Steam
trap market is projected to be valued at USD 4.11 Billion by 2022, at a
CAGR of 4.2% between 2017 and 2022.
The growth can be attributed to
the strict regulatory framework imposed by regulatory bodies to reduce the
carbon footprint, and end-user industries actively adopting steam traps to ramp
up fuel savings and address the growing sustainability concerns.
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“Steam trap market
for tracing application to grow at the highest rate between 2017 and 2022”
Tracing application of steam trap refers to the utilization
of steam to indirectly raise the temperature of a process or product. Tracing
application is used for both typical (where condensate backup is preferable)
and critical services (where condensate backup is not acceptable) in steam
lines. Thus, this segment is expected to grow at the highest rate between 2017
and 2022.
“Market for
mechanical steam traps leads the steam trap market”
The market for mechanical steam traps is likely to lead the
global steam trap market between 2017 and 2022. Mechanical steam traps are
preferred for process applications due to their ability to discharge condensate
at steam temperature. This is useful for applications such as heat exchangers,
coils, and constant load applications.
“Steel is the most
preferred body material and is likely to continue to dominate during the
forecast period”
Steel body allows steam traps to withstand freeze-ups
without damage to the steam system. Steel aids in the smooth operations of
steam traps, as well as saves energy and reduces manufacturing cost. Steel as a
body material offers cost effectiveness, design flexibility, reliability of the
overall steam system, enhanced durability and environmental benefits such as
recyclability. This, steel is anticipated to continue its dominance during the
forecast period.
“The oil & gas
industry will likely hold the largest share of the steam trap market between
2017 and 2022”
Steam traps allow oil & gas players to achieve optimum
performance with regard to steam and condensate systems, and help reduce energy
consumption during oil & gas production activities. Rising demand for
reduced logistics and commercial downtime, increasing environmental concerns
(such as reduction in CO2 emissions), and curtailment of fossil fuel usage are
forcing oil & gas companies to rethink their strategies. Due to the
aforementioned factors, the steam trap market for oil & gas is likely to
grow at a significant rate during the forecast period.
“North America to
dominate the steam trap market between 2017 and 2022”
The mandate of regulatory bodies for manufacturing
companies to reduce carbon footprint is primarily driving the demand for steam
traps in North America. The flourishing oil & gas industry, growing demand
for enhanced efficiency, and increasing carbon dioxide emissions are propelling
the growth of the steam trap market in this region.
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Major players operating in the steam trap market include
CIRCOR International, Inc. (US), Emerson Electric Co. (US), Flowserve
Corporation (US), Pentair plc (US), Schlumberger N.V. (US), Spirax-Sarco
Engineering plc (England), Thermax Limited (India), The Weir Group PLC (U.K.),
Velan Inc. (Canada), and Watts Water Technologies, Inc. (US).
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