NEW YORK, United States, May 29, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Steam Trap Monitor Market By Technology (Wireless And Wired), By Type (Thermodynamic Traps, Mechanical Traps, Thermostatic Traps, And Orifice Traps), By End-User (Chemical, Pharmaceutical, Automotive, Food & Beverages, Defense, Water & Wastewater, Oil & Gas, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the global Steam Trap Monitor Market size & share was worth at USD 4.2 billion in 2022 and it is expected to surpass around USD 5.82 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 4.21% during the forecast period 2023 to 2030.”
The report analyzes the global steam trap monitor market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the steam trap monitor industry.
Steam Trap Monitor Market Overview:
A steam trap monitor is a detecting and monitoring tool used to assess how well steam traps used in industrial environments are performing. Non-condensable and condensate gases that accumulate in steam systems are removed using these trapping systems. The buildup of the gases over time may result in system failure or energy loss, which would lower system efficiency and raise expenses. Typically, sensors that measure pressure, temperature, and other parameters make up a steam trap monitor.
The performance effectiveness of the steam traps can be finalized using all of these factors. The maintenance staff will be notified if the monitor notices any deviation from expected values or malfunction, allowing them to take corrective action before any serious occurrence occurs. Businesses engaged in the manufacture, distribution, and sale of the devices and related services are the core of the sector.
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Global Steam Trap Monitor Market: Growth Factors
- Rising cost of energy to propel market growth
Due to rising energy prices, the global steam trap monitor market will rise. Industrial players are seeking for measures to optimize energy consumption due to rising raw material prices. Steam trap monitors are great devices that alert you when a steam trap fails so you can fix it. Energy waste decreases and bills rise.
The steam trap monitor industry may also benefit from the growing sustainability movement. Industrial players can achieve sustainable growth by adopting systems and technologies that improve operational efficiency and reduce energy and carbon footprint. Steam trap monitors are becoming more common in large-scale industries like oil and gas because they identify areas for improvement.
Global Steam Trap Monitor Market: Growth Factors
- High cost of initial investment to restrict market expansion
The expensive cost of installing steam trap monitors limits industrial growth. The cost is higher in large industrial units with higher energy consumption and more malfunction-detecting systems. If corporations can't prove the technology's cost-efficiency, such instances may deter adoption. Smaller players may struggle to fund pricey investments at first. Market restraints include operational inefficiency and steam trap monitor benefits.
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Report Scope:
| Report Attribute | Report Details |
| Market Size in 2022 | USD 4.2 Billion |
| Market Forecast in 2030 | USD 5.82 Billion |
| Growth Rate | CAGR of 4.21% |
| Base Year | 2022 |
| Forecast Years | 2023- 2030 |
| Key Companies Covered | Forbes Marshall Pvt. Ltd., Armstrong International Inc., Thermax Ltd., Emerson Electric Co., Swagelok Company, Spirax-Sarco Engineering plc, Gestra AG, Siemens AG, Flowserve Corporation, Parker Hannifin Corporation, Pentair plc, Winters Instruments, Honeywell International Inc., Valmet Corporation, Yokogawa Electric Corporation, UE Systems Inc., and Endress+Hauser Group. |
| Segments Covered | By Technology, By Type, By End-User, and By Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Steam Trap Monitor Market: Segmentation Analysis
The global steam trap monitor market is segmented based on technology, type, end-user, and region.
Based on technology, the global market segments are wireless and wired. In 2022, the highest growth was observed in the wireless steam trap monitor segment owing to the several benefits of the technology as compared to the counterpart. Wireless technologies offer easier installation since it does not require the use of extensive cable mechanisms. It can also save labor costs and time, especially in units that have higher monitor requirements. Furthermore, they are more flexible in terms of relocation as compared to wired systems. Remote monitoring becomes possible using wireless technology thus allowing real-time protective measures to be undertaken in case of incidents. A basic wireless steam trap monitor costs between USD 500 to USD 1500 in the US.
Based on end-user, the global market divisions are chemical, pharmaceutical, automotive, food & beverages, defense, waste & wastewater, oil & gas, and others. The largest revenue generator for the global market currently is the chemical segment followed by the oil & gas industry. In the chemical sector, steam trap monitors are essential for various processes since they monitor and maintain the efficiency of steam systems. The oil & gas industry utilizes the devices during heating and distillation processes whereas the food sector depends on the monitor during sterilization, cooking, and cleaning protocols. As per the International Energy Agency (IEA), in 2019, the oil & gas industry consumed around 9% of global energy.
The global Steam Trap Monitor market is segmented as follows:
By Technology
- Wireless
- Wired
By Type
- Thermodynamic Traps
- Mechanical Traps
- Thermostatic Traps
- Orifice Traps
By End-User
- Chemical
- Pharmaceutical
- Automotive
- Food & Beverages
- Defense
- Water & Wastewater
- Oil & Gas
- Others
Browse this Full Research Report | Steam Trap Monitor Market - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030
Competitive Landscape:
Some of the main competitors dominating the global Steam Trap Monitor market include -
- Forbes Marshall Pvt. Ltd.
- Armstrong International Inc.
- Thermax Ltd.
- Emerson Electric Co.
- Swagelok Company
- Spirax-Sarco Engineering plc
- Gestra AG
- Siemens AG
- Flowserve Corporation
- Parker Hannifin Corporation
- Pentair plc
- Winters Instruments
- Honeywell International Inc.
- Valmet Corporation
- Yokogawa Electric Corporation
- UE Systems Inc.
- Endress+Hauser Group
Key Insights from Primary Research:
- According to the analysis shared by our research analyst, the Steam Trap Monitor market is likely to expand at a CAGR of around 4.21% during the forecast period (2023-2030).
- In terms of revenue, the Steam Trap Monitor market size was valued at around US$ 4.2 billion in 2022 and is projected to reach US$ 5.82 billion by 2030.
- The steam trap monitor market is projected to grow at a significant rate due to the rising cost of energy
- Based on end-user segmentation, the chemical was predicted to show maximum market share in the ear 2022
- Based on technology segmentation, wireless was the leading technology in 2022
- On the basis of region, North America was the leading revenue generator in 2022
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Key questions answered in this report:
- What is the market size and growth rate forecast for Steam Trap Monitor industry?
- What are the main driving factors propelling the Steam Trap Monitor Market forward?
- What are the leading companies in the Steam Trap Monitor Industry?
- What segments does the Steam Trap Monitor Market cover?
- How can I receive a free copy of the Steam Trap Monitor Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Technology, By Type, By End-User, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
- North America to continue its dominance in the global market
North America is anticipated to experience the largest growth in the global steam trap monitor market due to the rising demand for increased energy consumption in both the US and Canada. Consumer demand is increasing, which is contributing to rising energy needs in end-user industries like oil & gas, pharmaceuticals, and the food industry. The US presently contributes more to the sector than any other region. The expanding verticals in the food and chemicals sectors, as well as the rising energy consumption across the automotive segments in Germany and the UK, may be driving growth in Europe.
The top nations in Asia-Pacific that are boosting the market for steam trap monitors are China, India, and Japan. China presently produces more chemicals than any other region, hence its chemical industry has larger need for steam traps and related monitoring equipment. Growing rivalry in the Middle East's oil and gas industry may be advantageous for regional development.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Recent Developments:
- In November 2022, TLV Euro Engineering, a globally leading steam specialist, announced the launch of FJ32 which is a range of free-float steam traps that are designed specifically for process applications like vulcanizers, heat exchangers, and jacketed pans. The device uses the universal QuickTrap connection
- In August 2021, Armstrong International and Evertactive announced a partnership aiming at the management of smart steam traps using real-time battery-less monitoring systems. The joint venture will focus on leveraging the benefits of IoT technology
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