Global Steam Traps Market by Material Types, Applications, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026
Global Steam Traps Market is valued to reach USD 4.3 Billion by 2022, growing at CAGR of 3.6% over forecast period 2020–2026. Increasing adoption of steam traps in many industry verticals for fuel savings, high efficiency, heat recovery steam generator technology coupled with lesser carbon emission are the factors augmenting the market growth.
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A stream trap is used to release condensate and non-condensable gasses with unimportant loss of live steam. In other words, it is a drain valve, which distinguishes between steam and condensate. The steam trap holds back steam and discharges condensates under varying pressure or loads. The working of a steam trap is much the same as redid valve that opens, closes, or modifies automatically. The three central segments of steam trap structure are to release condensate when it is formed; unless it is enchanting to utilize it, have the farthest point of releasing air and other non-condensable gasses and particularly have an insignificant steam consumption-being energy efficient.
Strict regulatory framework that is being imposed by the regulatory bodies to reduce the carbon foot print, end-user industries actively using steam traps to cut down their cost on fuel, and growth in sustainability concerns are expected to be the factors for growth in the market. However, unwillingness to use such system limits the growth of the market.
Market Trends, Drivers, Restraints, and Opportunities:
- Stringent regulations laid down by regulatory bodies to reduce carbon footprint is a key factor driving the market.
- Additionally, growing concerns regarding substantiality is a major factor fueling the market growth.
- High operational and periodic maintenance costs of steam traps are hampering the growth of the market.
- Rising infrastructure investments in the power and energy sectors in emerging nations are likely to create growth opportunities in the market.