Steam Trap Market Size

Steam Trap Market size was over USD 3 Billion in 2023 and is predicted to exceed USD 7 Billion by the end of 2036, growing at over 6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of steam trap is evaluated at USD 4 Billion.

The growth might be attributed to the increasing investments and advances in the power and energy industries. Together with the ongoing global increase in industrialization and urbanization, energy consumption has increased dramatically. According to US Energy Information Administration projections, global power generation is expected to rise globally between 30% and 76% in 2050 compared to 2022 in all scenarios. Consequently, there has been an increase in the construction of intrastate transmission and sub-transmission networks in order to satisfy the growing power requirements. Because of the rising earnings of households and the growth of the manufacturing and heavy sectors, there will be an increasing need for energy and power.

Frequently Asked Questions (FAQ)

In the year 2023, the industry size of industrial automation was over USD 3 billion.

The market size for steam trap is projected to cross USD 7 billion by the end of 2036 expanding at a CAGR of 6% during the forecast period i.e., between 2024-2036.

The major players in the market are The Weir Group, PLC Circor International Inc., Emerson Electric Co., Flowserve Corporation, Pentair Inc., Schlumberger Limited, Spirax-Sarco Engineering, Thermax Ltd., Velan Inc., Watts Water Technologies Inc., Miyawaki Incorporation, Yoshitake, Phucminh Corporation, Motoyama, TLV Corporation and others.

In terms of product, the mechanical steam trap segment is anticipated to account for the largest market share of 56% during 2024-2036.

The Asia Pacific steam trap sector is poised to hold the highest share of 38% by 2036.

Steam Trap Market Size