Global Steam Trap Market

Global Steam Trap Market was value US$ 3.5Bn in 2017 and is expected to reach US$ 5.2Bn by 2026 at a CAGR of 5.07 %. Global Steam Trap Market The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding global steam trap market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the global steam trap market. A key driver for the steam traps market is the emerging heat recovery steam generator technology for power generation. The demand for power has constantly been growing globally. Increasing global population and growth in the global economy are expected to drive this demand. Other drivers of steam traps market are end-user industries are actively adopting steam traps to ramp up their fuel saving, and growing the sustainability across the globe. Unwillingness to use such a system limits the growth of the steam traps market. Increasing investment in power infrastructure in emerging economies is the opportunity of the market. Major restraint factor of the market is periodic maintenance and operational cost associated with the operations of steam traps. Also, the maintenance of steam traps is crucial for its safe and efficient operation. Lack of maintenance of steam traps frequently leads to steam leakage. Leakage of steam results in increased operational costs of the plant which uses steam as extra money is spent in generating additional steam in order to compensate for the steam lost owing to leakage. Steel segment in terms of material is widely used in the global steam traps market, due to steel body allows steam traps to withstand freeze-ups without damage to the steam system. Steel helps in the smooth operations of steam traps, also saves energy and reduces manufacturing cost. Steel as a body material offers cost-effectiveness, reliability, and design flexibility, of the overall steam system, enhanced durability and environmental benefits for instance recyclability. This, steel is expected to continue its dominance throughout the forecast period. Tracing application segment is leading the steam traps market globally. Tracing application of steam trap refers to the utilization of steam to indirectly increase the temperature of a process or product. Tracing application is used for both critical services and typical in steam lines. So, this segment is expected to grow at the highest rate during the forecast period. Region-wise, the Asia Pacific was the largest revenue-generating region in the steam traps market in 2017 and is anticipated to continue its dominance in the market by 2026. Much of the region’s growth is owing to the surging refinery activities and growing demand for thermal power. The high requirement for gasoline across several end-users sectors and growth of electricity consumption will boost the growth opportunities steam trap manufacturers in the upcoming years.

The scope of Global Steam Trap Market

Global Steam Trap Market, by Product

• Thermodynamic • Mechanical • Thermostatic

Global Steam Trap Market, by Application

• Drip Application • Process Application • Tracing Application

Global Steam Trap Market, by Material

• Steel • Iron

Global Steam Trap Market, by End-user

• Oil & Gas • Power Industry • Pharmaceuticals • Food & Beverage • Pulp & Paper • General Industry • Others

Global Steam Trap Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

This Report Is Submitted By @Maximize Market Research Company

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