$4550
$2730
The global steam trap market is expected to grow from US$ 3745.5 million in 2021 and is projected to reach US$ 5642.4 million by 2028; it is expected to grow at a CAGR of 6.0% from 2021 to 2028.
Rising developments and investments in energy & power sectors is attributed to the demand for the market. 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 United States, United Kingdom, Germany, Australia, China and India amongst others 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
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Steam Trap Market: Strategic Insights
Market Size Value in US$ 3745.5 million in 2021 Market Size Value by US$ 5642.4 million by 2028 Growth rate CAGR of 6.0% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Steam Trap Market: Strategic Insights
Market Size Value in | US$ 3745.5 million in 2021 |
Market Size Value by | US$ 5642.4 million by 2028 |
Growth rate | CAGR of 6.0% from 2021 to 2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to AnalystCountries, 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 Mn 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 tram market.
Impact of COVID-19 Pandemic on Steam Trap Market
The steam trap manufacturing industry across the globe has been negatively impacted due during the pandemic owing to disruptions in supply chains for raw materials as well as components. The closure of all manufacturing activities across the globe have led to the decline in demand for steam traps from the manufacturing sector. Also owing to import and export restrictions the trading of the same was also hampered thereby leaving a negative impact on the market.
Lucrative Regions in Steam Trap Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Market Insights –
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Steam Trap Market
Development of IoT Sensor Technology for Steam Traps
The market players are robustly developing battery-less IoT systems integrated with the steam traps to provide cost-saving solutions across different industrial environments. The researchers at the University of Michigan and the University of Virginia are focusing on developing the semiconductor design technology to solve the battery issue with a suite of self-powered sensing systems, which are maintenance free. The market players are concentrating on developing IoT sensors. For instance, Everactive (previously known as PsiKick, Inc.) is engaged in replacing around 18 million batteries per day. The constant steam trap monitoring through IoT sensors provides real-time visibility into the steam system for cost-effective steam trap maintenance. The steam trap monitoring system helps in saving energy cost, avoiding the upfront cost, reducing downtime, shrinking carbon footprints, and improving safety. Thus, the rising development of IoT sensor technology for steam traps is expected to support the growth of the steam trap market in the future.
Product Type-Based Insights
Based on product type, the steam trap market is segmented into mechanical, thermodynamic, and thermostatic. The mechanical segment held the largest market share in 2020. Mechanical steam traps operate efficiently by using the variation in density between steam and condensate. These steam traps continuously bypass the large volumes of condensate and are applicable for a comprehensive range of process applications. The types of mechanical steam traps such as inverted buckets and ball float steam traps are available in the market. The pressure difference between the water and steam makes the stainless-steel float ball to rise, and the trap enables the opening and closing of valve.
Players operating in the steam trap market are mainly focused on the development of advanced and efficient products.
- In 2021, Richards Industrials, the manufacturer of valves, regulators and other flow control products announced the acquisition of Equilibar LLC. Equilibar LLC provides a broad range of back pressure, vacuum, and electronic regulators, along with specialty valves and other fluid control products.
- In 2019, Emerson Electric Co. had named Spartan Controls as the representative for Yarway Steam Traps in Western Canada, a product brand acquired from the Valves & Controls business unit of Pentair. Spartan Controls would represent and support Yarway steam trap and strainer products.
The steam trap market has been segmented as follows:
Steam Trap Market – by Product Type
- Mechanical
- Thermodynamic
- Thermostatic
Steam Trap Market – by Application
- Drip
- Tracing
- Process
Steam Trap Market – by End-User
- Oil and Gas
- Pharmaceuticals
- Food and Beverage
- Pulp and Paper
- Others
Steam Trap Market – by Geography
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- UK
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
- Middle East and Africa (MEA)
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Steam Trap Market – Company Profiles
- 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
- Watts Water Technologies, Inc
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Application, End-User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The List of Companies - Steam Trap Market
- Bestobell Steam Traps
- Circor International, Inc.
- Emerson Electric Co.
- Flowserve Corporation
- Forbes Marshall
- Spirax-Sarco Engineering Plc
- Thermal Energy International Inc.
- Velan Inc.
- Watson McDaniel
- Watts Water Technologies, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Trends and growth analysis reports related to Steam Trap Market
Jun 2021
Type-C Tanks Market
Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Tank Type (Cylindrical, Bi-lobe, and Tri-lobe), Application (Cargo Tanks and Fuel Tanks), End User (LNG, LPG, LH2, and Ethanol), and Geography
Jun 2021
Water Treatment Industry Valves Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Valve Type (Ball Valves, Butterfly Valves, Diaphragm Valves, Safety Valves, Check Valves, Gate Valves, and Others) and Material Type (Steel Alloys, Stainless Steel, Cast Iron, and Others)
Jun 2021
Construction Scaffolding Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Offering [Scaffolding Products (Sale) and Rental Solutions], Type (Frame Scaffolding, Tube and Clamp Scaffolding, Ringlock Scaffolding, Cuplock Scaffolding, and Others), and End User (Residential Building, Commercial Building, Industrial, Oil and Gas Industry, Events, and Others)
Jun 2021
Conventional Lathe Machine Market
Forecast to 2028 - Global Analysis by Spindle Orientation (Horizontal and Vertical), Number of Axis (2 and 3), End-User (Automotive, General Machinery, Aerospace, Electronics, Oil & Gas, Others), and Lathe Type (Universal Lathe and Oil Country Lathe)