STEAM TRAP MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Steam Trap Market Size and Trends

The Global Steam Trap Market is estimated to be valued at USD 4.12 Bn in 2024 and is expected to reach USD 5.36 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 3.8% from 2024 to 2031.

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The steam trap market is expected to witness substantial growth over the forecast period driven by increasing need for steam traps in industries like pharmaceutical and healthcare. Also, stringent regulations to reduce greenhouse gas emissions have encouraged end-use industries to implement energy efficient and environment friendly technologies like steam traps. Moreover, growing industrialization especially in Asia Pacific has led to an increase in the demand for steam traps from process industries in the region. However, high initial investment required for the installation of steam traps is expected to slightly hamper the market growth. Nonetheless, increasing product innovation to develop smart steam traps with advanced monitoring systems is expected to create numerous opportunities for vendors during the forecast period.

Increasing industrialization and urbanization in developing countries

As developing countries are witnessing strong economic growth mainly driven by industrialization and rise of manufacturing sectors, their needs for processed and manufactured goods are increasing exponentially. The demand for commodities, consumer electronics, automobiles and other industrial products within these emerging markets is surging rapidly. To cater to this growing demand, companies are establishing or expanding their industrial facilities and production plants in countries like China, India, Brazil, Indonesia and other Southeast Asian markets. This large-scale industrial development requires setting up of various utility services and installation of steam systems for different manufacturing and industrial processes.

With growth in industries, needs of heating, steam, and power are also growing. Many plants and facilities extensively use steam for various applications like processing, heating, sterilization, etc. Right from large steel and petrochemical plants to automobile and electronics manufacturing units, almost every industry employs steam traps to efficiently control the flow and release of steam. As more foreign and domestic investments are pouring in manufacturing sectors of developing economies, the infrastructure related to production is getting bolstered rapidly. Cities are experiencing big construction booms with new commercial and residential spaces coming up aggressively. Both factors of industrialization and urbanization have catalyzed the growth of process industry in developing regions.

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Rising demand for energy efficiency and cost savings in steam systems

With rising energy costs and focus on sustainability, process industries are under mounting pressure to optimize energy consumption and reduce operating expenses. As steam represents a major portion of energy expenses, companies are compelled to identify areas where wastage of steam can be minimized. Installation of steam traps has proved to be a cost-effective way of conserving energy and slashing fuel bills by preventing leakage of steam from pipelines and vessels. Advanced and smart steam traps with novel features like self-regulating technology are gaining popularity as they help lower steam losses substantially.

Industrial players recognize significant financial gains that can be realized through the implementation of energy efficiency measures. As energy management has risen to a strategic priority, organizations are aggressively pursuing initiatives to enhance steam system performance. Adopting new generation steam traps which automatically adjust outlet pressure and provide tight shut-off is proving instrumental in maximizing thermal efficiency. Their self-actuating mechanisms ensure live steam is contained properly while condensate is discharged faster. This leads to appreciable savings in fuel and coal requirements at utilities as well as manufacturing facilities.

With the global goal of reducing greenhouse gas emissions and curbing climate change, industries feel increased pressure to optimize natural resource usage. Energy audits and system overhauls have exposed steam leaks as a major area of unaccounted energy loss. Deploying smart steam traps during plant upgrades or for replacing obsolete valves has started delivering notable benefits. Their higher reliability and advanced functionality aids sustaining efficient system operation on an ongoing basis. Driven by growing attention on slashing operational expenses and fulfilling sustainability objectives, end-users are widely embracing the latest steam trap technologies.

For instance, In September 2022, TLV CO., LTD., a leader in steam technology and solutions, launched the FJ32 series of free-float steam traps. These traps are engineered for a variety of process applications, such as jacketed pans, heat exchangers, and vulcanizers. They incorporate the QuickTrap connection, a universal design that facilitates easy, secure, and efficient removal, repair, and reuse.