The steam trap market is projected to grow at a CAGR of 4.86% to reach US$2.593 billion by 2024, from US$1.951 billion in 2018. A steam trap is an automatic valve system that allows air and non-condensable gases to be discharged from the steam system. The optimal functioning of the steam system tends to improve the overall steam plant efficiency, thus, resulting in the delivery of high-quality steams required in the production process. As such, the growing use of steam for different applications is significantly driving the stream trap market over the years.
This research study examines the current market trends related to demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases, and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top-down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the stream trap value chain. The last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining a faster and efficient understanding of the steam trap market.
Major industry players profiled as part of the report are Emerson Electric Co., Spirax Sarco Limited, Watts Water Technologies, Inc., and Armstrong International Inc. among others.
The steam trap market has been analyzed through the following segments:
By Industry Vertical
Energy & Power
Oil & Gas
Food & Beverage
Middle East and Africa
Frequently Asked Questions (FAQs)
Q1. What is the size of global steam trap market?
A1. Steam Trap market was valued at US$1.951 billion in 2018.
Q2. What will be the steam trap market size by 2024?
A2. The steam trap market is projected to reach a total market size of US$2.593 billion by 2024.
Q3. What are the growth prospects for steam trap market?
A3. The steam trap market is projected to grow at a CAGR of 4.86% during the forecast period.
Q4. What factors are anticipated to drive the steam trap market growth?
A4. The growing use of steam for different applications is significantly driving the steam trap market over the years.
Q5. Who are the major players in the steam trap market?
A5. Major industry players profiled as part of the report are Emerson Electric Co., Spirax Sarco Limited, Watts Water Technologies, Inc., and Armstrong International Inc. among others.