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.
Steam Trap Market Analysis
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.
Steam Trap Market Overview
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.
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Steam Trap Market: Strategic Insights
Market Size Value in US$ 3745.5 million in 2021 Market Size Value by US$ 5642.4 million by 2028 Growth rate CAGR of 6.0% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Steam Trap Market: Strategic Insights
| Market Size Value in | US$ 3745.5 million in 2021 |
| Market Size Value by | US$ 5642.4 million by 2028 |
| Growth rate | CAGR of 6.0% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Steam Trap Market Drivers and Opportunities
Increasing Investment in Oil & Gas Projects Across the Globe to Favor Market
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.
Continuous Growth in Manufacturing Sector
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.
Steam Trap Market Report Segmentation Analysis
Key segments that contributed to the derivation of the steam trap market analysis are product type, application, and end-user.
- Based on the product type, the steam trap market is divided into mechanical, thermodynamic, and thermostatic. The mechanical segment held a larger market share in 2023.
- By application, the market is segmented into drip, process, and tracing. The tracing segment held a significant share of the market in 2023.
- By end-user, the market is segmented into oil and gas, pharmaceuticals, food and beverage, pulp and paper, and others. The oil and gas segment held a significant share of the market in 2023.
Steam Trap Market Share Analysis by Geography
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.
Steam Trap Market Report Scope
Steam Trap Market News and Recent Developments
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:
- Pirax-Sarco Engineering PLC completed the acquisition of energy consulting firm Cotopaxi Ltd. (Source: Pirax-Sarco Engineering PLC, Press Release, January 2022)
- TLV Euro Engineering has launched the FJ32, a range of free-float steam traps designed for process applications, including jacketed pans, heat exchangers, and vulcanisers. (Source: TLV Euro Engineering, Press Release, September 2022)
Steam Trap Market Report Coverage and Deliverables
The “Steam Trap Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Steam trap market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Steam trap market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Steam trap market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the steam trap market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Application, End-User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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