Market Definition:
A increased importance is being attached to the use of clean as well as renewable energy sources such as geothermal energy, especially in the developed countries such as the Americas and Europe and thereby major environmental regulations are being imposed by numerous regulatory bodies such as the USEPA,. The demand for generation of geothermal power across the world is being fuelled by the rising depletion of fossil fuel resources especially coal. The major countries involved in the generation of geothermal power generation include the U.S., Indonesia, and Mexico. The advent of geothermal technology for clean energy will enhance the usage of steam traps as they help to save energy efficiently.
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Market Growth and Analysis:
Owing to the enhanced demand for abridged energy costs and reliable productivity, it has become vital to have a active steam trap station management program, integrated with the overall steam system management program. It is a mandate established by almost every plant operation that a steam trap station should operate reliably for around six years. This program helps in documentation of each fault identification that will help in measuring the corresponding energy loss as well as measure the impact of emission for the faulty steam valves present in the station.
Market Segment:
The steam trap market is segmented by product, application, body material end-user and regions. Based on the product, the global steam trap market is divided into mechanical, thermodynamic, and thermostatic. By application, the steam trap market is divided into drip application, process application, tracing application. Depending upon body material, the global market is segmented into steel, and iron. Based on end-user, the global market is divided into chemicals, energy and power, food & beverages, oil & gas, pharmaceuticals, and others.
Key Players:
The major companies present in steam trap market include Flowserve Corporation, CIRCOR International, Inc., Thermax Limited, Pentair plc, Velan Inc. Schlumberger N.V., Emerson Electric Co., Spirax-Sarco Engineering plc, The Weir Group PLC, and Watts Water Technologies, Inc. among others.
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Regional Analysis:
Based on regions, the global steam trap market is segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. The Asia-Pacific region was the largest market in the global steam trap market in 2015 and is anticipated to endure its dominance in the market during the forecast. The factors responsible for this region’s growth are gushing refinery activities and increasing demand for thermal power. The extraordinary requirement for gasoline across different end-users sectors and growth of electricity consumption will fuel the growth opportunities for the steam trap manufacturers in the forthcoming years.
The global steam trap market is highly fragmented, owing to the presence of large international players as well as regional players that are mainly based in South and Southeast Asian countries. The minor players in the market pose an intense challenge to the international vendors in terms of functionalities, product features, and services, which they provide at a cheaper rate than the global counterparts. The competition in this market sector is expected to deepen during the future years owing to the introduction of products loaded with new features and technologies.
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