Product Code: GVR-4-68040-378-3
Steam Trap Market Size & Trends
The global steam trap market was estimated at USD 3.66 billion in 2023 and is grow at a CAGR of 4.1% from 2024 to 2030. The market growth is attributed to the increasing global focus on energy efficiency and sustainability which is driving demand for steam traps that optimize energy usage by preventing steam loss. Furthermore, growth in industries such as oil & gas, chemicals, food & beverages, and pharmaceuticals, where steam traps are crucial for process efficiency, further boosts market demand.
Additionally, this market is witnessing innovations in steam trap technology, including smart steam traps with sensors for predictive maintenance. This is expected to enhance product adoption. Use of effective product into operations reduces operational costs by conserving energy and minimizing maintenance downtime, making them attractive for industries striving to improve profitability. Furthermore, supportive government policies promoting energy-efficient technologies and reducing carbon footprints create a positive environment for this market.
The initial cost of high-quality this product, especially advanced types like smart steam traps, can be a barrier to adoption, particularly in cost-sensitive industries. Improper maintenance or lack of regular servicing can lead to product inefficiency. Furthermore, advanced products may require specialized knowledge for installation and maintenance, which can prevent some end-users from adopting newer technologies. Emerging alternative technologies for steam management, such as heat exchangers or direct injection systems, provide alternatives to traditional steam traps, posing a competitive challenge.
Increasing adoption of industrial automation and IoT-enabled devices presents opportunities for this product that offer real-time monitoring and predictive maintenance capabilities. Furthermore, continuous advancements in materials, designs, and functionalities of steam traps offer opportunities for manufacturers to differentiate their products and cater to specific industry needs. Expansion of industrial activities in emerging markets, coupled with infrastructure development, provide a ground for this market growth.
Global Steam Trap Market Report Segmentation
This report forecasts revenue growth at regional & country levels and provides an analysis of the industry trends in each of the segments from 2018 to 2030. For this study, Grand View Research has segmented the steam trap market based on product, end-use, and region:
- Product Outlook (Revenue, USD Million, 2018 - 2030)
- Mechanical
- Thermodynamics
- Thermostatic
- End-use Outlook (Revenue, USD Million, 2018 - 2030)
- Chemical
- Oil & Gas
- Food & Beverage
- Energy & Power
- Pharmaceutical
- Other End Uses
- Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
U.S.
Canada
Mexico
Germany
UK
France
Italy
Spain
China
Japan
India
South Korea
Brazil
Argentina
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Scope & Assumption
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook, 2023 (USD Million)
- 2.2. Segmental Outlook
- 2.3. Competitive Insights
Chapter 3. Steam Trap Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.2. Steam Trap Market - Value Chain Analysis
- 3.3. Steam Trap Market - Market Dynamics
- 3.3.1. Market Driver Analysis
- 3.3.2. Market Restraint Analysis
- 3.3.3. Market Opportunity Analysis
- 3.3.4. Market Challenge Analysis
- 3.4. Regulatory Framework
- 3.5. Steam Trap Market - Business Environment Analysis
- 3.5.1. PESTLE Analysis
- 3.5.2. Porter's Five Forces Analysis
- 3.6. Market Disruption Analysis
Chapter 4. Steam Trap Market: Product Estimates & Trend Analysis
- 4.1. Key Takeaways
- 4.2. Product Movement Analysis & Market Share, 2023 & 2030
- 4.3. Steam Trap Market By Product, 2018 - 2030 (USD Million)
- 4.4. Mechanical
- 4.4.1. Steam Trap Market Estimates & Forecasts, by Mechanical, 2018 & 2030 (USD Million)
- 4.5. Thermodynamics
- 4.5.1. Steam Trap Market Estimates & Forecasts, by Thermodynamics, 2018 & 2030 (USD Million)
- 4.6. Thermostatic
- 4.6.1. Steam Trap Market Estimates & Forecasts, by Thermostatic, 2018 & 2030 (USD Million)
Chapter 5. Steam Trap Market: End Use Estimates & Trend Analysis
- 5.1. Key Takeaways
- 5.2. End Use Movement Analysis & Market Share, 2023 & 2030
- 5.3. Steam Trap Market By End Use, 2018 - 2030 (USD Million)
- 5.4. Chemical
- 5.4.1. Steam Trap Market Estimates & Forecasts, by Chemical, 2018 & 2030 (USD Million)
- 5.5. Oil & Gas
- 5.5.1. Steam Trap Market Estimates & Forecasts, by Oil & Gas, 2018 & 2030 (USD Million)
- 5.6. Food & Beverage
- 5.6.1. Steam Trap Market Estimates & Forecasts, by Food & Beverage, 2018 & 2030 (USD Million)
- 5.7. Energy & Power
- 5.7.1. Steam Trap Market Estimates & Forecasts, by Energy & Power, 2018 & 2030 (USD Million)
- 5.8. Pharmaceutical
- 5.8.1. Steam Trap Market Estimates & Forecasts, by Pharmaceutical, 2018 & 2030 (USD Million)
- 5.9. Other End Uses
- 5.9.1. Steam Trap Market Estimates & Forecasts, by Other End Uses, 2018 & 2030 (USD Million)
Chapter 6. Steam Trap Market: Regional Estimates & Trend Analysis
- 6.1. Key Takeaways
- 6.2. Regional Market Share Analysis, 2023 & 2030
- 6.3. Market Estimates & Forecasts by Region, 2018 - 2030 (USD Million)
- 6.4. North America
- 6.4.1. North America Steam Trap Market Estimates & Forecasts, 2018 & 2030 (USD Million)
- 6.4.2. North America Steam Trap Market Estimates & Forecasts, by Product, 2018 & 2030 (USD Million)
- 6.4.3. North America Steam Trap Market Estimates & Forecasts, by End Use, 2018 & 2030 (USD Million)
- 6.4.4. U.S.
- 6.4.4.1. U.S. Steam Trap Market Estimates & Forecasts, 2018 & 2030 (USD Million)
- 6.4.4.2. U.S. Steam Trap Market Estimates & Forecasts, by Product, 2018 & 2030 (USD Million)
- 6.4.4.3. U.S. Steam Trap Market Estimates & Forecasts, by End Use, 2018 & 2030 (USD Million)
- 6.4.5. Canada
- 6.4.5.1. Canada Steam Trap Market Estimates & Forecasts, 2018 & 2030 (USD Million)
- 6.4.5.2. Canada Steam Trap Market Estimates & Forecasts, by Product, 2018 & 2030 (USD Million)
- 6.4.5.3. Canada Steam Trap Market Estimates & Forecasts, by End Use, 2018 & 2030 (USD Million)
- 6.4.6. Mexico
- 6.4.6.1. Mexico Steam Trap Market Estimates & Forecasts, 2018 & 2030 (USD Million)
- 6.4.6.2. Mexico Steam Trap Market Estimates & Forecasts, by Product, 2018 & 2030 (USD Million)
- 6.4.6.3. Mexico Steam Trap Market Estimates & Forecasts, by End Use, 2018 & 2030 (USD Million)
- 6.5. Europe
- 6.5.1. Europe Steam Trap Market Estimates & Forecasts, 2018 & 2030 (USD Million)
- 6.5.2. Europe Steam Trap Market Estimates & Forecasts, by Product, 2018 & 2030 (USD Million)
- 6.5.3. Europe Steam Trap Market Estimates & Forecasts, by End Use, 2018 & 2030 (USD Million)
- 6.5.4. Germany
- 6.5.4.1. Germany Steam Trap Market Estimates & Forecasts, 2018 & 2030 (USD Million)
- 6.5.4.2. Germany Steam Trap Market Estimates & Forecasts, by Product, 2018 & 2030 (USD Million)
- 6.5.4.3. Germany Steam Trap Market Estimates & Forecasts, by End Use, 2018 & 2030 (USD Million)
- 6.5.5. UK
- 6.5.5.1. UK Steam Trap Market Estimates & Forecasts, 2018 & 2030 (USD Million)
- 6.5.5.2. UK Steam Trap Market Estimates & Forecasts, by Product, 2018 & 2030 (USD Million)
- 6.5.5.3. UK Steam Trap Market Estimates & Forecasts, by End Use, 2018 & 2030 (USD Million)
- 6.5.6. France
- 6.5.6.1. France Steam Trap Market Estimates & Forecasts, 2018 & 2030 (USD Million)
- 6.5.6.2. France Steam Trap Market Estimates & Forecasts, by Product, 2018 & 2030 (USD Million)
- 6.5.6.3. France Steam Trap Market Estimates & Forecasts, by End Use, 2018 & 2030 (USD Million)
- 6.5.7. Spain
- 6.5.7.1. Spain Steam Trap Market Estimates & Forecasts, 2018 & 2030 (USD Million)
- 6.5.7.2. Spain Steam Trap Market Estimates & Forecasts, by Product, 2018 & 2030 (USD Million)
- 6.5.7.3. Spain Steam Trap Market Estimates & Forecasts, by End Use, 2018 & 2030 (USD Million)
- 6.5.8. Italy
- 6.5.8.1. Italy Steam Trap Market Estimates & Forecasts, 2018 & 2030 (USD Million)
- 6.5.8.2. Italy Steam Trap Market Estimates & Forecasts, by Product, 2018 & 2030 (USD Million)
- 6.5.8.3. Italy Steam Trap Market Estimates & Forecasts, by End Use, 2018 & 2030 (USD Million)
- 6.6. Asia Pacific
- 6.6.1. Asia Pacific Steam Trap Market Estimates & Forecasts, 2018 & 2030 (USD Million)
- 6.6.2. Asia Pacific Steam Trap Market Estimates & Forecasts, by Product, 2018 & 2030 (USD Million)
- 6.6.3. Asia Pacific Steam Trap Market Estimates & Forecasts, by End Use, 2018 & 2030 (USD Million)
- 6.6.4. China
- 6.6.4.1. China Steam Trap Market Estimates & Forecasts, 2018 & 2030 (USD Million)
- 6.6.4.2. China Steam Trap Market Estimates & Forecasts, by Product, 2018 & 2030 (USD Million)
- 6.6.4.3. China Steam Trap Market Estimates & Forecasts, by End Use, 2018 & 2030 (USD Million)
- 6.6.5. India
- 6.6.5.1. India Steam Trap Market Estimates & Forecasts, 2018 & 2030 (USD Million)
- 6.6.5.2. India Steam Trap Market Estimates & Forecasts, by Product, 2018 & 2030 (USD Million)
- 6.6.5.3. India Steam Trap Market Estimates & Forecasts, by End Use, 2018 & 2030 (USD Million)
- 6.6.6. Japan
- 6.6.6.1. Japan Steam Trap Market Estimates & Forecasts, 2018 & 2030 (USD Million)
- 6.6.6.2. Japan Steam Trap Market Estimates & Forecasts, by Product, 2018 & 2030 (USD Million)
- 6.6.6.3. Japan Steam Trap Market Estimates & Forecasts, by End Use, 2018 & 2030 (USD Million)
- 6.6.7. South Korea
- 6.6.7.1. South Korea Steam Trap Market Estimates & Forecasts, 2018 & 2030 (USD Million)
- 6.6.7.2. South Korea Steam Trap Market Estimates & Forecasts, by Product, 2018 & 2030 (USD Million)
- 6.6.7.3. South Korea Steam Trap Market Estimates & Forecasts, by End Use, 2018 & 2030 (USD Million)
- 6.7. Central & South America
- 6.7.1. Central & South America Steam Trap Market Estimates & Forecasts, 2018 & 2030 (USD Million)
- 6.7.2. Central & South America Steam Trap Market Estimates & Forecasts, by Product, 2018 & 2030 (USD Million)
- 6.7.3. Central & South America Steam Trap Market Estimates & Forecasts, by End Use, 2018 & 2030 (USD Million)
- 6.7.4. Brazil
- 6.7.4.1. Brazil Steam Trap Market Estimates & Forecasts, 2018 & 2030 (USD Million)
- 6.7.4.2. Brazil Steam Trap Market Estimates & Forecasts, by Product, 2018 & 2030 (USD Million)
- 6.7.4.3. Brazil Steam Trap Market Estimates & Forecasts, by End Use, 2018 & 2030 (USD Million)
- 6.7.5. Argentina
- 6.7.5.1. Argentina Steam Trap Market Estimates & Forecasts, 2018 & 2030 (USD Million)
- 6.7.5.2. Argentina Steam Trap Market Estimates & Forecasts, by Product, 2018 & 2030 (USD Million)
- 6.7.5.3. Argentina Steam Trap Market Estimates & Forecasts, by End Use, 2018 & 2030 (USD Million)
- 6.8. Middle East & Africa
- 6.8.1. Middle East & Africa Steam Trap Market Estimates & Forecasts, 2018 & 2030 (USD Million)
- 6.8.2. Middle East & Africa Steam Trap Market Estimates & Forecasts, by Product, 2018 & 2030 (USD Million)
- 6.8.3. Middle East & Africa Steam Trap Market Estimates & Forecasts, by End Use, 2018 & 2030 (USD Million)
Chapter 7. Supplier Intelligence
- 7.1. Kraljic Matrix
- 7.2. Engagement Model
- 7.3. Negotiation Strategies
- 7.4. Sourcing Best Practices
- 7.5. Vendor Selection Criteria
- 7.6. List of Raw Material Suppliers
Chapter 8. Competitive Analysis
- 8.1. Recent Developments & Impact Analysis, By Key Market Participants
- 8.2. Company Categorization
- 8.3. Company Market Positioning
- 8.4. Company Heat Map Analysis
- 8.5. Company Listings
- 8.5.1. Circor International Inc.
- 8.5.1.1. Company Overview
- 8.5.1.2. Financial Performance
- 8.5.1.3. Product Benchmarking
- 8.5.1.4. Strategic Initiatives
- 8.5.2. Emerson Electric Co.
- 8.5.2.1. Company Overview
- 8.5.2.2. Financial Performance
- 8.5.2.3. Product Benchmarking
- 8.5.2.4. Strategic Initiatives
- 8.5.3. Flowserve Corporation
- 8.5.3.1. Company Overview
- 8.5.3.2. Financial Performance
- 8.5.3.3. Product Benchmarking
- 8.5.3.4. Strategic Initiatives
- 8.5.4. Pentair Inc.
- 8.5.4.1. Company Overview
- 8.5.4.2. Financial Performance
- 8.5.4.3. Product Benchmarking
- 8.5.4.4. Strategic Initiatives
- 8.5.5. Schlumberger Limited
- 8.5.5.1. Company Overview
- 8.5.5.2. Financial Performance
- 8.5.5.3. Product Benchmarking
- 8.5.5.4. Strategic Initiatives
- 8.5.6. Spirax-Sarco Engineering
- 8.5.6.1. Company Overview
- 8.5.6.2. Financial Performance
- 8.5.6.3. Product Benchmarking
- 8.5.6.4. Strategic Initiatives
- 8.5.7. Thermax Ltd.
- 8.5.7.1. Company Overview
- 8.5.7.2. Financial Performance
- 8.5.7.3. Product Benchmarking
- 8.5.7.4. Strategic Initiatives
- 8.5.8. Velan Inc.
- 8.5.8.1. Company Overview
- 8.5.8.2. Financial Performance
- 8.5.8.3. Product Benchmarking
- 8.5.8.4. Strategic Initiatives
- 8.5.9. Watts Water Technologies Inc.
- 8.5.9.1. Company Overview
- 8.5.9.2. Financial Performance
- 8.5.9.3. Product Benchmarking
- 8.5.9.4. Strategic Initiatives
- 8.5.10. Armstrong International
- 8.5.10.1. Company Overview
- 8.5.10.2. Financial Performance
- 8.5.10.3. Product Benchmarking
- 8.5.10.4. Strategic Initiatives