The Europe Steam Trap Market would witness market growth of 3.3% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 2,424.1 thousand Units, showcasing a growth of 3.7 % (2019-2022).
Steam traps discharge condensate and non-condensable gases with negligible steam loss. In other terms, it is a drain valve that differentiates between condensate and steam. The steam trap stores steam and releases condensate in response to varying pressures or masses. A steam trap operates similarly to a redid valve that automatically opens, closes, or modifies. The three central segments of a steam trap structure are intended to release condensate when it forms unless it is desirable to utilize it, have the farthest point of releasing air and other non-condensable gases, and have an energy-efficient steam consumption that is minimal.
Regulatory bodies are imposing a strict regulatory framework to reduce the carbon footprint, end-user industries are actively using steam traps to reduce fuel costs, and sustainability concerns are growing. These aspects are estimated to boost market growth.
In steam systems, steam traps are essential for maintaining efficiency and safety by removing undesirable liquids and gases. Mechanical, thermodynamic, and thermostatic steam traps have their mechanism for extracting condensate and non-condensable gases. Mechanical traps utilize a pivot or lever mechanism to open and close the valve, whereas thermodynamic traps use the pressure difference between steam and condensate to operate the valve.
International Trade Administration (ITA) reports that during the past few years, renewable energy consumption in France has consistently increased, reaching 11.7% of primary energy consumption and 25.3% of gross final energy consumption for 2022. France is the second-biggest producer of biofuels in terms of absolute numbers among the EU Member States. As a result of the rising renewable energy sector in the European region, the market for steam traps will grow significantly.
The Germany market dominated the Europe Steam Trap Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $249.2 million by 2030. The UK market is exhibiting a CAGR of 2.4% during (2023 - 2030). Additionally, The France market would experience a CAGR of 4% during (2023 - 2030).
Based on Industry, the market is segmented into Oil & Gas, Food & Beverages, Chemicals, Energy & Power, Pharmaceuticals and Others. Based on Product, the market is segmented into Mechanical, Thermodynamics, and Thermostatic. Based on Application, the market is segmented into Tracing, Drip and Process. Based on Body Material, the market is segmented into Steel, Iron and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Steam Trap Market is Projected to reach USD 4.4 Billion by 2030, at a CAGR of 3.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Spirax Sarco Engineering plc, Emerson Electric Co., Schlumberger N.V., Thermax Limited, Velan, Inc., Forbes Marshall Pvt. Ltd, Xylem, Inc., Armstrong International, Inc., TLV Co., Ltd, Watts Water Technologies, Inc.
By Industry (Volume, Thousand Units, USD Million, 2019-2030)
By Product (Volume, Thousand Units, USD Million, 2019-2030)
By Application (Volume, Thousand Units, USD Million, 2019-2030)
By Body Material (Volume, Thousand Units, USD Million, 2019-2030)
By Country (Volume, Thousand Units, USD Million, 2019-2030)
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