Latest News- Steam Traps Market: Petroleum is expected to lead the End-user segment during 2025-2029

The Steam Traps Market is being driven by Emerging heat recovery steam generator technology for power generation

The Steam Traps Market is expected to grow at a CAGR of 5.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 1549.7 million. Steam traps, an essential component in industrial processes, typically exhibit signs of malfunction and require replacement every three to five years. Neglecting regular monitoring of steam traps can lead to significant energy losses, estimated to amount to billions of dollars annually across various industries. Companies invest in resources to maintain stringent inspection schedules to prevent costly downtime and potential safety hazards caused by cold steam trap failures or undetected blow-through. In response, IoT-enabled steam trap monitoring solutions from automated sensing solution providers are gaining traction. These advanced technologies not only accurately detect anomalies but also transmit real-time parametric data via cloud-based services, enabling both end-users and manufacturers to access critical information from anywhere in the world. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Petroleum
  • Thermal power
  • Others
• Material
  • Steel
  • Iron
• Product
  • Mechanical
  • Thermostatic
  • Thermodynamic
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Emerging heat recovery steam generator technology for power generation
• Real-time automated steam trap monitoring
• Development of GTCC and IGCC technologies

However, the market also witnesses some limitations, which are as follows:

• Faulty steam traps result in energy loss
• Back pressure affecting steam trap performance and efficiency
• Growth of renewable energy sector

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Market Scope in Steam Traps Market Research Report

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Research Analysis Overview

In emerging economies, the Steam Traps Market is experiencing significant growth due to increased investment in industries such as oil and gas, chemicals, food processing, and power generation. However, lack of awareness about the importance of energy-efficient steam trap solutions persists. Mechanical steam traps made of steel body material from companies like Thermax Limited are being replaced with advanced energy-efficient alternatives. IoT sensor technology from Everactive and semiconductor designs by Emerson Electric and Spartan Controls are revolutionizing steam trap maintenance services, reducing energy consumption and conserving resources. Yarway Steam Traps also offer reliable solutions for steam systems in developing economies.

Market Research Overview

The global industrial machinery and supplies and components market, encompassing manufacturers of machinery and components for industries such as presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications, is experiencing significant expansion. This growth is attributed to the increasing industrial output in both developed and emerging economies, resulting in capacity additions within process and discrete industries. The demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages continues to surge due to the economic growth in developing countries. Key players in the steam trap market include Schlumberger Limited and Thermax Limited. Mechanical steam traps, predominantly fabricated from steel, are a crucial component of industrial processes, necessitating substantial investments for their implementation and maintenance.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/