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The global steam trap market reached a value of US$ 3.8 Billion in 2020.
According to the estimates by IMARC Group, the global steam trap market is expected to grow at a CAGR of 4.4% during 2021-2026.
The increasing automation in the oil and gas industry, coupled with the growing number of offshore and onshore exploratory activities, is currently driving the global steam trap market.
Several product innovations have led to the emergence of novel steam traps that are integrated with advanced monitoring systems for minimizing CO2 emissions in the environment, thereby representing one of the key trends in the global steam trap market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous end-use industries for steam traps, including pulp and paper, food and beverages, chemical, etc., thereby hampering the overall product demand.
On the basis of the application, the market has been classified into instrument steam tracing, line steam tracing, drip application, process application, and others. At present, instrument steam tracing exhibit a clear dominance in the market.
On the basis of the material type, the market has been categorized into steel, iron, and others, where steel currently accounts for the majority of the total market share.
On the basis of the end-use industry, the market has been divided into oil & gas, power generation, pharmaceuticals, food & beverages, pulp & paper, chemical, and others. At present, the oil & gas sector exhibits a clear dominance in the market.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
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