020 and 2028 (%)

Source: The Insight Partners Analysis

The report segments the global steam trap market as follows:

By Product Type

• Mechanical
• Thermodynamic
• Thermostatic

By Application

• Drip
• Process
• Tracing

By End-User

• Oil and Gas
• Pharmaceuticals
• Food and Beverage
• Pulp and Paper
• Others

By Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • Italy
  • UK
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of APAC
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA
• South America
  • Brazil
  • Argentina
  • Rest of SAM

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