North America and Europe Steam Trap Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Mechanical, Thermodynamic, and Thermostatic); Application (Drip, Process, and Tracing); End-User (Oil and Gas, Pharmaceuticals, Food and Beverage, Pulp and Paper, and Others)
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
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America and Europe Steam Trap Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America– PEST Analysis
4.2.2 Europe – PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America and Europe Steam Trap Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Developments in Energy & Power Sectors
5.1.2 Increasing Number of Oil & Gas Projects
5.2 Market Restraints
5.2.1 Lack of Efficient Maintenance Programs for Steam Traps
5.3 Opportunity
5.3.1 Continuous Growth in Manufacturing Sector
5.4 Trends
5.4.1 Development of IoT Sensor Technology for Steam Traps
5.5 Impact Analysis of Drivers and Restraints
6. Steam Trap – North America and Europe Market Analysis
6.1 North America and Europe Steam Trap Market Overview
6.2 North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
6.3 Market Positioning – North America and Europe Market Players Ranking
7. North America and Europe Steam Trap Market Analysis – By Product Type
7.1 Overview
7.2 North America and Europe Steam Trap Market, By Product Type (2020 and 2028)
7.3 Mechanical
7.3.1 Overview
7.3.2 Mechanical: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
7.4 Thermodynamic
7.4.1 Overview
7.4.2 Thermodynamic: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
7.5 Thermostatic
7.5.1 Overview
7.5.2 Thermostatic: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
8. North America and Europe Steam Trap Market Analysis – By Application
8.1 Overview
8.2 North America and Europe Steam Trap Market, By Application (2020 and 2028)
8.3 Drip
8.3.1 Overview
8.3.2 Drip: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
8.4 Tracing
8.4.1 Overview
8.4.2 Tracing: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
8.5 Process
8.5.1 Overview
8.5.2 Process: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
9. North America and Europe Steam Trap Market Analysis – By End-User
9.1 Overview
9.2 North America and Europe Steam Trap Market, By End-User (2020 and 2028)
9.3 Oil and Gas
9.3.1 Overview
9.3.2 Oil and Gas: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
9.4 Pharmaceuticals
9.4.1 Overview
9.4.2 Pharmaceuticals: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
9.5 Food and Beverage
9.5.1 Overview
9.5.2 Food and Beverage: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
9.6 Pulp and Paper
9.6.1 Overview
9.6.2 Pulp and Paper: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
9.7 Others
9.7.1 Overview
9.7.2 Others: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
10. Steam Trap Market – Regional Analysis
10.1 North America: Steam Trap Market
10.1.1 North America: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
10.1.2 North America: Steam Trap Market, by Product Type
10.1.3 North America: Steam Trap Market, by Application
10.1.4 North America: Steam Trap Market, by End-User
10.1.5 North America: Steam Trap Market, by Key Country
10.1.5.1 US: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
10.1.5.1.1 US: Steam Trap Market, by Product Type
10.1.5.1.2 US: Steam Trap Market, by Application
10.1.5.1.3 US: Steam Trap Market, by End-User
10.1.5.2 Canada: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
10.1.5.2.1 Canada: Steam Trap Market, by Product Type
10.1.5.2.2 Canada: Steam Trap Market, by Application
10.1.5.2.3 Canada: Steam Trap Market, by End-User
10.1.5.3 Mexico: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
10.1.5.3.1 Mexico: Steam Trap Market, by Product Type
10.1.5.3.2 Mexico: Steam Trap Market, by Application
10.1.5.3.3 Mexico: Steam Trap Market, by End-User
10.2 Europe: Steam Trap Market
10.2.1 Europe: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
10.2.2 Europe: Steam Trap Market, by Product Type
10.2.3 Europe: Steam Trap Market, by Application
10.2.4 Europe: Steam Trap Market, by End-User
10.2.5 Europe: Steam Trap Market, by Key Country
10.2.5.1 Germany: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
10.2.5.1.1 Germany: Steam Trap Market, by Product Type
10.2.5.1.2 Germany: Steam Trap Market, by Application
10.2.5.1.3 Germany: Steam Trap Market, by End-User
10.2.5.2 France: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
10.2.5.2.1 France: Steam Trap Market, by Product Type
10.2.5.2.2 France: Steam Trap Market, by Application
10.2.5.2.3 France: Steam Trap Market, by End-User
10.2.5.3 Italy: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
10.2.5.3.1 Italy: Steam Trap Market, by Product Type
10.2.5.3.2 Italy: Steam Trap Market, by Application
10.2.5.3.3 Italy: Steam Trap Market, by End-User
10.2.5.4 UK: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
10.2.5.4.1 UK: Steam Trap Market, by Product Type
10.2.5.4.2 UK: Steam Trap Market, by Application
10.2.5.4.3 UK: Steam Trap Market, by End-User
10.2.5.5 Russia: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
10.2.5.5.1 Russia: Steam Trap Market, by Product Type
10.2.5.5.2 Russia: Steam Trap Market, by Application
10.2.5.5.3 Russia: Steam Trap Market, by End-User
10.2.5.6 Rest of Europe: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
10.2.5.6.1 Rest of Europe: Steam Trap Market, by Product Type
10.2.5.6.2 Rest of Europe: Steam Trap Market, by Application
10.2.5.6.3 Rest of Europe: Steam Trap Market, by End-User
11. North America and Europe Steam Trap Market- COVID-19 Impact Analysis
11.1 North America
11.2 Europe
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
13. Company Profiles
13.1 Bestobell Steam Traps
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Emerson Electric Co.
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Thermal Energy International Inc.
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Spirax-Sarco Engineering plc
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Thermax Limited
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 CIRCOR International, Inc.
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Flowserve Corporation
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Velan Inc.
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Watson McDaniel
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Watts Water Technologies, Inc.
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
Table 2. North America: Steam Trap Market, by Product Type – Revenue and Forecast to 2028 (US$ Million)
Table 3. North America: Steam Trap Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 4. North America: Steam Trap Market, by End-User – Revenue and Forecast to 2028 (US$ Million)
Table 5. North America Steam Trap Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 6. US: Steam Trap Market, by Product Type –Revenue and Forecast to 2028 (US$ Million)
Table 7. US: Steam Trap Market, by Application –Revenue and Forecast to 2028 (US$ Million)
Table 8. US: Steam Trap Market, by End-User –Revenue and Forecast to 2028 (US$ Million)
Table 9. Canada: Steam Trap Market, by Product Type – Revenue and Forecast to 2028 (US$ Million)
Table 10. Canada: Steam Trap Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 11. Canada: Steam Trap Market, by End-User –Revenue and Forecast to 2028 (Canada$ Million)
Table 12. Mexico: Steam Trap Market, by Product Type – Revenue and Forecast to 2028 (US$ Million)
Table 13. Mexico: Steam Trap Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 14. Mexico: Steam Trap Market, by End-User –Revenue and Forecast to 2028 (Mexico$ Million)
Table 15. Europe: Steam Trap Market, by Product Type– Revenue and Forecast to 2028 (US$ Million)
Table 16. Europe: Steam Trap Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 17. Europe: Steam Trap Market, by End-User – Revenue and Forecast to 2028 (US$ Million)
Table 18. Europe Steam Trap Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 19. Germany: Steam Trap Market, by Product Type – Revenue and Forecast to 2028 (US$ Million)
Table 20. Germany: Steam Trap Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 21. Germany: Steam Trap Market, by End-User – Revenue and Forecast to 2028 (US$ Million)
Table 22. France: Steam Trap Market, by Product Type – Revenue and Forecast to 2028 (US$ Million)
Table 23. France: Steam Trap Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 24. France: Steam Trap Market, by End-User – Revenue and Forecast to 2028 (US$ Million)
Table 25. Italy: Steam Trap Market, by Product Type – Revenue and Forecast to 2028 (US$ Million)
Table 26. Italy: Steam Trap Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 27. Italy: Steam Trap Market, by End-User – Revenue and Forecast to 2028 (US$ Million)
Table 28. UK: Steam Trap Market, by Product Type – Revenue and Forecast to 2028 (US$ Million)
Table 29. UK: Steam Trap Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 30. UK: Steam Trap Market, by End-User – Revenue and Forecast to 2028 (US$ Million)
Table 31. Russia: Steam Trap Market, by Product Type – Revenue and Forecast to 2028 (US$ Million)
Table 32. Russia: Steam Trap Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 33. Russia: Steam Trap Market, by End-User – Revenue and Forecast to 2028 (US$ Million)
Table 34. Rest of Europe: Steam Trap Market, by Product Type – Revenue and Forecast to 2028 (US$ Million)
Table 35. Rest of Europe: Steam Trap Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 36. Rest of Europe: Steam Trap Market, by End-User – Revenue and Forecast to 2028 (US$ Million)
Table 37. List of Abbreviation
LIST OF FIGURES
Figure 1. North America and Europe Steam Trap Market Segmentation
Figure 2. North America and Europe Steam Trap Market Segmentation – By Geography
Figure 3. North America and Europe Steam Trap Market Overview
Figure 4. Mechanical Product Type to Dominate the North America and Europe Steam Trap Market
Figure 5. Tracing Application to Dominate the North America and Europe Steam Trap Market
Figure 1. Oil and Gas End-User to Dominate the North America and Europe Steam Trap Market
Figure 2. North America– PEST Analysis
Figure 3. Europe – PEST Analysis
Figure 4. North America and Europe Steam Trap Market – Ecosystem Analysis
Figure 5. Expert Opinion
Figure 6. North America and Europe steam trap market Impact Analysis of Drivers and Restraints
Figure 7. North America and Europe: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
Figure 8. North America and Europe Steam Trap Market Revenue Share, by Product Type (2020 and 2028)
Figure 9. Mechanical: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 10. Thermodynamic: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 11. Thermostatic: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 12. North America and Europe Steam Trap Market Revenue Share, by Application (2020 and 2028)
Figure 13. Drip: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 14. Tracing: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 15. Process: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 16. North America and Europe Steam Trap Market Revenue Share, by End-User (2020 and 2028)
Figure 17. Oil and Gas: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 18. Pharmaceuticals: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 19. Food and Beverage: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 20. Pulp and Paper: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 21. Others: North America and Europe Steam Trap Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 22. North America: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. North America: Steam Trap Market Revenue Share, by Product Type (2020 and 2028)
Figure 24. North America: Steam Trap Market Revenue Share, by Application (2020 and 2028)
Figure 25. North America: Steam Trap Market Revenue Share, by End-User (2020 and 2028)
Figure 26. North America: Steam Trap Market Revenue Share, by Key Country (2020 and 2028)
Figure 27. US: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. Canada: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
Figure 29. Mexico: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
Figure 30. Europe: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
Figure 31. Europe: Steam Trap Market Revenue Share, by Product Type (2020 and 2028)
Figure 32. Europe: Steam Trap Market Revenue Share, by Application (2020 and 2028)
Figure 33. Europe: Steam Trap Market Revenue Share, by End-User (2020 and 2028)
Figure 34. Europe: Steam Trap Market Revenue Share, by Key Country (2020 and 2028)
Figure 35. Germany: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
Figure 36. France: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
Figure 37. Italy: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
Figure 38. UK: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
Figure 39. Russia: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
Figure 40. Rest of Europe: Steam Trap Market – Revenue and Forecast to 2028 (US$ Million)
Figure 41. Impact of COVID-19 Pandemic on North America Steam Trap Market
Figure 42. Impact of COVID-19 Pandemic on Europe Steam Trap Market
The List of Companies - North America and Europe Steam Trap Market
- 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
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America and Europe steam trap market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the North America and Europe steam trap market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth North America and Europe market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution