Steam Trap Trends and Forecast
The future of the global steam trap market looks promising with opportunities in the chemicals, energy & power, food & beverages, oil & gas, and pharmaceuticals markets. The global steam trap market is expected to reach an estimated $4.6 billion by 2030 with a CAGR of 3.9% from 2024 to 2030. The major drivers for this market are growing need for steam systems that are energy-efficient and increasing integration of automation in steam systems, and an increase in the number of stringent rules enforced by regulatory agencies in an effort to boost production efficiency and save costs, as well as a spike in the demand for strong yet lightweight steam traps.Steam Trap by Segment
The study includes a forecast for the global steam trap by product, body material, end use industry, application, and region.Steam Trap Market by Product [Shipment Analysis by Value from 2018 to 2030]
- Mechanical
- Thermodynamics
- Thermostatic
Steam Trap Market by Body Material [Shipment Analysis by Value from 2018 to 2030]
- Steel
- Iron
- Others
Steam Trap Market by End Use Industry [Shipment Analysis by Value from 2018 to 2030]
- Chemicals
- Energy & Power
- Food & Beverages
- Oil & Gas
- Pharmaceuticals
- Others
Steam Trap Market by Application [Shipment Analysis by Value from 2018 to 2030]
- Tracing
- Drip
- Process
- Others
Steam Trap Market by Region [Shipment Analysis by Value from 2018 to 2030]
- North America
- Europe
- Asia Pacific
- The Rest of the World
List of Steam Trap Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies steam trap companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the steam trap companies profiled in this report include-- Spirax-Sarco Engineering
- Emerson Electric
- Schlumberger
- Thermax
- Velan
- Watts Water Technologies
- Armstrong
- TLV
- Forbes Marshall
- Xylem
Steam Trap Market Insights
The publisher forecasts that mechanical is expected to witness the highest growth over the forecast period due to its resilience, simplicity, and dependability, which have increased their appeal in a range of industrial applications.Within this market, oil & gas will remain the largest segment due to usage in diverse crucial applications, such as heating, distillation, separation, and power generation.
APAC will remain the largest region over the forecast period due to various industries, including manufacturing, petrochemicals, power generation, and others, thrive in the region.
Features of the Global Steam Trap Market
- Market Size Estimates: Steam trap market size estimation in terms of value ($B).
- Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
- Segmentation Analysis: Steam trap market size by various segments, such as by product, body material, end use industry, application, and region in terms of value ($B).
- Regional Analysis: Steam trap market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
- Growth Opportunities: Analysis of growth opportunities in different product, body material, end use industry, application, and regions for the steam trap market.
- Strategic Analysis: This includes M&A, new product development, and competitive landscape of the steam trap market.
- Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the steam trap market size?Answer: The global steam trap market is expected to reach an estimated $4.6 billion by 2030.
Q2. What is the growth forecast for steam trap market?
Answer: The global steam trap market is expected to grow with a CAGR of 3.9% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the steam trap market?
Answer: The major drivers for this market are growing need for steam systems that are energy-efficient and increasing integration of automation in steam systems, and an increase in the number of stringent rules enforced by regulatory agencies in an effort to boost production efficiency and save costs, as well as a spike in the demand for strong yet lightweight steam traps.
Q4. What are the major segments for steam trap market?
Answer: The future of the steam trap market looks promising with opportunities in the chemicals, energy & power, food & beverages, oil & gas, and pharmaceuticals markets.
Q5. Who are the key steam trap market companies?
Answer: Some of the key steam trap companies are as follows:
- Spirax-Sarco Engineering
- Emerson Electric
- Schlumberger
- Thermax
- Velan
- Watts Water Technologies
- Armstrong
- TLV
- Forbes Marshall
- Xylem
Answer: The publisher forecasts that mechanical is expected to witness the highest growth over the forecast period due to its resilience, simplicity, and dependability, which have increased their appeal in a range of industrial applications.
Q7. In steam trap market, which region is expected to be the largest in next 5 years?
Answer: APAC will remain the largest region over the forecast period due to various industries, including manufacturing, petrochemicals, power generation, and others, thrive in the region.
Q.8 Do we receive customization in this report?
Answer: Yes,the publisher provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the steam trap market by product (mechanical, thermodynamics, and thermostatic), body material (steel, iron, and others), end use industry (chemicals, energy & power, food & beverages, oil & gas, pharmaceuticals, and others), application (tracing, drip, process, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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Table of Contents
1. Executive Summary
2. Global Steam Trap Market: Market Dynamics
3. Market Trends and Forecast Analysis from 2018 to 2030
4. Market Trends and Forecast Analysis by Region from 2018 to 2030
5. Competitor Analysis
6. Growth Opportunities and Strategic Analysis
7. Company Profiles of Leading Players
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Spirax-Sarco Engineering
- Emerson Electric
- Schlumberger
- Thermax
- Velan
- Watts Water Technologies
- Armstrong
Methodology
The analyst has been in the business of market research and management consulting since 2000 and has published over 600 market intelligence reports in various markets/applications and served over 1,000 clients worldwide. Each study is a culmination of four months of full-time effort performed by the analyst team. The analysts used the following sources for the creation and completion of this valuable report:
- In-depth interviews of the major players in the market
- Detailed secondary research from competitors’ financial statements and published data
- Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
- A compilation of the experiences, judgments, and insights of professionals, who have analyzed and tracked the market over the years.
Extensive research and interviews are conducted in the supply chain of the market to estimate market share, market size, trends, drivers, challenges and forecasts.
Thus, the analyst compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. The analyst then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process.
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