The Steam trap market involves the production of steam trap products used in steam systems to automatically release condensed air and water from steam lines, gathering systems and process equipment while keeping stem from escaping. Steam traps prevent economic and efficiency losses associated with the loss of steam from leakage. The steam trap product offerings include thermostatic, thermodynamic and other advanced steam traps suited for industrial applications.
The global steam trap market is estimated to be valued at US$ 2.32 Billion in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the steam trap market are Emerson, Flowserve, Armstrong, Spirax Sarco, Schlumberger, Thermax, CIRCOR, Velan, Watts Water Technologies and others. Steam traps find widespread adoption in oil and gas, power, chemical, food & beverage and other process industries where steam is used for heating and other process requirements. With growing demand for steam traps from oil and gas industries, the market players are focusing on expanding their product portfolio and offering technologically advanced steam trap solutions suited for critical industrial applications.
Growing demand in oil and gas industries:
Steam Trap Market Forecats injection plays an indispensable role in oil extraction from mature oilfields. This is propelling the demand for steam traps from oil & gas industries. Additionally, steam is widely used in LNG terminals for regasification, further driving the need for steam traps.
Technological advancements:
Market players are focusing on developing innovative steam trap technologies such as thermostatic trap with advanced thermostatic elements, non-intrusive smart trap monitors and modular trap stations. This is improving functionality and enabling condition monitoring of steam traps.
Market Trends
Adoption of IIoT integrated steam traps: Integrating steam traps with industrial internet of things (IIoT) enables remote monitoring and predictive maintenance. Players are offering IIoT integrated smart steam traps with wireless communication capabilities.
Growing demand from renewables industry: Use of steam in biomass power plants and solar thermal power production is driving the demand. Biomass plants use steam for processing biomass feedstock.
Market Opportunities
Greenfield LNG projects in North America and Asia: Major greenfield LNG terminals are in pipelineover the coming years. This will boost demand for high-performance steam traps.
Subsea production in deepwater oilfields: Subsea production using thermostatic steam traps reduces risk of overheating and improves efficiency of offshore oil extraction. This presents opportunities.
Impact of COVID-19 on Steam Trap Market Growth
The Steam Trap Market News is coronavirus pandemic severely impacted in the 2020. The strict lockdowns imposed across various regions led to closure of several manufacturing plants and disruption in supply chains. This hampered the demand for steam traps from end-use industries such as power generation, oil & gas, chemical, pharmaceuticals, food & beverages, and others.
With restrictions being gradually lifted in 2021, the market saw signs of recovery as manufacturing activities resumed partially. However, plants continue to operate at sub-optimal levels due to workforce shortage and constraints in logistic operations. This affected the replacement demand and new projects incorporating steam traps. The suppliers faced challenges in terms of inadequate labor, obtaining raw materials, and transporting finished products.
Looking ahead, the market is anticipated to demonstrate steady growth post-pandemic. Various government initiatives to boost the manufacturing sector coupled with resumption of construction projects will propel the demand. Furthermore, rising need to improve operational efficiency and reduce energy consumption in industries will support market expansion. The key players are focusing on developing smart steam traps with advanced controls and remote monitoring capabilities to gain traction.
Geographical Regions with Highest Steam Trap Market Value
The Asia Pacific region accounts for the largest share of the global steam trap market in terms of value. Presence of a strong industrial base along with rapidly growing manufacturing and process industries in countries such as China, India, Japan, and South Korea drives substantial demand. Power, cement, iron & steel, petrochemicals, food processing, and automotive are the major end-use industries contributing to the region’s large market size.
Furthermore, ongoing infrastructure development projects and efforts by regional governments to strengthen domestic manufacturing offer promising growth opportunities. Rising environmental concerns are also compelling industrial facilities to adopt steam traps for energy conservation. All these factors make Asia Pacific a lucrative market for steam trap suppliers.
Fastest Growing Regional Market for Steam Traps
The Middle East and Africa region is poised to witness the fastest market growth during the forecast period, with an expected CAGR of over 5%. This can be attributed to ongoing investments in setting up new oil & gas production and petrochemical plants. The heavy influx of foreign investments to develop industrial infrastructure in GCC countries such as Saudi Arabia, UAE, and Qatar is augmenting the demand.
Countries like South Africa, Nigeria and others are also undertaking massive projects across energy and utilities, cement, chemicals, and mining industries which will boost installations of steam traps. Furthermore, replacement of aging systems with efficient models to curb operating costs offers high growth potential. Thus, rapid industrialization and construction activities make the MEA a highly promising emerging market.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)