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Steam Trap Market Size, Share Global Analysis Report, 2024 – 2032

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Steam Trap Market Size, Share, Growth Analysis Report By End-Users (Pharmaceuticals, Oil & Gas, Food & Beverage, Energy & Power, Chemicals, And Others), By Materials (Iron, Steel, And Others), By Applications (Process Applications, Drip Applications, Tracing Applications, And Others), By Products (Thermostatic, Thermodynamics, And Mechanical), And By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032

Industry Insights

[210+ Pages Report] According to Facts & Factors, the global steam trap market size was valued at USD 3,696.10 million in 2023 and is predicted to surpass USD 5,125.70 million by the end of 2032. The steam trap industry is expected to grow by a CAGR of 3.70% between 2024 and 2032.

Global Steam Trap Market Size

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logoMarket Overview

A steam trap is a device used to eliminate the unwanted elements from the system to avoid the leak of this steam. It is important for maintaining the reliability, safety, and efficiency of the heating system. Steam traps also help in energy conservation by lowering energy consumption by avoiding the accumulation of condensate and non-condensing elements. Steam traps also protect water hammer which occurs as a result of accumulation of condensate. Steam traps work efficiently by offering protection to the equipment.

They help avoid failures and accidents. There are different kinds of steam traps available in the market like thermodynamic, thermostatic, mechanical, and many other materials. Steam traps are used in a diverse range of applications, including heating, sterilization, humidification, power generation, and process heating.

logoKey Insights

  • As per the analysis shared by our research analyst, the global steam trap market size is estimated to grow annually at a CAGR of around 3.70% over the forecast period (2024-2032).
  • In terms of revenue, the global steam trap market size was valued at around USD 3,696.10 million in 2023 and is projected to reach USD 5,125.70 million by 2032.
  • Fast-growing industries are driving the growth of the global steam trap market.
  • Based on the end-users, the oil and gas segment is growing at a high rate and is projected to dominate the global market.
  • Based on the materials, the steel segment is projected to swipe the largest market share.
  • Based on the applications, the tracing segment is expected to dominate the global market.
  • Based on the product, the mechanical segment is expected to dominate the global market.
  • Based on region, North America is expected to dominate the global market during the forecast period.

logo Growth Drivers

  • Fast-growing industries are driving the growth of the global market.

End-user industries like pharmaceuticals, food & beverage, chemical processing, oil & gas, power inflation, and many others are driving demand for steam traps. These industries are expanding rapidly and, therefore, pose huge requirements for efficient steam systems.

Furthermore, the growing attention of people and government on lowering carbon emissions and increasing energy efficiency is boosting the application of steam traps in the marketplace. Steam traps minimize energy by eliminating the condensates from the steam system, thereby lowering the requirement of energy consumption in the process.

Additionally, the growing focus of authorities on environmental sustainability is further widening the scope of energy-efficient technologies like steam traps.

For instance, Spirax-Sarco Engineering successfully took over Cotopaxi’s Limited in January 2022 for USD 18 million. The major aim of this strategy is to strengthen the company’s business by focusing on efficient steam solutions. For instance, TLV CO. LTD came up with the FJ32 series in September 2022. This series of free-float steam traps is made to fit diverse applications like vulcanizers, heat exchanges, and jacketed pans.

logo Restraints

  • Complexity of installation is likely to hamper the growth of the global market.

Installing steam traps is complex because it requires expert knowledge and skills. However, many end-user sectors are not willing to invest in steam traps because of the installation complexity and the requirement to hire professionals for ongoing maintenance. Limited awareness is also expected to emerge as a restraining factor in the global steam trap market because of a lack of education about steam traps and their benefits in the market.

logo Opportunities

  • Industrial automation and digitalization are expected to foster growth opportunities in the global market.

Integration of steam traps into digitalization and industrial automation is one of the major reasons for the high growth rate of the global steam trap market. These practices increase the effectiveness and efficiency of organizations.

Automated technology helps in proactive maintenance, less downtime, and optimized steam system performance. Investments in the chemical processing, power generation, and oil & gas sectors are increasing, which is further widening the scope of steam traps in the marketplace.

Emerging projects and plant upgrades further accentuate the need for steam trap solutions. Urbanization and the construction process are also driving the demand for HVAC systems in residential and commercial buildings.

logo Challenges

  • Resistance to change is a big challenge in the global market.

People are not willing to replace their traditional steam trap systems, which is a major challenge in the steam trap industry. Therefore, advanced technologies are likely to see resistance from industrialists. Furthermore, the inadequate infrastructure in many regions is expected to hinder the growth of the technology in the coming years.

logoSegmentation Analysis

The global steam trap market can be segmented into end-users, materials, applications, products, and regions.

logoBy End-users Insights

On the basis of end-users, the market can be segmented into pharmaceuticals, oil & gas, food & beverage, energy & power, chemicals, and others. The oil and gas sector is the fastest-growing segment in the steam trap industry. The oil and gas sector is posing a huge demand for steam traps for a wide range of processes like steam cracking, steam injection, and steam heating.

Steam traps are also used in downstream, midstream, and upstream operations, which are needed to maintain the optimal steam quality and pressure levels to maximize productivity and efficiency. The oil and gas sector is optimizing production processes to lower operating costs. Steam-driven operations reduce energy loss, equipment damage, and water hammer. As a result, it leads to improved reliability and cost savings.

logoBy Materials Insights

On the basis of materials, the market can be segmented into iron, steel, and others. The steel segment is likely to dominate the global steam trap market during the forecast period. Steel is an excellent, durable, and corrosion-resistant material. It is ideal for steam trap applications.

Steel steam traps are quite versatile in nature and are widely used across the oil and gas sector. It is in high demand because of its ability to withstand harsh operating conditions and high temperatures. Steel poses a high strength-to-weight ratio, thereby offering integrity. The steal traps are easy to install, handle, and maintain. Their widespread adoption in industrial settings is due to the ease of fabrication and machining. Steel is easy to fabricate, thereby allowing the production of unique steam traps with excellent tolerance.

Also, these are very cost-effective to offer favorable long-term value because of their low maintenance and reliability requirements. Steel steam traps withstand high-temperature and high-pressure. Additionally, their ability to maintain structural integrity under extreme conditions further increases their demand in the market.

logoBy Applications Insights

On the basis of applications, the market can be segmented into process applications, drip applications, tracing applications, and others. The tracing application segment is projected to witness significant developments in the coming years. Tracing applications are widely used to remove condensate from the tracing system through steam traps. Tracing applications helps in process optimization. These help in maintaining the temperature, thereby avoiding the solidification of sensitive materials while maintaining the uniform process condition throughout.

Steam traps are highly useful in medical process applications, which help in maintaining control over temperature levels. Inadequate condensate leads to steam locking and equipment damage, which increases the chances of downtime. Tracing applications also prevents system failures by ensuring smooth, uninterrupted operations.

logoBy Products Insights

On the basis of product, the market can be segmented into thermostatic, thermodynamics, and mechanical. Mechanical segment accounts for the largest share of the steam trap industry. Mechanical steam traps are popular because of their design simplicity. The mechanical steam traps utilize channels like valves, levers, and floats to release unwanted gases from the system.

However, it is very easy to install, operate, and manage a wide range of applications across different end-user sectors. Mechanical steam traps are versatile in nature and are used in a wide number of applications like drainage steam, tracing process, heating, and others.

logoReport Scope

Report Attribute

Details

Market Size in 2023

USD 3,696.10 Million

Projected Market Size in 2032

USD 5,125.70 Million

CAGR Growth Rate

3.70% CAGR

Base Year

2023

Forecast Years

2024-2032

Key Market Players

Marck & Care Engineers Ltd., Velan Inc., Schlumberger, Bell & Gossett, Thermal Energy International Inc., Bestobell Steam Traps, Hawa Engineers Ltd., Flowserve, The Weir Group, CIRCOR International Inc., Spirax-Sarco Engineering plc, Pentair, Emerson Electric Co., Miyawaki Inc., Armstrong International Inc., and Others.

Key Segment

By End-Users, By Materials, By Applications, By Products, and By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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logo Regional Analysis

  • North America to dominate the global market.

North America accounts for the largest share of the global steam trap market during the forecast period. In the region, most diverse industrial landscapes like food and beverage, chemical processing, and oil & gas depend on steam trap processes for their manufacturing.

North America is known as the hub of technological advancements and, therefore, is likely to widen the scope of the industry in the region. Innovations in design, material, and monitoring systems are positively impacting the market in the region.

Also, the region is implementing energy-efficient regulations to control greenhouse emissions. Steam traps help reduce energy waste by eliminating condensate from the systems, thereby aligning with the regulatory standards of the government.

Asia-Pacific is likely to grow rapidly in the coming years because of the industrialization in the growing economies like South Korea, Japan, China, and India. The manufacturing and chemical processing companies are expanding faster than ever, which is a major reason for the high demand for steam traps in the region.

Also, the fast-growing energy demand in the region to power the infrastructural projects, commercial facilities, and industrial activities is likely to positively impact the growth of the trajectory of the regional market. Increasing investments in the region are also anticipated to drive the demand for steam traps.

Growing urbanization in Asia-Pacific is also boosting demand for steam traps, particularly HVAC systems. All these factors are likely to accentuate the growth of the regional market manifolds in the coming years. For instance, Richards Industrials took over Equilibar LLC in 2021. The acquired company offers a broad range of electronic regulators, vacuums, and others.

logo Competitive Analysis

The key players in the global steam trap market include:

  • Marck & Care Engineers Ltd.
  • Velan Inc.
  • Schlumberger
  • Bell & Gossett
  • Thermal Energy International Inc.
  • Bestobell Steam Traps
  • Hawa Engineers Ltd.
  • Flowserve
  • The Weir Group
  • CIRCOR International Inc.
  • Spirax-Sarco Engineering plc
  • Pentair
  • Emerson Electric Co.
  • Miyawaki Inc.
  • Armstrong International Inc.

For instance, Emerson Electric Co. successfully acquired Spence and Nicholson in September 2019. This product is from Circor International, which is a major industrial valve manufacturing company.

The global steam trap market is segmented as follows:

logoBy End-UsersSegment Analysis

  • Pharmaceuticals
  • Oil & Gas
  • Food & Beverage
  • Energy & Power
  • Chemicals
  • Others

logoBy Materials Segment Analysis

  • Iron
  • Steel
  • Others

logoBy Applications Segment Analysis

  • Process Applications
  • Drip Applications
  • Tracing Applications
  • Others

logoBy Products Segment Analysis

  • Thermostatic
  • Thermodynamics
  • Mechanical

logoBy Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

Industry Major Market Players

  • Marck & Care Engineers Ltd.
  • Velan Inc.
  • Schlumberger
  • Bell & Gossett
  • Thermal Energy International Inc.
  • Bestobell Steam Traps
  • Hawa Engineers Ltd.
  • Flowserve
  • The Weir Group
  • CIRCOR International Inc.
  • Spirax-Sarco Engineering plc
  • Pentair
  • Emerson Electric Co.
  • Miyawaki Inc.
  • Armstrong International Inc.

Frequently Asked Questions

A steam trap is a device used to eliminate the unwanted elements from the system to avoid the leak of this steam. It is important for maintaining the reliability, safety, and efficiency of the heating system.
End-user industries like pharmaceuticals, food & beverage, chemical processing, oil & gas, power inflation, and many others are driving demand for steam traps. These industries are expanding rapidly and, therefore, pose huge requirements for efficient steam systems.
The global steam trap market size was valued at USD 3,696.10 million in 2023 and is predicted to surpass USD 5,125.70 million by the end of 2032
The steam trap industry is expected to grow by a CAGR of 3.70% between 2024 and 2032.
North America accounts for the largest share of the global steam trap market during the forecast period. In the region, most diverse industrial landscapes like food and beverage, chemical processing, and oil & gas depend on steam trap processes for their manufacturing.
The key players in the global steam trap market include Marck & Care Engineers Ltd., Velan Inc., Schlumberger, Bell & Gossett, Thermal Energy International Inc., Bestobell Steam Traps, Hawa Engineers Ltd., Flowserve, The Weir Group, CIRCOR International, Inc., Spirax-Sarco Engineering plc, Pentair, Emerson Electric Co., Miyawaki Inc., Armstrong International Inc., and others.
The global steam trap market is a comprehensive study of market definitions, growth drivers, opportunities, and challenges. It covers the geographical and competitive dynamics of the global marketplace.