Selbyville, Delaware,, Aug. 16, 2023 (GLOBE NEWSWIRE) --
The steam trap market valuation is predicted to surpass USD 6.2 billion by 2032, as reported in a research study by Global Market Insights Inc. As per the report, the increasing emphasis on energy conservation and efficiency across various industries is impelling the demand for steam traps. By preventing the wastage of steam and ensuring that only condensate water is removed from steam systems, steam trap conserves energy and reduce greenhouse gas emissions. This makes it an eco-friendly choice for industries seeking to minimize their carbon footprint.
Moreover, industries like oil & gas, chemicals, food & beverages, and pharmaceuticals rely heavily on steam-based processes. Installing steam traps in such systems is imperative to maintain the required pressure levels, prevent steam loss, and enhance overall efficiency. The rapid industrialization and diversification among sectors are boosting the steam trap market growth.
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The thermodynamic segment is expected to witness substantial growth by 2032. As thermodynamic steam traps operate on the principle of fluid dynamics, they utilize the velocity of condensate and steam to open and close the valve. These traps offer several advantages, including their compact size, ability to handle high-pressure systems, and resistance to water hammer, making them suitable for various industrial applications. As the adoption of thermodynamic steam traps increases across industries, this segment is poised to observe robust growth.
Steam trap market share from the power generation segment is set to grow at a notable pace from 2023 to 2032, due to the reliance of the turbines on steam-driven turbines for electricity production. Steam traps are essential for maintaining the efficiency and longevity of these turbines by removing condensate and non-condensable gases. As the demand for electricity continues to rise globally, the power generation sector expansion is anticipated to drive the product sales. Additionally, the integration of advanced technologies into power plants is likely to create opportunities for innovative & efficient steam trap solutions.
Asia Pacific steam trap market size is estimated to register significant growth through 2032, primarily attributed to rapid industrialization and infrastructure development. Countries such as China, India, Japan, and South Korea are witnessing expansion of industries, including power generation, oil & gas, and chemicals, which are major consumers of steam traps. In addition, supportive government initiatives promoting energy conservation and sustainability are encouraging industries to adopt energy-efficient solutions like steam traps. As the Asia Pacific region continues to expand economically, the demand for steam traps is forecasted to surge, making it a crucial market for steam trap manufacturers.
Some of the leading players in the global steam trap market are Armstrong International, Watson McDaniel Company, Thermax Limited, TLV Corporation, Spirax Sarco, and Gestra AG. The companies are focusing on strategies, new partnerships, and product developments to improve their market position and gross profits.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Steam trap industry 360º synopsis, 2018 – 2032
2.2 Business trends
2.3 Regional trends
2.4 Type trends
2.5 Function trends
2.6 Application trends
2.7 End-use trends
Chapter 3 Steam Trap Market Insights
3.1 Industry ecosystem analysis
3.2 Raw material outlook
3.3 Regulatory landscape
3.4 Technology landscape
3.5 Pricing analysis, by region
3.6 Cost structure Analysis
3.7 Industry impact forces
3.8 Innovation & sustainability
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
3.12 Impact of COVID-19 on industry, by end use
3.13 Impact of Russia Ukraine war on the industry
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
