Steam Trap Market: COVID-19 Impact and Global Analysis Forecast to 2028

A steam traprefers to a device which is basically used to discharge non-condensable as well as condensate gases with a very small or negligible use of live steam. Mostly, steam traps are referred to as automatic valves which open, modulate or close automatically. The major functions of steam traps include discharge the condensate as soon as it is formed, consume very less or negligible steam and possess the capability of removing and discharging noncondensable gases including air. The simplesttype of steam trap comprises of a short solid pipe nipple or disc with a very small hole made through it which is generally installed at the lowest point of the equipment.
The global steam trap market is anticipated to witness a significant growth owing to the rapidly growing concerns related to sustainability along withstrict regulatory and political norms in order to reduce the global carbon footprint. Moreover, rising adoption of steam traps by several and diverse enduser industries to maintain fuel savings as well as to reduce overall fuel costs is another key factor driving the global market.Additionally,mechanical steam traps are the most widely used steam traps since they are easily able to sense and optimize the difference in density between the steam and the condensate. These mechanical steam traps are best suited for a broad range of applications owing to their ability of discharging huge volumes of steam and condensate continuously.

The global steam trap market is segmented based on product, application, body material, end user industry and geography. Based on product, the global market can be segmented into thermodynamic, mechanical and thermostatic. Based on application, the global market can be segmented into drip application, process application and tracing application. Based on body material, the global market can be segmented into steel and iron. Based on end user industry, the global steam trap market can be segmented into energy & power, food & beverages, oil & gas, chemicals, pharmaceuticals and others. Based on geography, the global market can be segmented into Europe, North America, Asia-Pacific and rest of world.

The growing demand especially in the developing markets such as Latin America and Asia Pacific is projected to bring impetus in the growth of the global market. Additionally, countries such as Brazil, China and India are expected to score for the largest share in the global market and are expected to maintain this trend throughout the forecast period. This considerable growth can be accounted to speedily rising industrialization and growing urbanization coupled with boost in consumer spending capabilities and rising investments by the governments. Various other growing economies such as New Zealand, Russia, Brazil, Indonesia, Poland, Argentina, Denmark, Netherlands, Australia and Korea among others are also likely to witness an accountable growth over the forecast period. Furthermore, a substantial rise in disposable incomes among the middle class population group coupled with technological growth of the global economy is another key element which is anticipated to bring propulsion in the growth of the global market.

Key players in the global market are maintaining and strengthening their efforts to lower the overall costs at each stage involved in the process. In addition to this, key players tend to accumulate and consolidate their overall production capacities in order to lower the costs and strengthen their competitive goodwill by efficiently increasing the production. For those industries where gain margins are relatively low, it is crucial to optimize their resources and lower waste. This is anticipated to an increased demand in the global market. On the other hand, key players are focusing on important market strategies such as product launch, partnerships, product development, mergers, collaborations and acquisitions to maintain their competitive goodwill in the global market. In addition, they are focusing on acquiring local market players to improve their market reach. Some of the key players in the global market includeSome of the key players in the global market include CIRCOR International, Inc., Emerson Electric Co., Flowserve Corporation, Pentair plc, Schlumberger N.V., Spirax-Sarco Engineering plc, Thermax Limited, The Weir Group PLC, Velan Inc., and Watts Water Technologies, Inc. among others.

The global steam trap market is segmented

By Product:
• Thermodynamic
• Mechanical
• Thermostatic

By Application:
• Drip application
• Process application
• Tracing application

By Body Material:
• Steel
• Iron

By End-User Industry:
• Chemicals
• Energy & power
• Food & beverages
• Oil & gas
• Pharmaceuticals
• Others

By Region:
• North America
• Europe
• Asia-Pacific
• Rest of world