The steam trap market size was valued at USD 3.8 billion in 2023 and is expected to reach USD 5.2 billion by 2032, at a CAGR of 3.7%.
FORT COLLINS, Colo., April 20, 2024 (Globe Newswire) —
In fact, the emphasis on energy efficiency is paramount in many areas, and there are important areas for improvement in steam systems. U.S. Department of Energy statistics highlight the significant energy losses caused by inefficient steam systems and emphasize the important role steam traps play in mitigating these losses.
steam trap It acts as a key component in maintaining the efficiency of your steam system by effectively removing condensate and preventing steam leakage. Doing so optimizes steam distribution and reduces energy waste. The potential energy savings highlight that the implementation of steam traps can have a significant impact on an industrial facility's overall energy consumption and operating costs, according to a report from the U.S. Department of Energy.
In today's climate, where it is increasingly important to curb energy consumption and minimize carbon emissions, the introduction of steam traps is a great option for organizations looking to strengthen their sustainability efforts. It has become even more attractive. By investing in energy-efficient solutions like steam traps, industries can reduce their environmental footprint and increase profits through cost savings and increased operational efficiency.
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Segmentation overview:
The steam trap market is segmented into type, application, material, end user, and region.
The oil and gas industry will account for a large market share in 2023.
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Based on market segmentation by end users, the oil and gas sector was the largest subsegment in 2023. As steam is used extensively in this field, steam traps have been introduced. Increasing focus on energy efficiency and adoption of advanced steam trap technologies to minimize steam losses further contribute to the oil and gas sector's dominance in the steam trap market.
The mechanical sector has established a leading position in recent years.
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Based on market segmentation by type, the machinery segment accounted for the largest market share in 2023. Mechanical steam traps are inexpensive and simple in design. Mechanical mechanisms such as floats or thermostats are used to efficiently remove collected condensate. The thermostat segment is expected to exhibit high growth rate during the forecast period. A thermostatic steam trap is a device that uses temperature-sensitive elements to provide precise control and respond quickly to changes in steam temperature.
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Stream Trap Market Report Highlights:
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Asia Pacific is the key region for the steam trap industry. The growing industrialization of the power generation, food and beverage industries is increasing the demand for the steam trap market in the region.
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Notable players in the Steam Traps market report include Spirax Sarco, Armstrong International, TLV Corporation, Velan Inc., Flowserve Corporation, Watson McDaniel, CIRCOR International, Inc., Emerson Electric Co., Thermax Limited, Pentair plc, Bestobell Steam Traps , and Barnes & Jones Co.
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