March 01, 2023 09:24 ET | Source: The Insight Partners The Insight Partners

New York, March 01, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Steam Trap Market Size, Share, Report, Demand, Growth Strategy, Industry Trends and Forecast to 2028 – by Product Type (Mechanical, Thermodynamic, and Thermostatic); End-User (Drip, Process, and Tracing); End-User (Oil and Gas, Pharmaceuticals, Food and Beverage, Pulp and Paper, and Others) "; the global steam trap market size is expected to grow from USD 3.74 billion in 2021 and is projected to reach USD 5.64 billion by 2028; it is expected to grow at a CAGR of 6% from 2021 to 2028.

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Global Steam Trap Market Report Scope, Segmentations, Regional & Country Scope:

Global Steam Trap Market: Competitive Landscape and Key Developments

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 leading players profiled in the steam trap market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the market players strategize their growth. A few developments are mentioned below:

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 2021: Thermal Energy International Inc., an innovative clean tech company and global provider of energy efficiency and emissions reduction solutions, was once again named one of Canada’s Top Growing Companies, on the 2020 Report on Business second annual ranking. Company’s proprietary products include: GEM - Steam Traps, FLU-ACE - Direct contact condensing heat recovery, HEATSPONGE – Indirect contact condensing heat recovery systems, and DRY-REX - Low temperature biomass drying systems.

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Continuous Growth in Manufacturing Sector to Provide Lucrative Opportunities for Global Steam Trap Market Growth during (2021-2028):

The manufacturing businesses globally are spending significant amount on the adoption of automated and intelligent industrial technologies. Steam trap market players benefit from the constant expansion in the number of industrial machinery installations being placed in both developed and developing regions such as North America, Europe, and APAC. Because of the widespread acceptance of technological improvements, businesses in these the above-mentioned regions are focusing on converting their factories into smart factories. Countries with many manufacturing facilities, such as the US, Canada, the UK, Germany, France, China, and India, are constantly seeking sophisticated technology equipment for manufacturing facilities in a variety of industries. With the steady rise in output and demand, one of the most important growth strategies for businesses is to expand their manufacturing facilities. Thus, the demand for steam traps is increasing in industries such as oil & gas, paper and pulp, power generation, food & beverages, manufacturing, and chemicals. Therefore, continuously growing manufacturing sector, along with strong government rules and regulations to reduce workplace-related accidents across all manufacturing sectors, would offer lucrative opportunities for the growth of the steam trap market in the coming years.

Global Steam Trap Market: Industry Overview

The steam trap market is segmented on the basis of product type, application, end-user, and geography. Based on product type, the steam trap market is segmented into mechanical, thermodynamic, and thermostatic. Based on application, the steam trap market is bifurcated into drip, process, and tracing. Based on operation type, the steam trap market is divided into oil and gas, pharmaceuticals, food and beverage, pulp and paper, and others. By geography, the steam trap market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

The surging demand for electronic products, owing to the advantages, is one of the most significant factors leading to the development of steam traps across the globe. The steam trap market is expected to increase further, owing to the rising sustainability concerns in both developed and developing regions, burgeoning demand for an energy-efficient solution, and enforcement of stringent regulations to reduce carbon footprint across different industries during the forecast period. These steam traps are robustly being deployed across the pharmaceutical, paper & pulp, food & beverages, and oil and gas industries that are used in widespread applications. Thus, driving the growth of the steam trap market across globe over the years.

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Impact of COVID-19 Pandemic on Global Steam Trap Market Growth:

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

A stream trap is integrated across industries to release non-condensable and condensate gasses with insignificant live steam loss. Moreover, it is a drain valve that differentiates between steam and condensate. The steam trap retains the steam and releases the condensates under differing pressure or loads. The steam trap working is similar to redid valve that opens, modifies, or closes automatically. There are three central segments of steam trap structure to release the condensate when formed; unless it is enchanting to utilize it and have the remotest point of releasing air and other non-condensable gasses, that especially have an irrelevant steam consumption being energy efficient. Several governments imposing a strict regulatory framework enforced by the regulatory bodies to reduce further the carbon footprint, growth in sustainability concerns, and end-user industries actively using steam traps to cut down their fuel cost are expected to be the factors for the steam trap market growth.

The US, Canada, and Mexico are the key countries in North America. North America holds a significant share in the global steam traps market owing to the higher level of awareness among customers regarding its importance across manufacturing plants and greater acceptance of innovative technologies in the region. Steam traps are used in industries, such as oil & gas recovery, pharmaceutical, and chemical industries, which have high-risk environments. The increased consolidation of industries, surged government support through subsidies, positive economic outlook, and a large production base drive the sales of high-capacity industrial equipment and machinery, which demands the integration of steam traps for efficient operation.

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