Global Steam Trap Market by Mechanical (Ball Float, Inverted Bucket), Thermodynamic, Thermostatic (Balanced Pressure, Bimetallic), Application (Drip, Process, Tracing), Body Material (Steel, Iron), End-User Industry and Region - Forecast to 2028

Integration of Steam Traps with IoT Sensors

The steam trap market is expected to grow from USD 3.8 billion in 2023 to USD 4.6 billion by 2028, at a CAGR of 3.8% during the forecast period. Increasing demand for energy-efficient steam systems and the growing adoption of automation in steam systems drive the market for steam trap.

The thermostatic steam trap market is expected to grow at the highest CAGR during the forecast period

The thermostatic steam trap market is expected to grow at the highest CAGR during the forecast period. Thermostatic steam traps offer a sophisticated solution for optimizing steam management by efficiently modulating steam flow based on temperature changes. This dynamic capability ensures energy conservation and prevents unnecessary steam wastage, aligning seamlessly with industries’ intensified focus on operational efficiency and resource utilization. Moreover, their reliable performance and relatively low maintenance requirements make them attractive for industries seeking efficient and cost-effective steam management solutions.

Steel body material segment is expected to dominate the steam trap market throughout the forecast period

The steel body material segment is expected to account for the largest size of the steam trap market throughout the forecast period. Steel’s exceptional durability and corrosion resistance make it an ideal choice for steam trap construction, particularly in industries with harsh operating conditions. This longevity ensures prolonged performance and reduces the need for frequent replacements, resulting in cost savings and enhanced operational reliability. Furthermore, steel’s inherent strength allows for the design of robust steam traps capable of withstanding high pressure and temperature variations, further bolstering their suitability for demanding industrial applications. Moreover, steel's excellent heat conduction properties facilitate efficient condensate removal, contributing to enhanced steam trap performance and overall operational efficiency.

Steam trap market in Asia Pacific region to register highest CAGR between 2023 and 2028

The Steam Trap market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. The region’s robust industrialization and infrastructural expansion across various sectors amplify the demand for efficient steam management solutions. As industries scale up and modernize, the imperative of optimizing energy utilization and condensate control elevates the significance of steam traps. Furthermore, governments and industries in the Asia Pacific region significantly emphasize sustainability and energy efficiency. Steam traps offer a practical way to achieve these objectives by preventing steam wastage and optimizing energy consumption. As sustainability becomes a central focus, adopting steam traps aligns with the region’s goals and regulations.

Breakdown of Primaries

In determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the steam trap market space. The break-up of primary participants for the report has been shown below:

• By Company Type: Tier 1 - 45%, Tier 2 - 25%, and Tier 3 - 30%
• By Designation: C-level Executives - 40%, Directors - 30%, and Others - 30%
• By Region: North America - 30%, Europe - 25%, Asia Pacific - 35%, and Rest of the World - 10%

Key players in the steam trap market are Spirax-Sarco Engineering plc (UK), Emerson Electric Co. (US), Schlumberger Limited (US), Thermax Limited (India), Velan Inc. (Canada), Watts Water Technologies, Inc. (US), Armstrong International Inc. (US), TLV CO., LTD. (Japan), Forbes Marshall (India), and Xylem Inc. (US) and others.
The steam trap market has been segmented into product, application, body material, end-user industry, and region. The steam trap market has been studied in North America, Europe, Asia Pacific, and the Rest of the World.    

Reasons to buy the report:

The report will help the market leaders/new entrants with information on the closest approximate revenues for the steam trap and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

• Analysis of key drivers (Increasing demand for energy-efficient steam systems, growing adoption of automation in steam systems, and strict regulations imposed by regulatory bodies to enhance manufacturing efficiency and reduce greenhouse gas emissions), restraints (high investments required to implement steam trap systems and periodic maintenance and complexity associated with the operations of steam trap systems), opportunities (rapid economic growth in emerging economies and development of IoT sensors boost steam trap demand and reliability), and challenges (lack of awareness and benefits of steam trap systems).
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the steam trap market.
• Market Development: Comprehensive information about lucrative markets - the report analyses the steam trap market across varied regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the steam trap market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players like Spirax-Sarco Engineering plc (UK), Emerson Electric Co. (US), Schlumberger Limited (US), Thermax Limited (India), Velan Inc. (Canada), Watts Water Technologies, Inc. (US), Armstrong International Inc., among others.