Need for Integrated Data and Rising Demand for Drug Development is Boosting the Steam Trap Market
Chicago, IL -- (SBWIRE) -- 06/09/2017 -- According to the new press release, "Steam Trap Market, by Product (Thermodynamic, Mechanical, Thermostatic), Application (Drip Application, Process Application, Tracing Application), Body Material (Steel, Iron), End-user Industry (Chemicals, Energy and Power, Food & Beverages, Oil & Gas, Pharmaceuticals, Others) – Global Revenue, Trends, Growth, Share, Size and Forecast to 2022".
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The steam trap market is highly fragmented, with the presence of both large international players and regional players, primarily based in South and Southeast Asian countries. The small players in the market pose a serious challenge to the international vendors in terms of product features, functionalities, and services, which they offer at a lesser price than the global counterparts. Competition in this market will intensify during the forecast period with the introduction of products with new features and technologies. With the increasing demand for crude oil end products, there is tremendous growth potential for the market players to sustain their position and expand their reach across the globe.
On the basis of geography, the global isoprene market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Among these, North America to dominate the steam traps market during the forecast period. The mandate of regulatory bodies for manufacturing companies to reduce carbon footprint is primarily driving the demand for steam traps in North America. The flourishing oil & gas industry, growing demand for enhanced efficiency, and increasing carbon dioxide emissions are propelling the growth of the steam trap market in this region.
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KEY PREMIUM INDUSTRY INSIGHTS
1. Owing to the significant environmental regulations imposed by various regulatory bodies such as the US EPA, there is growing emphasis on the use of clean and renewable energy sources such as geothermal energy, especially in developed regions like the Americas and Europe.
2. The rising depletion of fossil fuel resources especially coal is driving the demand for geothermal power generation across the globe. Some of the key countries engaged in geothermal power generation include the US, Indonesia, and Mexico.
3. The emergence of geothermal technology for clean energy will increase the use of steam traps as they enable energy savings in an efficient manner. The importance of having a proactive steam trap station management program, coupled with the overall steam system management program, has gained significance in the market due to the rising demand for reduced energy costs and reliable productivity.
4. Every plant operation has established a mandate that a steam trap station should reliably operate for at least six years. The program helps in documenting every fault identification, which will finally assist in measuring the corresponding energy loss and impact of emission for each of the faulty steam valves within the station.
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KEY MARKET PLAYERS
Key players in the Steam Trap Market include:
1.Spirax-Sarco Engineering PLC
3.The Weir Group PLC
5.Circor International, Inc.
6.Emerson Electric Co.
10.Watts Water Technologies, Inc.
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