Global Steam Trap Market Growth, Trends, Future Projections, Outlook 2028
Posted by Tom C on February 22nd, 2024
The global steam trap market is poised for a substantial evolution, transcending current boundaries and embracing new horizons. According to projections, the market size is set to soar from USD 3.8 billion in 2023 to an anticipated USD 4.6 billion by 2028, exhibiting a commendable Compound Annual Growth Rate (CAGR) of 3.8% throughout the forecast period.
Market Dynamics: Steam traps, the unsung heroes of industrial processes, are stepping into the spotlight as integral components ensuring efficiency and sustainability. The "Global Steam Trap Market Size Projection" delves into the intricacies of this market, shedding light on the factors propelling its growth.
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Opportunity: Rapid economic growth in emerging economies
The rapid economic growth in emerging economies presents significant opportunities for the steam trap market. As these economies continue to expand and industrialize, there is a rising demand for energy, especially in manufacturing, power generation, and petrochemicals. Steam is a fundamental energy source used in various industrial processes, making steam traps essential for optimizing energy efficiency. As per the International Energy Agency (IEA), emerging markets and developing economies are expected to become the primary energy consumers of the future. The combined energy consumption of Brazil, China, India, Indonesia, Mexico, and South Africa already accounts for one-third of global energy usage, and this figure is projected to increase to 40% under current policy directions. In addition 2021, robust economic growth in countries such as India, Indonesia, and Saudi Arabia contributed to heightened energy consumption.
Challenge: Lack of awareness and benefits of steam trap systems
The lack of awareness is a significant challenge faced by the steam trap market, primarily because many businesses are unaware of the benefits of steam traps. They may need to grasp the proper selection and installation process fully. This can result in businesses making incorrect purchasing decisions, acquiring unsuitable steam traps, or improperly installing them. In addition, steam traps are less widely recognized than other energy-saving technologies, such as insulation or variable speed drives. This lack of visibility contributes to a limited understanding of steam traps’ advantages and potential impact on energy efficiency. Furthermore, the unawareness of steam trap systems leads to a lack of knowledge regarding maintenance and proper operation. Steam traps require periodic inspection, maintenance, and troubleshooting to ensure they function optimally. However, unaware of these requirements, businesses may neglect proper upkeep, leading to inefficient or malfunctioning steam traps. Ineffective steam traps can inadvertently release live steam, leading to higher energy costs and contributing to greenhouse gas emissions, exacerbating environmental challenges.
Key Market Players
The steam trap companies have implemented various types of organic and inorganic growth strategies, such as product launches, product developments, partnerships, and collaborations, to strengthen their offerings in the market. The major players 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). The study includes an in-depth competitive analysis of these key players in the steam trap market with their company profiles, recent developments, and key market strategies.
