The steam trap market size is projected to reach US$ 5,853.62 million by 2031 from US$ 3,679.97 million in 2023. The market is expected to register a CAGR of 6.0% during 2023–2031. The growing development in the oil and gas sector and continuous growth in the manufacturing sector are likely to remain a key trend in the market.
The positive laws and regulations in the developed regions like North America and Europe are beneficial for the development of the business, which is one of the reasons behind the growth of the various industries. The growth of industries is accelerating industries such as food & beverage, paper & pulp, and automotive, amongst others. This is anticipated to influence the growth of the steam trap market globally.
Developed economies like the US have a high presence of manufacturing companies located in this region which have gained from the developed facilities available. Being a powerful economy allows companies to spend more on innovations that facilitate the growth of upcoming technologies. Significant investments can bring about more growth in the industry. The growing development in manufacturing and other industries is anticipated to steer the growth of the steam trap market globally. The governments of various economies in the Middle East & Africa region are taking initiatives that will help boost the manufacturing sector, which is acting as a major driver for the market of steam trap. For instance, the development of the manufacturing sector is one of the chief objectives of Saudi Arabia’s Vision 2030.
Mounting investment in discovering new reserves of natural gas and crude oil is a lucrative opportunity for the steam trap market. The growing exploration activities are identifying the potential unexploited reserves of natural gas and crude oil, which, in a way, is anticipated to have a positive impact on the market for steam traps. The mounting number of offshore oil and gas exploration and production projects and the rising number of oil rigs and natural gas reserves are projected to boost the application of steam traps, which is acting as a major driver for the market.
The governments of various regions are taking several initiatives to attract investments in the manufacturing industry. For instance, the South America region has developing economies, particularly Brazil, that attract investors in the long term. For instance, Chile’s government laws and regulations attract foreign investments and have very few constraints on FDI. Also, the country’s transfer policies are almost similar to highly-developed nations such as the US. This helps the region to attract investments in its manufacturing sector which is driving the usage of steer traps. Moreover, the Oman government is taking initiatives to develop the country’s manufacturing sector. Further, the UAE government is offering incentives, tax rebates, and subsidies to companies setting up their manufacturing plant in the country, which is projected to offer high growth opportunities to the steam trap market over the forecast period.
Key segments that contributed to the derivation of the steam trap market analysis are product type, application, and end-user.
The geographic scope of the steam trap market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America is leading the market. The U.S. government has taken numerous initiatives to support the manufacturing sector in the country. This includes agendas such as Advanced Manufacturing Technology Consortia, Manufacturing USA, MForesight, SelectUSA, Investing in Manufacturing Communities Partnership, Materials Genome Initiative, National Export Initiative, Sustainable Manufacturing Clearinghouse, and The MEP National Network, among others. These initiatives provide various benefits to the manufacturing companies located in the region and propel the growth of the manufacturing sector in the country. The high presence of steam trap manufacturers and the companies have the privilege to spend more on innovations that facilitate the growth of upcoming technologies. Significant investments can bring about more growth in the steam trap market.
The regional trends and factors influencing the Steam Trap Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Steam Trap Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 3,679.97 Million |
| Market Size by 2031 | US$ 5,853.62 Million |
| Global CAGR (2023 - 2031) | 6.0% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Steam Trap Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Steam Trap Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The steam trap market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the steam trap market are listed below:
The “Steam Trap Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America dominated the steam trap market in 2023.
The development of IoT Sensor technology for steam traps is the future trend of the steam trap market.
Bestobell Steam Traps, Emerson Electric Co, Thermal Energy International Inc., Spirax-Sarco Engineering plc, Forbes Marshall, CIRCOR International, Inc., Flowserve Corporation, Velan Inc., Watson McDaniel, Watts Water Technologies, Inc. are some of the leading players in the market.
US$ 5,853.62 million estimated value of the steam trap market by 2031.
6.0% is the expected CAGR of the steam trap market.