The Asia Pacific Steam Trap Market would witness market growth of 4.1% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 4,542.2 thousand Units, showcasing a growth of 4.3% (2019-2022).
Due to escalating energy costs, the market will increase. Due to the rising cost of raw materials, industrial actors strive to optimize their energy consumption. Monitors for steam traps are excellent devices that alert when a steam trap fails so that one can repair it. Energy waste decreases, and bills rise. The sustainability movement may also benefit the steam trap monitor industry. Adopting systems and technologies that enhance operational efficacy and reduce energy consumption and carbon footprint enables industries to achieve sustainable growth. Monitors for steam traps are becoming more prevalent in large industries such as oil and gas because they identify development opportunities.
The regulatory authorities are leaving no stone uncovered to increase industrial efficiency and reduce operational costs. The ascendance of steam traps has been facilitated by stringent requirements and the imperative to implement energy-saving practices. Compliance with these regulations is non-negotiable, driving the demand for steam traps as a key to environmental and financial sustainability.
India has set goals to attain net-zero carbon emissions by 2070, a reduction in the carbon intensity of the country's economy of less than 45% by the end of the decade, and 50% cumulative renewable electricity installed by 2030. By 2030, India wants to manufacture five million tonnes of environmentally friendly hydrogen. 125 GW of renewable energy capacity will help to support this. India has approved 57 solar projects with a combined total of 39.28 GW. The growing demand and usage of renewable energy are estimated to support the growth of the market.
The China market dominated the Asia Pacific Steam Trap Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $452.5 million by 2030. The Japan market is registering a CAGR of 3.5% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 4.8% during (2023 - 2030).
Based on Industry, the market is segmented into Oil & Gas, Food & Beverages, Chemicals, Energy & Power, Pharmaceuticals and Others. Based on Product, the market is segmented into Mechanical, Thermodynamics, and Thermostatic. Based on Application, the market is segmented into Tracing, Drip and Process. Based on Body Material, the market is segmented into Steel, Iron and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Steam Trap Market is Projected to reach USD 4.4 Billion by 2030, at a CAGR of 3.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Spirax Sarco Engineering plc, Emerson Electric Co., Schlumberger N.V., Thermax Limited, Velan, Inc., Forbes Marshall Pvt. Ltd, Xylem, Inc., Armstrong International, Inc., TLV Co., Ltd, Watts Water Technologies, Inc.
By Industry (Volume, Thousand Units, USD Million, 2019-2030)
By Product (Volume, Thousand Units, USD Million, 2019-2030)
By Application (Volume, Thousand Units, USD Million, 2019-2030)
By Body Material (Volume, Thousand Units, USD Million, 2019-2030)
By Country (Volume, Thousand Units, USD Million, 2019-2030)
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