The North America Steam Trap Market would witness market growth of 3.0% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged 3,129.2 thousand Units, showcasing a growth of 3.4 % (2019-2022).
In thermostatic traps, temperature-sensitive elements that develop and contract to open and close the valve are utilized. Properly functioning steam traps prevent energy losses and maintain system performance. Ineffective steam chambers can result in increased energy consumption, decreased production, and equipment failure. Regular inspections and maintenance are needed to ensure the safety and effectiveness of steam traps.
Future market expansion will be driven by innovations in the electricity generation, oil & gas, chemical processing, food & beverage, and pharmaceutical industries. The rising need for maintenance and repair of extant steam trap systems will drive demand for replacements and associated services.
Advanced steam trap solutions will be in demand due to retrofitting and project enhancements in existing manufacturing facilities where outdated steam trap systems have rendered the old systems obsolete. Upgrading to a more efficient steam trap will save energy and enhance the system's performance and functionality, thereby driving demand for steam traps.
The oil & gas exploration, production, and processing level in North America directly impacts the adoption of steam traps. During increased activity, such as oil booms, there is typically a higher demand for steam traps to support the expanded infrastructure. The United States has become a major liquefied natural gas (LNG) exporter to global markets. Developing LNG export terminals and infrastructure has been a priority for the industry, with North American natural gas playing an essential role in the global energy landscape. The oil and gas industry strongly emphasizes energy efficiency and cost savings. Steam traps ensure energy is not wasted through steam leaks or inefficient condensate removal. The demand for high-efficiency steam traps may increase as the industry seeks to optimize its operations.
The US market dominated the North America Steam Trap Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $830.8 million by 2030. The Canada market would exhibit a CAGR of 5.4% during (2023 - 2030). Additionally, The Mexico market is experiencing CAGR of 4.4% 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 U.S., Mexico, Canada, and Rest of North America.
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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