Steam Trap Market to hit USD 6.2 Bn by 2032, Says Global

2023-08-17 19:10:35

Selbyville, Delaware, Aug. 16, 2023 -

The Steam Trap Market to hit USD 6.2 Bn by 2032, as per a research study by Global Market Insights Inc. The increasing emphasis on energy conservation and efficiency is driving the demand for steam traps in various industries. By preventing steam wastage and reducing greenhouse gas emissions, steam traps offer an eco-friendly solution for minimizing carbon footprints.

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Industries such as oil & gas, chemicals, food & beverages, and pharmaceuticals heavily rely on steam-based processes. Installing steam traps in these systems is crucial for maintaining pressure levels, preventing steam loss, and enhancing overall efficiency. The rapid industrialization and diversification among sectors are fueling the growth of the steam trap market.

Thermodynamic Segment to Witness Substantial Growth

The thermodynamic segment is expected to observe significant growth by 2032. These traps operate on fluid dynamics principles, utilizing the velocity of condensate and steam to open and close the valve. They offer advantages such as compact size, handling high-pressure systems, and resistance to water hammer, making them ideal for industrial applications.

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As the adoption of thermodynamic steam traps increases across industries, this segment is poised for robust growth.

Steam Trap Market in Power Generation Segment to Grow

The power generation segment is set to experience notable growth from 2023 to 2032 due to the reliance of turbines on steam-driven turbines for electricity production. Steam traps are essential for maintaining the efficiency and longevity of these turbines by removing condensate and non-condensable gases.

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As the demand for electricity continues to rise globally, the power generation sector's expansion is anticipated to drive the sales of steam traps. Additionally, the integration of advanced technologies into power plants is likely to create opportunities for innovative and efficient steam trap solutions.

Asia Pacific Expected to Register Significant Growth

Asia Pacific is estimated to witness significant growth in the steam trap market through 2032, primarily driven by rapid industrialization and infrastructure development. Countries like China, India, Japan, and South Korea are experiencing expansions in power generation, oil & gas, and chemicals industries, major consumers of steam traps.

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Supportive government initiatives promoting energy conservation and sustainability are encouraging industries in the Asia Pacific region to adopt energy-efficient solutions like steam traps. As the region continues to expand economically, the demand for steam traps is forecasted to surge, making it a crucial market for manufacturers.

Leading Players in the Global Steam Trap Market

Some of the leading players in the global steam trap market include Armstrong International, Watson McDaniel Company, Thermax Limited, TLV Corporation, Spirax Sarco, and Gestra AG. These companies are focusing on strategies, new partnerships, and product developments to improve their market position and gross profits.

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Partial Chapters of Report Table of Contents (TOC):

Chapter 2 Executive Summary

1. Steam trap industry 360º synopsis, 2018 – 2032
2. Business trends
3. Regional trends
4. Type trends
5. Function trends
6. Application trends
7. End-use trends

Chapter 3 Steam Trap Market Insights

1. Industry ecosystem analysis
2. Raw material outlook
3. Regulatory landscape
4. Technology landscape
5. Pricing analysis, by region
6. Cost structure Analysis
7. Industry impact forces
8. Innovation & sustainability
9. Growth potential analysis
10. Porter’s analysis
11. PESTEL analysis
12. Impact of COVID-19 on industry, by end use
13. Impact of Russia Ukraine war on the industry

About Global Market Insights Inc.

Global Market Insights Inc. is a global market research and consulting service provider headquartered in Delaware, USA. They offer syndicated and custom research reports along with growth consulting services. Their reports provide clients with penetrative insights and actionable market data designed to aid strategic decision making in industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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