Steam traps: Key market research findings
- Emergence of geothermal technology drives market growth
- APAC dominates the market geographically
- Key vendors – Armstrong, CIRCOR, Flowserve, Pentair, and Spirax Sarco
Technavio’s market research analysts predict the global steam traps market to grow at a CAGR of around 5% between 2016 and 2020. The demand for steam traps is stimulated by the emergence of geothermal technology for clean energy. There is increasing focus on the use of cleaner, renewable energy sources, especially in developed regions like the Americas and Europe. These regulations coupled with the depletion of fossil fuel resources, especially coal, is propelling growth in the renewable energy market, particularly the geothermal power generation sector. During 2015, APAC dominated the global steam traps market with a market share of around 38%. The significant increase in electricity consuming sectors and the presence of a vast number of thermal power plants that are powered by coal as a fuel source are some of the factors that will fuel growth in the steam traps market in APAC over the next four years.
The new market research report from Technavio presents a breakdown and analysis of the steam traps segments based on the end-user.
“Of late, real-time automated steam trap monitoring is becoming increasingly popular. Designers and manufacturers are attempting to incorporate technological advances that can help rectify problems with the normal operation of the trap to maximize the efficiency. One such technology that will impact the market is the introduction of real-time monitoring of the steam trap, which will be automatic in nature,” says Soumya Mutsuddi, Lead Analyst, Heavy Industry, Technavio Research.
By 2020, the oil and gas sector is expected to account for more than 52% of the revenue to continue its dominance over the global steam traps market. Steam is used in various applications in the oil refinery, ranging from trace heating systems that maintain the product at the correct viscosity to huge reboilers that consume tons of steam per hour. The expected capacity expansion in refineries is likely to spur an increase in the demand for steam traps in the oil and gas sector during the forecast period.
The key vendors in the market include Armstrong, CIRCOR, Flowserve, Pentair, and Spirax Sarco. The steam trap market is highly fragmented, with the presence of both large international players and regional players who are primarily based in South and Southeast Asian countries. The small players in the market pose a serious challenge to the international vendors in terms of product features, functionalities, and services, which they offer at a lesser price than the global counterparts. Competition in this market will intensify during the forecast period with the introduction of products with new features and technologies. With the increasing demand for crude oil end products, there is tremendous growth potential for the market players to sustain their position and expand their reach across the globe.
A more detailed analysis is available in the Technavio report, Global Steam Traps Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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