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

Regional Analysis

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North America has solidified its position as the dominant regional market for steam traps globally with 35.9% share in 2024. The region is home to some of the largest process industries that are heavy consumers of steam including oil and gas, petrochemicals, power generation, pharmaceuticals, and pulp and paper. North American countries such as the U.S. and Canada have seen considerable investments in expanding and upgrading existing manufacturing facilities along with establishing new plants in recent years. Ongoing infrastructure projects related to pipeline networks, refineries, and chemical units have continuously fuelled demand for steam system equipment including steam traps. With major component manufacturers and suppliers headquartered in the region, North America also enjoys logistical and pricing advantages.

The Asia Pacific region has emerged as the fastest growing regional steam trap market riding on the immense industrial development across countries. Nations like China, India, Indonesia, and Vietnam are witnessing exponential capacity enhancements across energy, construction, and automotive sectors. This has translated to increased requirements for steam traps to manage condensate and optimize steam usage. Local steam trap producers are striving to reduce import reliance by improving technology and design capabilities. At the same time, leading global players have augmented local production capacity through greenfield projects or acquisitions to capitalize on opportunities. Favorable government initiatives supporting ‘Make in India’ and ‘China Manufacturing 2025’ have further accelerated investments into new manufacturing facilities adopting advanced steam systems. Moreover, the growing competence of regional component makers and availability of low-cost alternatives have strengthened the price competitiveness of Asia Pacific.