Originally published on Technavio: Global Steam Traps Market Forecast and Industry Analysis 2023

Introduction:
The Steam Traps Market is anticipated to witness substantial growth, projecting an estimated Compound Annual Growth Rate (CAGR) of 5.75% between 2022 and 2027. The market size is poised to increase by USD 1,401.96 million during this forecast period. The market's expansion is influenced by key factors such as the emergence of heat recovery steam generator technology in power generation, real-time automated steam trap monitoring, and advancements in GTCC and IGCC technologies.

Market Size and Growth Analysis:
The steam traps market is projected to exhibit robust growth, with a forecasted CAGR of 5.75%, resulting in a substantial increase of USD 1,401.96 million. The growth drivers include the adoption of heat recovery steam generator technology, automated steam trap monitoring, and advancements in GTCC and IGCC technologies.

Technavio’s Exclusive Steam Traps Market Overview
The report provides a comprehensive analysis of the market's adoption lifecycle, tracking its movement from the innovator’s stage to the laggard’s stage. Focusing on the adoption rates of major countries, the report includes key purchase criteria, adoption lifecycles, and drivers of price sensitivity. This aids companies in evaluating and devising growth strategies from 2022 to 2027.

Key Drivers, Trends, and Challenges:
In-depth research, considering 2022 as the base year and 2023 as the projected year, identifies key drivers, trends, and challenges for the steam traps market. Despite disruptions caused by the COVID-19 pandemic, a holistic analysis of these factors empowers companies to refine marketing strategies and gain a competitive advantage.

Key Driver:
The adoption of emerging heat recovery steam generator technology for power generation is a pivotal factor fueling the global steam traps market's growth. The increasing global demand for power, driven by population growth, economic expansion, and a focus on clean energy, necessitates technologies like heat recovery steam generators. These technologies enhance power production efficiency by utilizing exhaust gases, resulting in increased electricity output without additional costs. This driver is expected to propel the global steam traps market during the forecast period.

Significant Trends:
The primary trend shaping the global steam traps market is the adoption of universal-type steam traps. These traps use universal connectors, simplifying replacement and maintenance. Employed in various industrial facilities such as chemical plants, petrochemical refineries, and paper mills, universal-style steam traps enhance maintenance schedules, offering interoperability with other manufacturers' products. Watson McDaniel steam traps exemplify this trend, providing versatility and ease of use in applications requiring frequent maintenance.

Major Challenge:
Faulty steam traps causing energy loss emerge as a significant challenge hindering the global steam traps market. The replacement of old steam traps with new devices is undertaken to reduce steam consumption and eliminate leaks. However, tests assessing steam wastage may offer an inaccurate depiction of energy lost, neglecting losses through radiation. Faulty steam traps, often the responsibility of manufacturers, lead to energy loss and hinder thermal efficiency. Regional or local vendors supplying non-compliant steam traps at lower costs may compromise reliability, resulting in energy loss.

Major Steam Traps Market Vendors:
Key market vendors are adopting various strategies, including alliances, partnerships, mergers, acquisitions, geographical expansion, and product/service launches, to fortify their market presence. Notable vendors such as Armstrong Flow Control and Armstrong International Inc. offer a range of steam traps, including float and thermostatic steam traps, steam filters, and steam tracing systems.

Market Segmentation By End-user, Material, and Geography:
End-User Segment Analysis:
The petroleum segment is expected to significantly contribute to market growth. A robust steam system is crucial for petroleum refining, providing dry, high-quality steam for various applications. As the demand for petroleum products increases, particularly in countries like the US, Brazil, Canada, and Norway, refining activities will surge, driving the demand for steam traps.

Material Segment Analysis:
The steel segment is poised to dominate, given its high corrosion resistance, ideal for steam traps. Stainless steel construction ensures durability and versatility, making it suitable for controlling higher pressures and temperatures. The adoption of steel in steam traps is expected to grow during the forecast period.

Regional Analysis:
The Asia-Pacific (APAC) region is estimated to contribute 34% to global market growth by 2027. APAC, being the largest base for thermal power generation, witnesses significant demand for steam traps. The region's growth in electricity consumption, driven by a rising urban population and higher living standards, fuels the demand for power and subsequently, steam traps.

To Learn deeper into this report , View Sample PDF
In 2020, the steam traps market in APAC faced challenges due to the COVID-19 pandemic. However, the initiation of large-scale vaccination drives and the subsequent lifting of lockdowns in 2021 led to the resumption of operations in steam trap generation facilities, driving demand in the region. Key vendors receiving orders are expected to contribute to market growth during the forecast period.

The steam traps market report provides revenue forecasts at global, regional, and country levels, offering an analysis of trends and growth opportunities from 2017 to 2027.

For more information please contact.

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: media@technavio.com

Website: www.technavio.com/