Steam Trap Market – An industrial equipment used to discharge condensates and non-condensable gases
- A steam trap is an industrial equipment or device that removes unwanted condensate, air, non-condensable gases etc. from steam generated for industrial application.
- Steam traps are part of the steam system. A condensate is a liquid that is formed during the steam generation process.
- A steam trap acts like an automatic valve that opens and closes as per requirement. Generally, a steam trap is connected to an industrial boiler.
Efforts of global manufacturing companies to reduce wastage in steam generation will drive the Global Steam Trap Market
- Across the globe, heavy industrial manufacturing companies are focused on reducing wastage during industrial steam generation which is used for various purposes. According to the U.S. Department of Energy, close to 20.0% of steam that leaves a central boiler plant is lost during transportation in steam traps through leakage. This increases the production cost. As steam is required in almost all heavy industries with boiler operations, reducing steam wastage in traps increases manufacturing efficiency. Manufacturing plants are looking for energy-efficient steam traps due to all these factors, which is increasing the global sale of steam traps across the world.
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North America to Hold a Leading Share of Global Steam Trap Market
- Geographically, the global Steam Trap market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA).
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the Steam Trap market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the Steam Trap market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America Steam Trap market is segmented into Brazil, and Rest of South America.
- North America and Europe dominates the market share due to larger amount of mechanical industries in the region.
Key Players Operating in the Steam Trap Market:
The Steam Trap market is competitive with several global and regional players. Major players are adopting various strategies, such as energy-efficient steam traps to enhance their position in the market.
A few of the key players operating in the global Steam Trap market are:
- Spirax-Sarco Engineering plc
- CIRCOR International, Inc.
- Emerson Electric Co.
- The Weir Group
- Velan Inc.
- Marck & Care Engineers Ltd.
- Armstrong International Inc.
- Miyawaki Inc.
- Hawa Engineers Ltd.
- Bestobell Steam Traps
- Thermal Energy International Inc.
- Bell & Gossett
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Global Steam Trap Market: Research Scope
Global Steam Trap Market, by Product Type
- Thermostatic Steam Trap
- Thermodynamic Steam Trap
- Mechanical Steam Trap
- Others (Metallic Steam Traps, Inverted Bucket Steam Traps, Liquid Expansion Steam Traps, etc.)
Global Steam Trap Market, by Material Type
Global Steam Trap Market, by Application
- Instrument Steam Tracing
- Line Steam Tracing
- Drip Application
- Process Application
- Turbines Drainage
Global Steam Trap Market, by Distribution Channel
The report on the global Steam Trap market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.