The 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.
Steam trap 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).