North America is expected to increase the Steam Trap Market at a CAGR of 4.2% by 2022

The steam trap market is estimated at USD 3.34 billion in 2017 and is projected to grow at a CAGR of 4.2% to reach USD 4.11 billion by 2022.

By product, thermostatic steam trap is expected to grow at the highest CAGR during the forecast period

Mechanical steam trap dominates the global steam trap market. It is estimated to grow at a CAGR of XXX during the forecast period. Owing to the high rate of heat transfer for a given heat transfer, the mechanical steam trap segment is expected to maintain its dominance in the market during the forecast period.

Thermostatic steam trap is anticipated to witness the highest CAGR during the forecast period. Low initial cost, reduced inventory, and long-term energy conservation are boosting the demand for thermostatic steam traps.

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By application,the global steam trap market is expected to be dominated by tracing application during the forecast period

Based on condensate load, air venting, and pressure, steam traps are used for various applications in end-user industries. Typically, there are only 3 applications for steam traps—drip application, which is located on steam delivery lines; process application, wherein steam is specifically used to heat products such as process fluids, air, and foods etc.; and tracing application, wherein steam lines are designed to prevent a liquid system from freezing or to maintain the product temperature.

Based on application, the global steam trap market is dominated by tracing application. Tracing application is estimated to be increasing at a CAGR of XXX during the forecast period. Tracing application is used for both typical (where condensate backup is preferable) and critical services (where condensate backup is not acceptable) in steam lines, and hence this segment dominates the steam trap market.

By body material, the global steam trap market is expected to be dominated by steel body material during the forecast period

The availability of steam traps in different body materials and piping configurations allows flexibility in the selection of the right trap to meet the specific needs of end-use applications. The selection of right body material plays an important role in the proper functioning of steam traps. The type of body material may affect continuous operation at full load, good energy conservation, good resistance to wear and tear, longevity, problems of dirt, and good corrosion resistivity of steam traps. Steel body allows steam traps to withstand freeze-ups without damage to the steam system.

The global steam trap market is dominated by steel body material. The steel body segment is anticipated to witness the highest CAGR during the forecast period.

By end-user industry, Food & Beverages is anticipated to register the highest CAGR during the forecast period

Food & beverages is anticipated to register the highest CAGR during the forecast period. Companies are investing in steam traps to enhance product quality, meet changing consumer preferences, and address strict regulations mandating environmental friendly manufacturing operations, as well as to take advantage of favorable legislative policies. These will likely drive the demand for steam traps during the forecast period.

By geography, North America will lead the global steam trap market

The steam trap market is likely to grow due to the growing sustainability concerns across the globe, enforcement of stringent regulations to reduce carbon footprint, and burgeoning demand for energy-efficient solution across industries during the forecast period.

Key Market Players:

Spirax-Sarco Engineering plc (UK), Pentair plc (US), The Weir Group PLC (UK), Flowserve Corporation (US), CIRCOR International Inc.,(US), Emerson Electric Co., (US), Schlumberger N.V. (US), Thermax Limited (India), Velan Inc., (Canada), Watts Water Technologies, Inc. (US)