Steam Trap Market: Report by Product (Thermodynamic, Mechanical, and Thermostatic), by Application (Drip Application, Process Application, and Tracing Application), by Material (Steel, and Iron) and by End User (Oil & Gas and Power Industry, Pharmaceuticals, Food & Beverage, Pulp & Paper, and Others)-Global Industry Analytics, COVID-19 Business Impact, and Trends, 2020 – 2029

                                          
Abstract
                    
Global steam trap market is valued around USD 4.07 Billion in 2018 and is estimated to grow at a CAGR of around 3.8% between 2019 & 2026.

The report covers forecast and analysis for the global steam trap market on a global and regional level. The research report presents a comprehensive valuation of the market, competition, opportunities, emerging trends, and industry-validated market figures. The study provides historic data of 2016 to 2018 along with a forecast from 2019 to 2026 based on revenue (USD Million).

The global steam trap market is likely to have substantial growth in the coming years and is expected to grow at a steady rate within the forecast period. There is an immense scope for the steam trap market owing to a variety of applications, technological advancement and growing demand in the market. Some of the benefits offered by the steam trap are reduced fuel cost, energy saving, reduction in water charges, reduction in chemical treatment cost, and reduced effluent costs. These benefits are projected to create a huge demand for the steam trap market across the globe over the forecast years. Moreover, several stringent regulations are being undertaken by governments all around the globe to slow down the level of carbon emissions which leads to the usage of steam traps to cut down the cost of fuel and to have sustainable growth for the end-user industries which is expected to eventually bolster the growth for the steam trap market over the forecast timeline.

The global steam trap market has been segmented on the basis of product, application, material, and end user. Based on the product, the steam trap market is divided into thermodynamic, mechanical, and thermostatic. The thermodynamic steam trap is best fitted for the steam mains drainage owing to its long shelf life, lightweight and robust construction. Moreover, it has the additional benefit that assures superior plant efficiency due to the discharged condensate output being very close to steam temperature. Ideally, a mechanical steam trap is used where there is a need for removal of condensate, and at the time of sterilization, the thermostatic steam trap is a more effective solution. Based on application, the steam trap market is segmented into a drip application, process application, and tracing application. Based on the material, the steam trap market is segmented into steel and iron. Based on the end user, the market is segmented into oil & gas and power industry, pharmaceuticals, food & beverage, pulp & paper, and others.

Some of the major factors which are expected to fuel the steam trap market over the forecast period are the most evident heat recovery steam generator technology, cost-cutting at the time of operations, and high efficiency with optimum time. Owing to these factors the steam trap market is expected to grow at a rapid rate over the forecast timeframe. The secondary factor that is expected to boost the demand for the steam trap is lesser carbon emission lead by the usage of steam tape. Some of the factors which might hamper the growth of steam trap market are high operational and maintenance cost, as these factors are associated with the effectiveness of the operations.

The key players operating in the global steam trap market are CIRCOR International Inc., Emerson Electric Co., Flowserve Corporation, Pentair PLC, Schlumberger N.V., Spirax-Sarco Engineering PLC, Thermax Limited, The Weir Group PLC, Velan Inc., and Watts Water Technologies, Inc., among others.

This report segments the global steam trap market as follows:

Global Steam Trap Market: Product Segment Analysis

	Thermodynamic
	Mechanical
	Thermostatic

Global Steam Trap Market: Material Analysis

	Steel
	Iron

Global Steam Trap Market: Application Analysis

	Drip Application
	Process Application
	Tracing Application

Global Steam Trap Market: End-Use Industry Analysis

	Oil & Gas and Power Industry
	Pharmaceuticals
	Food & Beverage
	Pulp & Paper
	Others

Global Steam Trap Market: Regional Segment Analysis

	North America
	
		U.S.
	
	
	Europe
	
		UK
		France
		Germany
	
	
	Asia Pacific
	
		China
		Japan
		India
	
	
	Latin America
	
		Brazil
	
	
	Middle East and Africa