North America and Europe Steam Trap Market

The North America and Europe steam trap market was valued at US$ 2,598.67 million in 2020, and it is expected to grow at a CAGR of 5.6% during 2021–2028 to reach US$ 3,969.11 million by 2028.

Energy consumption in North American and European countries has surged manifolds with a continuous rise in industrial growth and urbanization. Thus, to meet the mounting power requirements, there has been growth in the establishment of intrastate transmission and sub-transmission networks. The demand for energy and power is set to increase further with a continuous surge in household incomes as well as with the expansion of manufacturing and heavy industries. Owing to significantly high demand for electricity, North America and Europe hold noticeable potential for the renewable energy sector, which is projected to boost the adoption of steam traps during the forecast period. The New Scotland Electric Transmission Upgrade Project is anticipated to boost the electrical grid installation for the future and ease congestion along power lines. This power generation unit, using renewable energy sources, integrates a steam trap for efficient power generation. The energy sector dynamics change frequently due to gradually increasing the imbalance between power demand and supply. Investments in power infrastructure in emerging economies are creating huge opportunities for the steam trap market players. Furthermore, in the developing economies, governments are aggressively supporting the development of the power sector by easing loan processes, capital market access, local currency products, and risk management. Thus, promoting environmental and socio-economic standards across the economy. The manufacturing industries in the world have been investing substantial amounts in the adoption of automated and intelligent industrial solutions. The continuous increase in the number of industrial machinery setups being installed provides lucrative growth opportunities for steam trap market players, especially in developed regions such as North America and Europe. With the huge acceptance for advanced technologies, enterprises in these regions are focusing on transforming their factories into smart factories. The countries with a considerably higher number of manufacturing facilities—including the US, Canada, the UK, Germany, and France—are continually seeking hi-tech equipment in manufacturing facilities. With the constant rise in production and demand, the expansion of manufacturing facilities becomes one of the prime growth strategies for manufacturers. Thus, the rise in number of manufacturing facilities also triggers the demand for steam process solutions as new and technologically advanced machinery requires constant monitoring during operations. Several companies are robustly focusing on developing advanced steam traps. In 2019, Emerson Electric Co. named Spartan Controls as a representative for Yarway Steam Traps in Western Canada, a product brand acquired from the Valves & Controls business unit of Pentair. Thus, such developments are accelerating the growth of the North America and Europe steam trap market.

 

Continuous technological developments are widening the application area of steam traps, to include a diverse range of industries, such as food & beverages, pharmaceuticals, and oil & gas. The rising mandates of regulatory bodies for manufacturing companies to reduce carbon footprint are predominantly driving the procurement of steam traps in North America. Factors such as booming oil & gas industry, increasing demand for enhanced efficiency, and rising carbon dioxide emissions boost the growth of the steam trap market in this region. On other hand, due to the COVID-19 outbreak, The North America region especially the U.S. witnessed an unprecedented rise in number of confirmed cases resulting in large-scale lockdown across different regions as well as industrial activities. As a result, several small & medium enterprise owners have limited their industry personnel whereas many other have laid off non-essential employees shortly owing to restricted business operation. In addition to this, the company also minimized the allocated budget for manufacturing of industrial equipment’s owing to economic slowdown, which affected the global nosiness activities. Moreover, the component manufacturer, supply chain and distributor lack of availability of business also has significantly influencing the production of industrial machineries by the market players. North America region is home to many manufacturing and technology companies and thus the impact of coronavirus outbreak is anticipated to be quite severe in the year 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation in the US is going to impact the steam trap market growth of North America region in a negative manner for the next few quarters.

 

North America and Europe Steam Trap Market Revenue and Forecast to 2028 (US$ Million)

 

 

North America and Europe Steam Trap Market Segmentation

By Product Type

• Mechanical
• Thermodynamic
• Thermostatic

By

Application

• Drip
• Process
• Tracing

By End User

• Oil and Gas
• Pharmaceuticals
• Food and Beverage
• Pulp and Paper
• Others

North America and Europe Steam Trap Market - Companies Mentioned

• Spirax-Sarco Engineering Plc
• Flowserve Corporation
• Circor International, Inc.
• Emerson Electric Co.
• Watts Water Technologies, Inc.
• Watson McDaniel
• Velan Inc.
• Thermax Limited
• Thermal Energy International Inc.
• Bestobell Steam Traps