Steam Trap Market Share, Trends, Size, Growth and Business Opportunities 2021-2026

According to the latest report by IMARC Group, titled “Steam Trap Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global steam trap market reached a value of US$ 3.8 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 4.4% during 2021-2026.

A steam trap refers to a mechanical valve used to discharge condensates and non-condensates from steam lines. The most common steam traps are mechanical, thermostatic, and thermodynamic traps. They are mainly used in bulk storage tanks, pressure reducing valve stations, steamers, heat exchangers, and reboilers. Steam traps are also used for separating condensates from the steam system to generate and transfer latent heat to a specific product. They have wide applications across various sectors, including oil and gas, power generation, chemicals, pharmaceuticals, pulp and paper, and food and beverages.

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Steam Traps Market Trends:

Growing industrialization, along with an increasing number of oil and gas exploratory activities, is catalyzing the demand for steam traps. Furthermore, the rising adoption of steam traps, based on high durability and lightweight, for several sterilization and optimization purposes, also fuels the market growth. Moreover, several technological innovations have led to the development of wireless monitoring systems for steam traps. In line with this, the rapid integration of advanced steam traps with thermocouple sensors to obtain periodic temperature readings and relay signals to remote access interface, also spurs the market. Additionally, the rising automation in the oil and gas industry, along with the implementation of favorable government initiatives for sustainable energy development, is further anticipated to propel the steam trap market.

Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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Steam Traps Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global steam trap market, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on product type, distribution channel, application, material type and end use industry.

Breakup by Product Type:

Thermodynamic
Mechanical
Thermostatic

Breakup by Application:

Instrument Steam Tracing
Line Steam Tracing
Drip Application
Process Application
Ohers

Breakup by Material Type:

Steel
Iron
Others

Breakup by Distribution Channel:

Online
Offline

Breakup by End-Use Industry:

Oil & Gas
Power Generation
Pharmaceuticals
Food & Beverages
Pulp & Paper
Chemical
Others

Some of the major players operating in the industry worldwide include Circor International Inc. (NYSE: CIR), Emerson Electric Co. (NYSE: EMR), Flowserve Corporation, Pentair Inc., Schlumberger Limited, Spirax-Sarco Engineering, Thermax Ltd., Velan Inc., Watts Water Technologies Inc., The Weir Group PLC, etc.

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