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Steam Trap Market Share

Report ID: GMI6122
Published Date: Nov 2024
Report Format: PDF

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Steam Trap Market Share

Global Steam Traps Company Market Share Analysis, (2023)

The steam trap industry is fragmented, with prominent players holding a market share of 10%-15% of the total market share. Key companies in the market generally emphasize the need for high efficiency, durability, and precision in their products to cater to diverse industrial applications. Manufacturers focus on providing innovative steam traps that offer energy savings, improved system performance, and easy integration with modern automation and IoT systems. With industries such as oil and gas, pharmaceuticals, and power generation relying heavily on steam systems, companies are increasingly incorporating features like smart monitoring and self-regulation to meet both operational and sustainability goals.

Steam Trap Market Companies

Major players operating in the steam trap industry include:

Armstrong International, Inc.
Danfoss A/S
Emerson Electric Co.
Flowserve Corporation
Forbes Marshall Private Limited
GESTRA AG
Miura Co., Ltd.
Pentair plc
Schlumberger Limited
Spirax-Sarco Engineering plc
Thermax Limited
TLV International, Inc.
Velan Inc.
Watson-McDaniel Company
Yoshitake, Inc.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The global market for steam trap was reached USD 3.9 billion in 2023 and is estimated to grow at a 4.1% CAGR from 2024 to 2032, driven by industrial automation and the need for better process efficiency.

The mechanical steam traps segment recorded USD 1.8 billion in 2023 and is expected to grow at a 4.4% CAGR through 2032, due to their reliability and cost-effectiveness in high-temperature and high-pressure settings.

The indirect sales segment held around 62.5% of the market share in 2023 and is expected to grow at a 4.5% CAGR up to 2032, as it helps manufacturers reach diverse customers without a direct presence everywhere.

The U.S. steam trap market accounted for around 79.1% revenue share in 2023 and is set to register a 3.7% CAGR through 2032, driven by the country's strong industrial base and push for energy efficiency.