Steam Trap Market Market Analysis, Drivers, Restraints, Opportunities, Threats,
Posted by sareena shaikh on April 30th, 2021
A steam trap refers to a device which is basically used to discharge non-condensable as well as condensate gases with a very small or negligible use of live steam. Mostly, steam traps are referred to as automatic valves which open, modulate or close automatically. The major functions of steam traps include discharge the condensate as soon as it is formed, consume very less or negligible steam and possess the capability of removing and discharging non condensable gases including air. The simplest type of steam trap comprises of a short solid pipe nipple or disc with a very small hole made through it which is generally installed at the lowest point of the equipment.
The global steam trap market is anticipated to witness a significant growth owing to the rapidly growing concerns related to sustainability along with strict regulatory and political norms in order to reduce the global carbon footprint. Moreover, rising adoption of steam traps by several and diverse end user industries to maintain fuel savings as well as to reduce overall fuel costs is another key factor driving the global market. Additionally, mechanical steam traps are the most widely used steam traps since they are easily able to sense and optimize the difference in density between the steam and the condensate. These mechanical steam traps are best suited for a broad range of applications owing to their ability of discharging huge volumes of steam and condensate continuously.
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The global steam trap market is classified on the basis of product, application, body material, end user industry and geography. On the basis of product, the global steam trap market can be segmented into thermodynamic, mechanical and thermostatic. based on application, the market is segmented into process application , drip application, and tracing application. On the basis of body material, the global steam trap market can be segmented into steel and iron. On the basis of end user industry, the global steam trap market can be segmented into energy & power chemicals, , food & beverages, oil & gas, pharmaceuticals and others. On the basis of based on geography, the global steam trap market can be segmented into North America, , Asia-Pacific,Europe and rest of world.
The growing demand especially in the developing markets such as Latin America and Asia Pacific is projected to bring impetus in the growth of the global market. Additionally, countries such as Brazil, China and India are expected to score for the largest share in the global market and are expected to maintain this trend throughout the forecast period. This considerable growth can be accounted to swiftly increasing industrialization and burgeoning urbanization coupled with increase in consumer spending capabilities and increasing investments by the governments. Various other growing economies such as New Zealand, Russia, Brazil, Indonesia, Poland, Argentina, Denmark, Netherlands, Australia and Korea among others are also anticipated to witness an accountable growth over the forecast period. Furthermore, a considerable rise in disposable incomes among the middle class population group coupled with technological growth of the global economy is another key element which is anticipated to bring propulsion in the growth of the global market.
Key players in the global market are maintaining and strengthening their efforts to lower the overall costs at each stage involved in the process. In addition to this, key players tend to accumulate and consolidate their overall production capacities in order to lower the costs and strengthen their competitive goodwill by efficiently increasing the production. For those industries where gain margins are relatively low, it is crucial to optimize their resources and lower waste. This is anticipated to an increased demand in the global market. On the other hand, key players are focusing on important market strategies such as product launch, partnerships, product development, mergers, collaborations and acquisitions to maintain their competitive goodwill in the global market. In addition, they are focusing on acquiring local market players to improve their market reach. Some of the key players in the global market includeSome of the key players in the global market include CIRCOR International, Inc., Emerson Electric Co., Flowserve Corporation, Pentair plc, Schlumberger N.V., Spirax-Sarco Engineering plc, Thermax Limited, The Weir Group PLC, Velan Inc., and Watts Water Technologies, Inc. among others.
The global steam trap market is segmented
By Product:
• Thermodynamic
• Mechanical
• Thermostatic
By Application:
• Drip application
• Process application
• Tracing application
By Body Material:
• Steel
• Iron
By End-User Industry:
• Chemicals
• Energy & power
• Food & beverages
• Oil & gas
• Pharmaceuticals
• Others
By Region:
• North America
• Europe
• Asia-Pacific
• Rest of world
•
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