Steam traps market size to grow by USD 1,401.96 million from 2022 to 2027; Emerging heat recovery steam generator technology for power generation will boost the market growth

NEW YORK, June 8, 2023 /PRNewswire/ — The global steam traps market size is estimated to increase by USD 1,401.96 million. The market’s growth momentum will progress at a CAGR of  5.75%. Emerging heat recovery steam generator technology for power generation is the key factor driving the growth of the global steam traps market. The demand for clean energy is attributable to population expansion, the increase in energy demand, and stringent emission norms. Although renewable sources and nuclear power contribute to energy production, a significant proportion of global energy demand is met by fossil fuels. Moreover to sustain the growth of the global economy and meet environmental regulations, technology such as heat recovery steam generator is an absolute necessity. Heat recovery steam generators enable efficient power production by utilizing exhaust gases, increasing the overall electricity output of the plant without any extra costs. Thus, such factors are expected to drive the global steam traps market during the forecast period. Discover some insights on market size historic period (2017 to 2021) and Forecast 2023-2027 before buying the full report – Request a sample report

Global Steam traps market – Customer Landscape

Our report analyzes the life cycle of the global steam traps market from the innovator’s stage to the laggard’s stage. The report illustrates the lifecycle of the global steam traps market, focusing on the adoption rates of the major countries such as the US, Canada, China, India, Japan, and Germany. To help companies evaluate and develop growth strategies for 2023-2027. To help companies evaluate and develop growth strategies, the report outlines –

• Key purchase criteria
• Adoption rates
• Adoption lifecycles
• Drivers of price sensitivity 
• To unlock the detailed information on the customer landscape -, request a sample now!

Global Steam traps market – Vendor Analysis
Vendor Landscape – The global steam traps market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer steam traps in the market are Armstrong Flow Control, Armstrong International Inc., Ayvaz, Clark Reliance, Dwyer Instruments LLC, Emerson Electric Co., Forbes Marshall Pvt. Ltd., GlobalSpec LLC, MIYAWAKI Inc., Newton Steam Traps Fluid Technology Co. Ltd., Parker Hannifin Corp., Schlumberger Ltd., Spirax Sarco Engineering plc, Swagelok Co., Thermax Ltd., TLV Co. Ltd., Uni Klinger Ltd., Velan Inc., Watson McDaniel Co., and Watts Water Technologies Inc. and others.

The global steam traps market is highly fragmented, with a clear presence of both large international players and regional players, primarily based in South and Southeast Asian countries. These small players make it difficult for international vendors to compete with them in terms of product features, functionalities, and services. With the introduction of products with new features and technologies, the competition will intensify. This is expected to contribute towards the growth of the market in focus during the forecast period. 

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• Special coverage on the Russia–Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – Buy the report!

Vendor Offerings –

• Armstrong Flow Control: The company offers steam traps such as float and thermostatic steam trap LS and MS Series.
• Armstrong International Inc.: The company offers steam traps such as steam filters, steam tracing systems, and automatic steam quality monitoring.
• Ayvaz: The company offers steam traps such as SK 50 mechanical steam trap, SK 50B bimetallic float type steam trap, and SK 51 mechanical steam trap.
• For details on the vendor and its offerings – Request a sample report

Global Steam Traps Market – Segmentation Assessment

Segment Overview
Technavio has segmented the market based on end-user (petroleum, thermal power, and chemical and others), material (steel and iron), and geography (APAC, Europe, North America, Middle East and Africa, and South America). 

• The petroleum segment will account for a major share of the market growth. A healthy steam system is essential for the refinery, as it supplies dry, high-quality steam for various important applications. It is essentially required that the condensate, formed due to heat loss, is effectively removed from the system without any steam leakage. Steam traps effectively fulfill the purpose and are thus installed at every discharge location. As the demand for petroleum products increases, there will be significant refining activities expected, which, in turn, is expected to drive the demand for steam traps during the forecast period.

Geography Overview
By geography, the global steam traps market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global steam traps market.

• APAC is estimated to contribute 34% to the growth by 2027. The region is the largest base for thermal power generation. Coal is considered to be the most widely adopted fuel source in several major countries across the region, such as China, India, Japan, South Korea, Vietnam, Indonesia, and the Philippines. APAC has an enormous demand for electric power. The foremost reason for the growth of electricity consumption in APAC can be attributed to the tremendous growth in the electricity-consuming sector. The rising urban population and their higher living standards have made electricity a valuable commodity in many major countries in the region.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 – Download a Sample Report

Global Steam Traps Market – Market Dynamics

Key Trends – Universal-type steam traps are the primary trend shaping the global steam traps market growth. Steam systems use universal connectors to simplify the replacement and maintenance of steam traps. The WU450 series universal connectors can be used for drip service on steam mains and steam supply lines, tracing, or small process equipment. The use of these steam traps simplifies maintenance schedules. Industrial standard 2-bolt universal connectors find use in chemical plants, petrochemical refineries, paper mills, and various industrial facilities. These connectors are compliant with relevant industry standards, and this makes them interoperable with other manufacturers’ steam trap products. Such factors will increase the market growth during the forecast period.

Major challenges – Faulty steam traps that cause energy loss are a major challenge impeding the growth of the global steam traps market. The old steam traps are replaced with new devices to reduce steam consumption by eliminating leaks. Tests that assess steam wastage offer an inaccurate picture of energy lost through the trap.  Moreover, the manufacturers test new steam traps under ideal challenging situations as well as design them to meet the requirements of the end-user. While large international vendors abide by every such necessity, regional or local vendors might supply standard steam traps that do not follow design protocol. This reduces the overall production cost and helps regional vendors to supply products at a comparatively lower price than international vendors. Such steam traps may or may not prove to be 100% reliable in their operation and are expected to lead to energy loss. Such factors will hinder the marekt growth during the forecast period.

Drivers, Trends and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this Steam Traps Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Steam Traps Market between 2023 and 2027
• Precise estimation of the size of the Steam Traps Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Steam Traps Market industry across APAC, Europe, North America, Middle East and Africa, and South America
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Steam Traps Market vendors

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Table of Content

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Material
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global steam traps market 2017 – 2021
• Exhibit 18: Historic Market Size – Data Table on global steam traps market 2017 – 2021 ($ million)

• 4.2 End-user Segment Analysis 2017 – 2021
• Exhibit 19: Historic Market Size – End-user Segment 2017 – 2021 ($ million)

• 4.3 Material Segment Analysis 2017 – 2021
• Exhibit 20: Historic Market Size – Material Segment 2017 – 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 – 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ million)

• 4.5 Country Segment Analysis 2017 – 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis – Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by End-user

• 6.1 Market segments 
• Exhibit 30: Chart on End-user – Market share 2022-2027 (%)
• Exhibit 31: Data Table on End-user – Market share 2022-2027 (%)

• 6.2 Comparison by End-user 
• Exhibit 32: Chart on Comparison by End-user
• Exhibit 33: Data Table on Comparison by End-user

• 6.3 Petroleum – Market size and forecast 2022-2027
• Exhibit 34: Chart on Petroleum – Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Petroleum – Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Petroleum – Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Petroleum – Year-over-year growth 2022-2027 (%)

• 6.4 Thermal power – Market size and forecast 2022-2027
• Exhibit 38: Chart on Thermal power – Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Thermal power – Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Thermal power – Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Thermal power – Year-over-year growth 2022-2027 (%)

• 6.5 Chemical and others – Market size and forecast 2022-2027 
• Exhibit 42: Chart on Chemical and others – Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Chemical and others – Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Chemical and others – Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Chemical and others – Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by End-user 
• Exhibit 46: Market opportunity by End-user ($ million)
• Exhibit 47: Data Table on Market opportunity by End-user ($ million)

7 Market Segmentation by Material

• 7.1 Market segments 
• Exhibit 48: Chart on Material – Market share 2022-2027 (%)
• Exhibit 49: Data Table on Material – Market share 2022-2027 (%)

• 7.2 Comparison by Material 
• Exhibit 50: Chart on Comparison by Material
• Exhibit 51: Data Table on Comparison by Material

• 7.3 Steel – Market size and forecast 2022-2027
• Exhibit 52: Chart on Steel – Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Steel – Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Steel – Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Steel – Year-over-year growth 2022-2027 (%)

• 7.4 Iron – Market size and forecast 2022-2027
• Exhibit 56: Chart on Iron – Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on Iron – Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on Iron – Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Iron – Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Material 
• Exhibit 60: Market opportunity by Material ($ million)
• Exhibit 61: Data Table on Market opportunity by Material ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 63: Chart on Market share by geography 2022-2027 (%)
• Exhibit 64: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 65: Chart on Geographic comparison
• Exhibit 66: Data Table on Geographic comparison

• 9.3 APAC – Market size and forecast 2022-2027
• Exhibit 67: Chart on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on APAC – Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 9.4 Europe – Market size and forecast 2022-2027
• Exhibit 71: Chart on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on Europe – Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 9.5 North America – Market size and forecast 2022-2027
• Exhibit 75: Chart on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on North America – Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa – Market size and forecast 2022-2027 
• Exhibit 79: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 9.7 South America – Market size and forecast 2022-2027
• Exhibit 83: Chart on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on South America – Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 9.8 China – Market size and forecast 2022-2027
• Exhibit 87: Chart on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on China – Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on China – Year-over-year growth 2022-2027 (%)

• 9.9 US – Market size and forecast 2022-2027
• Exhibit 91: Chart on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on US – Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on US – Year-over-year growth 2022-2027 (%)

• 9.10 Germany – Market size and forecast 2022-2027
• Exhibit 95: Chart on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on Germany – Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Germany – Year-over-year growth 2022-2027 (%)

• 9.11 Canada – Market size and forecast 2022-2027
• Exhibit 99: Chart on Canada – Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on Canada – Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on Canada – Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Canada – Year-over-year growth 2022-2027 (%)

• 9.12 India – Market size and forecast 2022-2027
• Exhibit 103: Chart on India – Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on India – Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on India – Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on India – Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 107: Market opportunity by geography ($ million)
• Exhibit 108: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.3 Impact of drivers and challenges 
• Exhibit 109: Impact of drivers and challenges in 2022 and 2027

11 Vendor Landscape

• 11.2 Vendor landscape 
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 111: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 112: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 113: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 114: Matrix on vendor position and classification

• 12.3 Armstrong Flow Control 
• Exhibit 115: Armstrong Flow Control – Overview
• Exhibit 116: Armstrong Flow Control – Product / Service
• Exhibit 117: Armstrong Flow Control – Key offerings

• 12.4 Armstrong International Inc. 
• Exhibit 118: Armstrong International Inc. – Overview
• Exhibit 119: Armstrong International Inc. – Product / Service
• Exhibit 120: Armstrong International Inc. – Key offerings

• 12.5 Ayvaz 
• Exhibit 121: Ayvaz – Overview
• Exhibit 122: Ayvaz – Product / Service
• Exhibit 123: Ayvaz – Key offerings

• 12.6 Clark Reliance 
• Exhibit 124: Clark Reliance – Overview
• Exhibit 125: Clark Reliance – Product / Service
• Exhibit 126: Clark Reliance – Key offerings

• 12.7 Emerson Electric Co. 
• Exhibit 127: Emerson Electric Co. – Overview
• Exhibit 128: Emerson Electric Co. – Business segments
• Exhibit 129: Emerson Electric Co. – Key news
• Exhibit 130: Emerson Electric Co. – Key offerings
• Exhibit 131: Emerson Electric Co. – Segment focus

• 12.8 Forbes Marshall Pvt. Ltd. 
• Exhibit 132: Forbes Marshall Pvt. Ltd. – Overview
• Exhibit 133: Forbes Marshall Pvt. Ltd. – Product / Service
• Exhibit 134: Forbes Marshall Pvt. Ltd. – Key offerings

• 12.9 Parker Hannifin Corp. 
• Exhibit 135: Parker Hannifin Corp. – Overview
• Exhibit 136: Parker Hannifin Corp. – Business segments
• Exhibit 137: Parker Hannifin Corp. – Key news
• Exhibit 138: Parker Hannifin Corp. – Key offerings
• Exhibit 139: Parker Hannifin Corp. – Segment focus

• 12.10 Spirax Sarco Engineering plc 
• Exhibit 140: Spirax Sarco Engineering plc – Overview
• Exhibit 141: Spirax Sarco Engineering plc – Business segments
• Exhibit 142: Spirax Sarco Engineering plc – Key offerings
• Exhibit 143: Spirax Sarco Engineering plc – Segment focus

• 12.11 Swagelok Co. 
• Exhibit 144: Swagelok Co. – Overview
• Exhibit 145: Swagelok Co. – Product / Service
• Exhibit 146: Swagelok Co. – Key offerings

• 12.12 Thermax Ltd. 
• Exhibit 147: Thermax Ltd. – Overview
• Exhibit 148: Thermax Ltd. – Business segments
• Exhibit 149: Thermax Ltd. – Key news
• Exhibit 150: Thermax Ltd. – Key offerings
• Exhibit 151: Thermax Ltd. – Segment focus

• 12.13 TLV Co. Ltd. 
• Exhibit 152: TLV Co. Ltd. – Overview
• Exhibit 153: TLV Co. Ltd. – Product / Service
• Exhibit 154: TLV Co. Ltd. – Key offerings

• 12.14 Uni Klinger Ltd. 
• Exhibit 155: Uni Klinger Ltd. – Overview
• Exhibit 156: Uni Klinger Ltd. – Product / Service
• Exhibit 157: Uni Klinger Ltd. – Key offerings

• 12.15 Velan Inc. 
• Exhibit 158: Velan Inc. – Overview
• Exhibit 159: Velan Inc. – Product / Service
• Exhibit 160: Velan Inc. – Key offerings

• 12.16 Watson McDaniel Co. 
• Exhibit 161: Watson McDaniel Co. – Overview
• Exhibit 162: Watson McDaniel Co. – Product / Service
• Exhibit 163: Watson McDaniel Co. – Key offerings

• 12.17 Watts Water Technologies Inc. 
• Exhibit 164: Watts Water Technologies Inc. – Overview
• Exhibit 165: Watts Water Technologies Inc. – Product / Service
• Exhibit 166: Watts Water Technologies Inc. – Key offerings

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 167: Inclusions checklist
• Exhibit 168: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 169: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 170: Research methodology
• Exhibit 171: Validation techniques employed for market sizing
• Exhibit 172: Information sources

• 13.5 List of abbreviations 
• Exhibit 173: List of abbreviations 

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