Steam Trap Market Trends, Share, Growth, Key Players, Analysis and Forecast to 2027

According to IMARC Group’s latest report, titled “Steam Trap Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, offers a comprehensive analysis of the industry, which comprises insights on the steam trap market growth. 

The global steam trap market is expected to exhibit a CAGR of 4.4% during 2022-2027. A steam trap is an automatic valve that filters condensate and non-condensable gases, such as air, without letting the steam escape. It acts as a drain valve and separates the condensable gases from the steam system to generate latent heat and transfer it to the desired product. It allows the movement of cooler gases through the system and retains the warmer steam for further utilization. It also aids in minimizing the wastage of steam and carbon dioxide (CO₂) emissions into the environment. Owing to these properties, steam traps find extensive applications in industrial storage tanks, steamers, pressure reducing valve stations, heat exchangers and reboilers.

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Steam Trap Market Trends:

The market is primarily driven by the rising automation in the oil and gas industry. At present, steam traps are widely used for steam-assisted gravity-drainage processes in the oilfields. They are also employed for the decoking processes in the oil and gas refineries to separate a small amount of steam from the hydrogen present in coke. In addition, the introduction of advanced product variants represents another major growth-inducing factor. Nowadays, manufacturers are developing steam traps with crevice-free designs using stainless steel to prevent the accumulation of condensates, boiler additives and rust that can cause infections. Besides this, with the implementation of the stringent regulatory framework to reduce the carbon footprint, various end use industries are adopting steam traps to cut down their fuel costs. This, coupled with various technological advancements, such as the development of steam traps integrated with innovative monitoring systems that transmit the readings to a dedicated platform to provide meaningful insights about the system, is creating a positive market outlook across the globe.

Steam Trap Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the steam trap market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Circor International Inc.
• Emerson Electric Co.
• Flowserve Corporation
• Pentair Inc.
• Schlumberger Limited
• Spirax-Sarco Engineering
• Thermax Ltd.
• Velan Inc.
• Watts Water Technologies Inc.
• The Weir Group PLC, etc.

Key Market Segmentation:

The report has segmented the global steam trap market on the basis of product type, application, material type, distribution channel, end-use industry and region.

Breakup by Product Type:

• Thermodynamic
• Mechanical
• Thermostatic

Breakup by Application:

• Instrument Steam Tracing
• Line Steam Tracing
• Drip Application
• Process Application
• Others

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

Breakup by Region:

• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
• Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)

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Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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Article source: https://article-realm.com/article/Finance/40373-Steam-Trap-Market-Trends-Share-Growth-Key-Players-Analysis-and-Forecast-to-2027.html