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Steam Trap Market Size, Share, Current Scenario and Growth Prospects to 2023-202

The global steam trap market size is projected to grow from USD 3.8 billion in 2023 to USD 4.6 billion by 2028, at a CAGR of 3.8% during the forecast period. The market growth is driven by factors including the increasing demand for energy-efficient steam systems and rapid economic growth in emerging economies providing opportunities for steam trap market. However, lack of awareness and benefits of steam trap systems are challenging the market growth.<br>

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Steam Trap Market Size, Share, Current Scenario and Growth Prospects to 2023-202

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  1. MarketsandMarkets Presents Steam Trap Market Size, Share, Current Scenario and Growth Prospects to 2023-2028 Steam Trap Market by Mechanical (Ball Float, Inverted Bucket), Thermodynamic, Thermostatic (Balanced Pressure, Bimetallic), Application (Drip, Process, Tracing), Body Material (Steel, Iron), End-User Industry and Region - Global Forecast to 2028 https://www.marketsandmarkets.com/Market-Reports/steam-trap-market-176735177.html

  2. The global steam trap market size is projected to grow from USD 3.8 billion in 2023 to USD 4.6 billion by 2028, at a CAGR of 3.8% during the forecast period. The market growth is driven by factors including the increasing demand for energy-efficient steam systems and rapid economic growth in emerging economies providing opportunities for steam trap market. However, lack of awareness and benefits of steam trap systems are challenging the market growth. Browse 162 market data Tables and 48 Figures spread through 183 Pages and in-depth TOC on "Steam Trap Market - Global Forecast to 2028"

  3. Mechanical steam trap Segment to hold the largest share of the steam trap market during 2023–2028 The mechanical steam trap segment is expected to account for the largest size of the steam trap market during the forecast period. Mechanical steam traps are a type of steam trap that operates based on mechanical principles rather than relying on external energy sources or complex control systems. They are known for their reliability, simplicity, and robustness, contributing to their popularity in various industrial applications. Furthermore, these steam traps are generally easier to install than more complex traps that may require additional infrastructure or control systems. This ease of installation can make them a preferred choice for retrofitting or upgrading existing systems. Ask PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=176735177 Oil & Gas end-user industry to dominate the market during the forecast period The oil & gas end-user industry is expected to account for the largest share of the steam trap market during the forecast period. In the oil & gas industry, steam is utilized for various critical applications, including heating, distillation, separation, and power generation. Effective management of steam systems is paramount to ensure operational efficiency, cost-effectiveness, and safety within these industrial operations. Steam traps play a pivotal role in these contexts by efficiently removing condensate and preventing steam loss, which can significantly impact energy consumption and overall productivity. Moreover, the oil and gas industry operates under stringent regulatory frameworks and safety standards. The seamless functioning of steam systems is essential to comply with environmental regulations and safety protocols. In this context, steam traps ensure the proper functioning of steam distribution, minimizing the potential for leaks and energy waste that could lead to environmental hazards or operational disruptions.

  4. 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. Request Free Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=176735177 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.

  5. The steam trap market in the Asia Pacific is expected to maintain the highest share during 2023–2028 Asia Pacific is expected to hold the largest share of the Steam trap market throughout the forecast period. The region is home to diverse industries, including manufacturing, petrochemicals, power generation, and more, all of which rely heavily on steam-based processes for their operations. As economies in this region continue to grow, the demand for efficient and sustainable steam systems becomes increasingly pronounced, creating a substantial market for steam traps. Furthermore, the Asia-Pacific region is experiencing significant urbanization and industrialization, leading to increased infrastructure development and expansion. As new industrial facilities are established, and existing ones undergo modernization, the demand for advanced steam trap technologies to enhance energy efficiency, reduce operational costs, and meet stringent environmental regulations is rising.

  6. 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). • Recent Developments • In September 2022, TLV CO., LTD., a specialist in steam technology, introduced the FJ32 series of free-float steam traps. These steam traps are designed for various process applications, including jacketed pans, heat exchangers, and vulcanizers. These steam traps incorporate the QuickTrap connection, a universal feature that enables convenient, secure, and efficient removal, repair, and reuse. • In January 2022, Spirax-Sarco Engineering plc acquired Cotopaxi Limited (UK), a digital energy optimization specialist, for USD 18 million. This move strengthens Spirax-Sarco’s Steam Specialties business, focusing on efficient steam solutions. Cotopaxi’s digital expertise will enhance steam system efficiency and waste reduction, benefiting from Steam Specialties’ global sales reach in 67 countries. • In September 2019, Emerson Electric Co. acquired the Spence and Nicholson product lines from Circor International, Inc. (US), an industrial valve manufacturing company. This acquisition strengthens Emerson’s steam system solutions for process industries and commercial buildings. The Spence and Nicholson lines are established industry-leading products that include steam regulators, control valves, safety relief valves, temperature regulators, steam traps, and other steam accessories and solutions.

  7. About MarketsandMarkets MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of markets.

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