Steam Traps Market Analysis APAC,Europe,North America,Middle East and Africa,South America - US,Canada,China,India,Germany - Size and Forecast 2023-2027

Steam Trap Market Forecast 2023-2027

The steam traps market size is forecast to increase by USD 1.40 billion at a CAGR of 5.75% between 2022 and 2027. The market is witnessing significant growth driven by advancements in heat recovery steam generator (HRSG) technology, offering enhanced efficiency in power generation processes. Additionally, the adoption of real-time automated steam trap monitoring systems contributes to improved operational reliability and energy savings.

Moreover, the ongoing development of Gas Turbine Combined Cycle (GTCC) and Integrated Gasification Combined Cycle (IGCC) technologies further amplifies the demand for steam traps, as they play a crucial role in optimizing steam distribution and condensate recovery systems within these advanced power generation setups. This market research and growth report also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the Size of the Steam Traps Market During the Forecast Period?

To learn more about this report,  Download Report Sample

In the power generation industry, steam traps play a crucial role in maintaining efficiency and safety. The market for steam traps is significant, with various types catering to diverse industrial applications. These include thermostatic, thermodynamic, and pressure-reducing traps. They are essential components in steam systems, ensuring the efficient removal of condensate and non-condensable gases. The technology used in steam traps has evolved over the years, with manufacturers focusing on energy savings, reliability, and ease of maintenance. IoT technology is increasingly being integrated into steam trap systems, enabling predictive maintenance and remote monitoring. This results in reduced downtime, improved efficiency, and cost savings for industrial organizations. Battery-less sensors and wireless communication technologies are key enablers for IoT-based steam trap monitoring. These technologies enable real-time data collection and analysis, allowing for proactive maintenance and optimization of steam systems. Semiconductors and electronics are integral to the functioning of modern steam trap systems. The use of advanced materials and manufacturing techniques has led to the development of more reliable and efficient steam traps. The market is expected to grow, driven by the increasing demand for energy efficiency and reliability in industrial processes. The adoption of IoT technologies and the integration of advanced materials and manufacturing techniques are expected to further fuel market growth.

Market Dynamics and Customer Landscape

The market is experiencing significant growth fueled by the demand for energy-efficient steam systems, particularly in emerging economies with rapid economic growth. Despite benefits such as energy conservation and reduced maintenance costs, challenges like the lack of awareness and high initial investments hinder market expansion. Companies like Schlumberger Limited and Thermax Limited offer mechanical steam traps with steel body material for oil & gas and chemical industries. Innovative solutions, including IoT sensor technology and battery-less IoT systems, provided by companies like Everactive and Spartan Controls, address issues such as steam trap failure and enable efficient maintenance services for steam systems. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.     

Key Market Driver

Emerging heat recovery steam generator technology for power generation is the key factor driving the growth of the global market. The demand for power is constantly increasing across the world. The increasing population worldwide and growth in the global economy are expected to drive this demand. 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.

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 market during the forecast period.

Significant Market Trends

Universal-type steam traps are the primary trend shaping the global market growth. Steam systems use universal connectors to simplify the replacement and maintenance of steam traps. Two bolts are used to connect the steam trap module to the universal connector. The chemical plants, petrochemical refineries, paper mills, and other industrial facilities use universal-style steam traps. Watson McDaniel steam traps can be used in many applications. They are designed for use in applications that require frequent maintenance or replacement 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 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.

Major Market Challenge

Faulty steam traps that cause energy loss are a major challenge impeding the growth of the global market. The old ones 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. Such tests may not consider the energy lost through radiation. These losses are directly related to the size and shape of the body. The faulty operations of the steam trap lead to energy losses, as well as hamper thermal efficiency. Such faulty steam traps are the responsibility of the manufacturer.

Manufacturers test new ones under ideal challenging situations as well as design them to meet the requirements of the end-user. While large international companies abide by every such necessity, regional or local companies might supply standard steam traps that do not follow design protocol. This reduces the overall production cost and helps regional companies to supply products at a comparatively lower price than international companies. Such steam traps may or may not prove to be 100% reliable in their operation and are expected to lead to energy loss.

Customer Landscape

Our analysis of the adoption life cycle of the market indicates its movement between the innovator’s stage and the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027. 

Market Customer Landscape

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Armstrong Flow Control: The company offers steam-traps such as float, and thermostatic steam traps LS and MS Series. Also, through this segment, the company offers steam traps, air vents, and liquid drainers.

Armstrong International Inc.: The company offers steam-traps such as steam filters, steam tracing systems, and automatic steam quality monitoring. Also, the company offers a line of products such as steam and condensate, humidification, flow measurement, and heat transfer among others.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:

• 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.
• Watts Water Technologies Inc.

Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Market Segmentation 

This report extensively covers market segmentation by 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). In the market, Radioproducts and Mechanical Services play significant roles. These companies offer a wide range of products, including Economizers, Economic Traps, and Limited Control Traps. The system requires regular maintenance to ensure optimal performance, and these traps are essential components. The Steams Systems' body is crucial, and Schumberger's body and Growth Engineering's body are popular choices. The Inverse Vacuum Breaker and Pressure Vacuum Breaker are types of traps used to prevent backflow. Proper selection and installation of these traps are essential to prevent system contamination and ensure energy efficiency. The Limited control traps are used when the system pressure fluctuates, while the thermostatic traps maintain a constant temperature. The Traps' maintenance involves regular inspections, cleaning, and replacement of worn-out parts. The Oil and Lubricants are essential for the traps' smooth operation. In summary, the market comprises various types of traps, including Economizers, Economic Traps, and Limited Control Traps, from companies like Radioproducts and Mechanical Services. Proper installation, maintenance, and selection of these traps are crucial for the optimal performance of the Steam System.

By End-User

The petroleum segment will account for a major share of the market's growth during the forecast period.  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. They 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.

Get a Customised Report as per your requirements for FREE!

The petroleum segment was valued at USD 1.34 billion in 2017 and continued to grow until 2021. As per the IEA predictions, the global oil industry has now reached a normal state, where an oversupply of oil has attained a balanced level, and prices have recovered. Currently, the growth is driven by the US, Brazil, Canada, and Norway markets. These countries have ensured enough supply to meet the global oil demand until 2020 end. However, the industry is still making investments to ensure the future supply of oil, as the industry witnesses a robust growth in demand from every application area.

The market is experiencing significant growth due to the need to mitigate leaks in Mechanical and Thermostatic applications. Float mechanisms and temperature-sensitive elements, such as bimetallic elements and wax-filled capsules, play crucial roles in condensate management. Fluid dynamics and valve design are essential in Instrument Steam Tracing, Line Steam Tracing, and Drip Application processes. They are vital in various applications, including heating, sterilization, and condensation processes in the Energy & power sectors. Developing economies are increasingly adopting advanced technologies like IoT sensor technology and battery-less IoT systems from companies like Everactive, Emerson Electric, Spartan Controls, and Yarway Steam Traps to optimize steam usage and prevent the solidification of fluids. They help manage steam and condensate, ensuring efficient heating processes and preventing water hammering. These components are essential in industries that rely on steel and iron, such as power generation and manufacturing.

Regional Analysis

APAC is estimated to contribute 34% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.  

For more insights on the market share of various regions View PDF Sample now!

In the APAC region, the energy-efficient steam systems market experiences robust growth due to rapid economic expansion and the significant presence of oil & gas end-users, thermal power stations, and green power generation technologies. According to OPEC and Technavio, APAC will account for approximately half of the overall refining capacity additions from 2017 to 2040. Key players in the market include Schlumberger Limited, Thermax Limited, Velan, Watts Water, TLV, and Forbes Marshall. These companies provide energy-efficient solutions for various industries, such as oil and gas, chemicals, food processing, power generation, and healthcare. Steam trap failure and maintenance service are crucial for energy efficiency, energy conservation, environmental awareness, and safety. High-quality steam traps made of steel body material contribute to better process control, operational efficiency, and equipment damage prevention. Rising energy costs, fuel consumption, and greenhouse gas emissions, along with regulatory mandates, necessitate the importance of steam traps in industrial expansion and process optimization.

Market Analyst Overview

In the market, Radius Valves and Mechanical Services play significant roles. These companies offer a wide range of products, including traps, valves, and related components. The Steam systems section on their websites showcases various trap types, such as pressure reducing traps, vacuum breakers, and thermostatic traps. Efficiency and cost-effectiveness are essential factors in the market. Rapid and accurate response to system changes is crucial for maintaining optimal performance. For this reason, many companies focus on developing advanced technologies, like electronic traps and smart positioners. Lack of maintenance can lead to inefficiencies and increased energy consumption.

Regular inspections and timely repairs are essential to ensure the longevity and optimal functioning of steam traps. Companies like Olivier & Company and Forbes Marsh provide services for steam trap surveys, audits, and maintenance. The market is vast and diverse, with applications ranging from power generation to food processing industries. It is essential for maintaining system efficiency and ensuring safety in various industrial processes. The integration of advanced technologies and regular maintenance practices will continue to drive the growth of the market.

The market is driven by rapid economic growth and the increasing demand from emerging economies. Despite this growth, there remains a lack of awareness regarding the benefits of steam trap systems, leading to energy wastage in various industries. Recognizing the importance of efficient steam management, industries such as oil & gas end-user segment are making high investments in steam trap solutions. The mechanical steam trap serves as a critical component in ensuring optimal performance, especially in process applications and semiconductor design, where precision and reliability are paramount.

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• End-User Outlook 
  • Petroleum
  • Thermal power
  • Chemical and Others
• Materials Outlook 
  • Steel
  • Iron
• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Scope
Report Coverage	Details
Page number	163
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 5.75%
Market growth 2023-2027	USD 1.40 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	5.25
Regional analysis	APAC, Europe, North America, Middle East and Africa, and South America
Performing market contribution	APAC at 34%
Key countries	US, Canada, China, India, and Germany
Competitive landscape	Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks
Key companies profiled	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.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.
Customization purview	If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Request PDF sample

What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2023 and 2027
• Precise estimation of the market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Market growth analysis 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 companies
• Market forecasting of factors that will challenge the growth of the key market companies

We can help! Our analysts can customize this market research report to meet your requirements. Get in touch