The latest report by IMARC Group, titled “Steam Trap Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global steam trap market is expected to exhibit a CAGR of 4.4% during the forecast period (2022-2027). A steam trap is an automatic valve that filters condensate and non-condensable gases, such as air, without letting the steam escape. It acts as a drain valve and separates the condensable gases from the steam system to generate latent heat and transfer it to the desired product. It allows the movement of cooler gases through the system and retains the warmer steam for further utilization. It also aids in minimizing the wastage of steam and carbon dioxide (CO2) emissions into the environment. Owing to these properties, steam traps find extensive applications in industrial storage tanks, steamers, pressure reducing valve stations, heat exchangers and reboilers.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Steam Trap Market Trends:
The market is primarily driven by the rising automation in the oil and gas industry. At present, steam traps are widely used for steam-assisted gravity-drainage processes in the oilfields. They are also employed for the decoking processes in the oil and gas refineries to separate a small amount of steam from the hydrogen present in coke. In addition, the introduction of advanced product variants represents another major growth-inducing factor. Nowadays, manufacturers are developing steam traps with crevice-free designs using stainless steel to prevent the accumulation of condensates, boiler additives and rust that can cause infections. Besides this, with the implementation of the stringent regulatory framework to reduce the carbon footprint, various end use industries are adopting steam traps to cut down their fuel costs. This, coupled with various technological advancements, such as the development of steam traps integrated with innovative monitoring systems that transmit the readings to a dedicated platform to provide meaningful insights about the system, is creating a positive market outlook across the globe.
- Based on the product type, the market has been segmented into thermodynamic, mechanical, and thermostatic.
- On the basis of the application, the market has been classified into instrument steam tracing, line stream tracing, drip application, process application, and others.
- Based on the material type, the market has been segregated into steel, iron, and others.
- On the basis of the distribution channel, the market has been bifurcated into online and offline channels.
- Based on the end use industry, the market has been categorized into oil and gas, power generation, pharmaceuticals, food and beverages, pulp and paper, chemical, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being Circor International Inc., Emerson Electric Co., Flowserve Corporation, Pentair Inc., Schlumberger Limited, Spirax-Sarco Engineering, Thermax Ltd., Velan Inc., Watts Water Technologies Inc., and The Weir Group PLC.
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