Steam Trap Market Size, Trends and Growth Analysis by 2027

The steam trap market is projected to expand from INR 276,535.7 million in 2021 to INR 416,577.0 million by 2028, reflecting a compound annual growth rate (CAGR) of 6.0% during this period.

The growth of the steam trap market is significantly influenced by rising investments in oil and gas projects globally. Continuous technological innovations and advancements are facilitating unconventional drilling methods and operational completions, which enhance oil and gas production and shift the economic power dynamics for the foreseeable future. The ongoing surge in investments within this sector is stimulating oil and gas activities. For example, in May 2021, the Myanmar junta sanctioned a substantial investment of US$ 2.8 billion in the oil and gas sector, which includes the establishment of a gas power facility. Furthermore, in September 2020, Indian Oil Corporation (IOC) allocated US$ 172.569 million for the development of a coker unit at their Paradip refinery. In 2018, the FLNG Export Terminal and Kitsault Energy Corridor project in Canada reached a final investment decision (FID), leading to the commencement of construction activities in 2019, which are divided into four phases. Additionally, several Russian firms, including Lukoil and Rosneft, engaged in extensive production and drilling activities at the start of 2018. Notably, in March 2018, crude oil prices increased from US$ 65 to US$ 70 per barrel. Consequently, the escalating investments in oil and gas projects across various regions are propelling the demand for steam traps, which are essential for managing oil and gas flow, thereby fostering the growth of the steam trap market.

However, the COVID-19 pandemic has adversely affected the steam trap manufacturing sector worldwide due to disruptions in the supply chains of raw materials and components. The halt of numerous manufacturing operations globally led to a decrease in the demand for steam traps. Additionally, restrictions on imports and exports have hindered trading activities, further obstructing the growth of the steam trap market.

The global steam trap market is categorized based on product type, application, end-user, and geographical region. In terms of product type, the market is divided into mechanical, thermodynamic, and thermostatic steam traps. The application segment includes drip, process, and tracing applications. By end-user, the market encompasses sectors such as oil and gas, pharmaceuticals, food and beverage, pulp and paper, among others. Geographically, the steam trap market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America held a significant share of the global market.

The overall size of the global steam trap market has been determined through a combination of primary and secondary research methodologies. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data pertinent to the market. This approach also aids in providing an overview and forecast for the steam trap market across all segments. Additionally, numerous primary interviews have been conducted with industry stakeholders and experts to validate the data and gain deeper analytical insights into the subject matter. Participants in this research include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the steam trap market.

Some of the prominent players operating within the steam trap market, as highlighted in the market study, include Bestobell Steam Traps, Emerson Electric Co., Thermal Energy International Inc., Spirax-Sarco Engineering plc, Forbes Marshall, CIRCOR International, Inc., Flowserve Corporation, Velan Inc., Watson McDaniel, and Watts Water Technologies, Inc.