Global Steam Trap Market Set to Grow at Healthy CAGR of 5.25% by 2026

Posted by nileshdbmr on November 21st, 2019

Global steam trap market is registering a substantial CAGR of 5.25% in the forecast period of 2019-2026. The report contains data of the base year 2018 and historic year 2017. This rise in market value can be attributed to the constant use for reducing fuel consumption; strict rules enforced by regulatory authorities to enhance manufacturing effectiveness and reduced expenses.

Steam traps are a sort of automated valve that drains out gaseous oxygen (i.e. compressed steam) and non-incondensable gases like water without enabling steam to flee. Steam has been used frequently in the sector for cooling or as a mechanical power pulling force. Steam cages are used to extract condensate gasses from the water network. Propulsion/drive, atomization, heating/sterilization, cleaning, humidification, humidification, motive and moisturization are some typical applications for steam in the sector.

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Competitive Analysis:

Global steam trap market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of steam trap market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Key Market Competitors:

Few of the major competitors currently working in the global steam trap market are Spirax-Sarco Engineering plc, The Weir Group PLC, Flowserve Corporation,  CIRCOR International, Inc., Emerson Electric Co., Schlumberger Limited., Thermax Global, Velan Inc., Watts., Richards Industrials, Watson McDaniel, Pentair plc., Volfram., Colton Industries,  VYC Industrial, Armstrong International Inc., Axion Flexible Insulation Jackets, CIRCOR International, Inc., Kirloskar Brothers Limited (India)., Spirax Sarco Limited, among others.

Segmentation: Global Steam Trap Market

• By Product (Mechanical, Thermodynamic, Thermostatic)
• By Application (Tracing Application, Drip Application, Process Application)
• By Body Material (Steel, Iron, Others)
• By End-User Industry (Chemicals, Energy and Power, Food & Beverages, Oil & Gas, Pharmaceuticals, Others)
• By Geography (North America, Europe, Asia-Pacific, Europe, South America, Middle East and Africa)

Market Drivers:

• End-user industries constantly are using steam traps to reduce fuel consumption
• Strict rules enforced by regulatory authorities for the reduction of the carbon footprints
• Strengthening the use of safe and renewable sources of energy
• High demands for gasoline across distinct end-user sectors

Market Restraints:

• Regular servicing and operating costs associated with the steam trap activities
• Strict laws and rules governing the manufacturing of steam traps
• When managing heavy stresses and capacity, the traps become big, costly and hard for staff to manage

Key Insights in the report:

• Complete and distinct analysis of the market drivers and restraints
• Key Market players involved in this industry
• Detailed analysis of the Market Segmentation
• Competitive analysis of the key players involved

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