The North America and Europe steam trap market was valued at US$ 2,598.67 million in 2020 and is projected to reach US$ 3,969.11 million by 2028; it is expected to grow at a CAGR of 5.6% during the forecast period of 2020 to 2028.
The surging demand for electronic products is a key factor encouraging developments in steam traps across North America and Europe.Rising sustainability concerns, burgeoning demand for energy-efficient solutions, and enforcement of stringent regulations to reduce carbon footprint across different industries are the additional factors bolstering the market growth in these regions.
Steam traps are widely being used across the pharmaceuticals, paper & pulp, food & beverages, and oil & gas industries across North America and Europe.
Stream traps are deployed across industries to release non-condensable and condensable gasses with insignificant live steam loss.A drain valve differentiates between steam and condensate.
The steam traps retain steam and release condensates under different pressure or load conditions.The working of steam traps is like redid valve that opens, modifies, or closes automatically.
Several government and regulatory bodies are imposing a strict regulatory framework to reduce carbon footprint; in addition to this, rising sustainability concerns leading end-user industries to deploy steam traps to cut down their fuel cost are favoring the growth market.Europe is a one of the key regions for the growth of steam trap market with the presence of many developed countries such as Germany, the UK, France, Italy, Norway, and Sweden.
The steam trap manufacturing industry in the region has been impacted due to disruptions in supply chains due to the COVID-19 outbreak. Businesses in the region are facing severe economic difficulties as they either had to suspend their operations or reduce their activities in a substantial manner. The outbreak, as well as the measures imposed to control its effects, has been causing delays in the supply of electronic components. Europe is a manufacturing and industrial hub for sectors such as oil & gas, pharmaceuticals, and food & beverages. However, it is facing an economic slowdown due to business lockdowns, travel bans, and supply chain disruptions, and the impact is likely to continue in 2021 as well.
The steam trap market is segmented on the bases of product type, application, and end-user.Based on product type, the market is segmented into mechanical, thermodynamic, and thermostatic.
The mechanical segment accounted for a dominant share of the market in 2020.In terms of application, the North America and Europe steam trap market is segmented into drip, process, and tracing.
The tracing application accounts for a major share of the market.In terms of end-user, the North America and Europe steam trap market is segmented into oil and gas, pharmaceuticals, food and beverage, pulp and paper, and others.
The oil and gas sector is one of the key adopters of steam traps.
The manufacturing industries in the world have been investing substantial amounts in the adoption of automated and intelligent industrial solutions.The continuous increase in the number of industrial machinery setups being installed provides lucrative growth opportunities for steam trap market players, especially in developed regions such as North America and Europe.
With the huge acceptance for technological advancements, enterprises in the countries in these regions are focusing on transforming their factories into smart factories.The countries with a considerably higher number of manufacturing facilities—including the US, Canada, the UK, Germany, and France, among others—are continually seeking advanced technology equipment in manufacturing facilities across different industries.
With the constant rise in production and demand, the expansion of manufacturing facilities becomes one of the prime growth strategies for manufacturers, which is the key factor for boosting the demand for insulation products. Key players operating in the North America and Europe steam trap market are Spirax-Sarco Engineering Plc, Flowserve Corporation, Circor International, Inc., Emerson Electric Co., Watts Water Technologies, Inc., Watson McDaniel, Velan Inc., Thermax Limited, Thermal Energy International Inc., and Bestobell Steam Traps, among others.
The overall North America and Europe steam trap market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the North America and Europe steam trap market based on all the segments.Also, primary interviews were conducted with industry participants to validate data as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the North America and Europe steam trap market.
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