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Steam Trap Market Trends

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

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Steam Trap Market Trends

The steam trap industry is evolving with two key trends, smart IoT-enabled devices and energy-efficient designs. Smart steam traps, equipped with sensors and connectivity, offer real-time performance data, enabling proactive maintenance and reduced downtime. This aligns with broader industrial digital transformation efforts. Simultaneously, manufacturers are developing energy-efficient models to meet stricter environmental regulations and help businesses reduce their carbon footprint. These advanced steam traps are particularly valuable in energy-intensive industries like food processing, pharmaceuticals, and chemicals. By offering both operational efficiency and sustainability benefits, these innovations present a compelling case for adoption, helping companies optimize performance, cut costs, and meet environmental goals.

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.