Published Date: 3-Nov-2023
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According to a new report, published by KBV research, The Global Steam Trap Market size is expected to reach $4.4 billion by 2030, rising at a market growth of 3.7% CAGR during the forecast period. In the year 2022, the market attained a volume of 12,839.7 thousand Units experiencing a growth of 4.0% (2019-2022).
The Oil & Gas segment acquired maximum revenue in the Global Steam Trap Market by Industry in 2022 thereby, achieving a market value of $1.6 billion by 2030. Steam is used in the oil and gas segment for many crucial processes, such as heating, distillation, separation, and power production. Steam systems must operate without issues to adhere to safety and environmental laws. In this situation, steam traps ensure the steam distribution is working properly, reducing the chance of leaks and energy waste that could cause environmental dangers or operational problems.
The Thermodynamics segment is registering a CAGR of 4.1% during (2023 - 2030). As thermodynamic steam traps operate according to the principle of fluid dynamics, they employ the velocity of condensate and steam to open and close the valve. These traps are helpful for various industrial applications due to their numerous advantages, which include their small size, capacity for enduring high-pressure systems, and resistance to water hammers.
The Tracing segment is generating the highest revenue in the Global Steam Trap Market by Application in 2022 thereby, achieving a market value of $2.1 billion by 2030. Tracing applications involves preserving a constant temperature along pipes, crucial in producing oil and gas, chemicals, and food. Steam traps are essential in these applications because they effectively manage the steam flow to maintain the desired temperature and prevent the tracing lines from overheating or underheating.
The Iron segment would be showcasing a CAGR of 4% during (2023 - 2030). Iron steam traps are constructed to collect condensate from steam lines effectively, preventing them from accumulating upward and damaging machinery or lowering heat transfer efficiency. This keeps the system operating at its best. Condensate is not gathered in heat exchangers or other steam-powered machinery owing to iron steam traps. Ensuring that liquid-free heat transfer surfaces remain intact improves those surfaces' efficiency. These steam traps are an effective choice for many industrial applications since they are frequently more affordable than some alternative forms of steam traps.
The Asia Pacific region dominated the Global Steam Trap Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $1.7 billion by 2030. The Europe region is anticipated a CAGR of 3.3% during (2023 - 2030). Additionally, The North America region would exhibit a CAGR of 3% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/steam-trap-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country-wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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 Geography (Volume, Thousand Units, USD Million, 2019-2030)
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