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Steam Trap Trends and Forecast
The future of the global steam trap market looks promising with opportunities in the chemicals, energy & power, food & beverages, oil & gas, and pharmaceuticals markets. The global steam trap market is expected to reach an estimated $4.6 billion by 2030 with a CAGR of 3.9% from 2024 to 2030. The major drivers for this market are growing need for steam systems that are energy-efficient and increasing integration of automation in steam systems, and an increase in the number of stringent rules enforced by regulatory agencies in an effort to boost production efficiency and save costs, as well as a spike in the demand for strong yet lightweight steam traps.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Steam Trap by Segment
The study includes a forecast for the global steam trap by product, body material, end use industry, application, and region.
Steam Trap Market by Product [Shipment Analysis by Value from 2018 to 2030]:
• Mechanical
• Thermodynamics
• Thermostatic
Steam Trap Market by Body Material [Shipment Analysis by Value from 2018 to 2030]:
• Steel
• Iron
• Others
Steam Trap Market by End Use Industry [Shipment Analysis by Value from 2018 to 2030]:
• Chemicals
• Energy & Power
• Food & Beverages
• Oil & Gas
• Pharmaceuticals
• Others
Steam Trap Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• Tracing
• Drip
• Process
• Others
Steam Trap Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Steam Trap Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies steam trap companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the steam trap companies profiled in this report include-
• Spirax-Sarco Engineering
• Emerson Electric
• Schlumberger
• Thermax
• Velan
• Watts Water Technologies
• Armstrong
• TLV
• Forbes Marshall
• Xylem
Steam Trap Market Insights
Lucintel forecasts that mechanical is expected to witness the highest growth over the forecast period due to its resilience, simplicity, and dependability, which have increased their appeal in a range of industrial applications.
Within this market, oil & gas will remain the largest segment due to usage in diverse crucial applications, such as heating, distillation, separation, and power generation.
APAC will remain the largest region over the forecast period due to various industries, including manufacturing, petrochemicals, power generation, and others, thrive in the region.
Features of the Global Steam Trap Market
Market Size Estimates: Steam trap market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Steam trap market size by various segments, such as by product, body material, end use industry, application, and region in terms of value ($B).
Regional Analysis: Steam trap market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different product, body material, end use industry, application, and regions for the steam trap market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the steam trap market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the steam trap market size?
Answer: The global steam trap market is expected to reach an estimated $4.6 billion by 2030.
Q2. What is the growth forecast for steam trap market?
Answer: The global steam trap market is expected to grow with a CAGR of 3.9% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the steam trap market?
Answer: The major drivers for this market are growing need for steam systems that are energy-efficient and increasing integration of automation in steam systems, and an increase in the number of stringent rules enforced by regulatory agencies in an effort to boost production efficiency and save costs, as well as a spike in the demand for strong yet lightweight steam traps.
Q4. What are the major segments for steam trap market?
Answer: The future of the steam trap market looks promising with opportunities in the chemicals, energy & power, food & beverages, oil & gas, and pharmaceuticals markets.
Q5. Who are the key steam trap market companies?
Answer: Some of the key steam trap companies are as follows:
• Spirax-Sarco Engineering
• Emerson Electric
• Schlumberger
• Thermax
• Velan
• Watts Water Technologies
• Armstrong
• TLV
• Forbes Marshall
• Xylem
Q6. Which steam trap market segment will be the largest in future?
Answer: Lucintel forecasts that mechanical is expected to witness the highest growth over the forecast period due to its resilience, simplicity, and dependability, which have increased their appeal in a range of industrial applications.
Q7. In steam trap market, which region is expected to be the largest in next 5 years?
Answer: APAC will remain the largest region over the forecast period due to various industries, including manufacturing, petrochemicals, power generation, and others, thrive in the region.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the steam trap market by product (mechanical, thermodynamics, and thermostatic), body material (steel, iron, and others), end use industry (chemicals, energy & power, food & beverages, oil & gas, pharmaceuticals, and others), application (tracing, drip, process, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Steam Trap Market, Steam Trap Market Size, Steam Trap Market Growth, Steam Trap Market Analysis, Steam Trap Market Report, Steam Trap Market Share, Steam Trap Market Trends, Steam Trap Market Forecast, Steam Trap Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.
Table of Contents
1. Executive Summary
2. Global Steam Trap Market : Market Dynamics
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges
3. Market Trends and Forecast Analysis from 2018 to 2030
3.1. Macroeconomic Trends (2018-2023) and Forecast (2024-2030)
3.2. Global Steam Trap Market Trends (2018-2023) and Forecast (2024-2030)
3.3: Global Steam Trap Market by Product
3.3.1: Mechanical
3.3.2: Thermodynamics
3.3.3: Thermostatic
3.4: Global Steam Trap Market by Body Material
3.4.1: Steel
3.4.2: Iron
3.4.3: Others
3.5: Global Steam Trap Market by End Use Industry
3.5.1: Chemicals
3.5.2: Energy & Power
3.5.3: Food & Beverages
3.5.4: Oil & Gas
3.5.5: Pharmaceuticals
3.5.6: Others
3.6: Global Steam Trap Market by Application
3.6.1: Tracing
3.6.2: Drip
3.6.3: Process
3.6.4: Others
4. Market Trends and Forecast Analysis by Region from 2018 to 2030
4.1: Global Steam Trap Market by Region
4.2: North American Steam Trap Market
4.2.2: North American Steam Trap Market by End Use Industry: Chemicals, Energy & Power, Food & Beverages, Oil & Gas, Pharmaceuticals, and Others
4.3: European Steam Trap Market
4.3.1: European Steam Trap Market by Product: Mechanical, Thermodynamics, and Thermostatic
4.3.2: European Steam Trap Market by End Use Industry: Chemicals, Energy & Power, Food & Beverages, Oil & Gas, Pharmaceuticals, and Others
4.4: APAC Steam Trap Market
4.4.1: APAC Steam Trap Market by Product: Mechanical, Thermodynamics, and Thermostatic
4.4.2: APAC Steam Trap Market by End Use Industry: Chemicals, Energy & Power, Food & Beverages, Oil & Gas, Pharmaceuticals, and Others
4.5: ROW Steam Trap Market
4.5.1: ROW Steam Trap Market by Product: Mechanical, Thermodynamics, and Thermostatic
4.5.2: ROW Steam Trap Market by End Use Industry: Chemicals, Energy & Power, Food & Beverages, Oil & Gas, Pharmaceuticals, and Others
5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Operational Integration
5.3: Porter’s Five Forces Analysis
6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Global Steam Trap Market by Product
6.1.2: Growth Opportunities for the Global Steam Trap Market by Body Material
6.1.3: Growth Opportunities for the Global Steam Trap Market by End Use Industry
6.1.4: Growth Opportunities for the Global Steam Trap Market by Application
6.1.5: Growth Opportunities for the Global Steam Trap Market by Region
6.2: Emerging Trends in the Global Steam Trap Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.2: Capacity Expansion of the Global Steam Trap Market
6.3.3: Mergers, Acquisitions, and Joint Ventures in the Global Steam Trap Market
6.3.4: Certification and Licensing
7. Company Profiles of Leading Players
7.1: Spirax-Sarco Engineering
7.2: Emerson Electric
7.3: Schlumberger
7.4: Thermax
7.5: Velan
7.6: Watts Water Technologies
7.7: Armstrong
7.8: TLV
7.9: Forbes Marshall
7.10: Xylem
.
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Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
In-depth interviews of the major players in this market
Detailed secondary research from competitors’ financial statements and published data
Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process.
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