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$4.6 Billion Steam Trap Market – Global Forecast to 2028

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The “Global Steam Trap Market by Mechanical (Ball Float, Inverted Bucket), Thermodynamic, Thermostatic (Balanced Pressure, Bimetallic), Application (Drip, Process, Tracing), Body Material (Steel, Iron), End-User Industry and Region – Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.

The steam trap market is expected to grow from USD 3.8 billion in 2023 to USD 4.6 billion by 2028, at a CAGR of 3.8% during the forecast period.

The steam trap market is experiencing growth driven by several key factors, including the increasing demand for energy-efficient steam systems and the growing adoption of automation in steam systems. These trends are contributing to the market’s expansion, and the report provides valuable insights for market leaders and new entrants.

The report offers information on the approximate revenues for the steam trap market and related segments, assisting stakeholders in understanding the competitive landscape and formulating effective market strategies. It also provides a deeper understanding of the market dynamics, including key drivers, restraints, opportunities, and challenges.

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The Asia Pacific region is expected to witness the highest compound annual growth rate (CAGR) in the steam trap market during the forecast period. This growth is attributed to robust industrialization and infrastructure development across various sectors in the region. As industries expand and modernize, the importance of optimizing energy utilization and condensate control through steam traps becomes evident.

Additionally, governments and industries in the Asia Pacific region are increasingly emphasizing sustainability and energy efficiency. Steam traps offer practical solutions to achieve these goals by preventing steam wastage and enhancing energy consumption optimization. This aligns with the region’s focus on sustainability and regulatory objectives.

Key players in the steam trap market include industry leaders such as Spirax-Sarco Engineering plc, Emerson Electric Co., Schlumberger Limited, Thermax Limited, Velan Inc., Watts Water Technologies, Inc., Armstrong International Inc., TLV CO., LTD., Forbes Marshall, and Xylem Inc., among others. These companies play a significant role in driving innovation and competitiveness in the steam trap market.

The thermostatic steam trap market is expected to grow at the highest CAGR during the forecast period

The thermostatic steam trap market is expected to grow at the highest CAGR during the forecast period. Thermostatic steam traps offer a sophisticated solution for optimizing steam management by efficiently modulating steam flow based on temperature changes.

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This dynamic capability ensures energy conservation and prevents unnecessary steam wastage, aligning seamlessly with industries’ intensified focus on operational efficiency and resource utilization. Moreover, their reliable performance and relatively low maintenance requirements make them attractive for industries seeking efficient and cost-effective steam management solutions.

Steel body material segment is expected to dominate the steam trap market throughout the forecast period

The steel body material segment is expected to account for the largest size of the steam trap market throughout the forecast period. Steel’s exceptional durability and corrosion resistance make it an ideal choice for steam trap construction, particularly in industries with harsh operating conditions. This longevity ensures prolonged performance and reduces the need for frequent replacements, resulting in cost savings and enhanced operational reliability.

Furthermore, steel’s inherent strength allows for the design of robust steam traps capable of withstanding high pressure and temperature variations, further bolstering their suitability for demanding industrial applications. Moreover, steel’s excellent heat conduction properties facilitate efficient condensate removal, contributing to enhanced steam trap performance and overall operational efficiency.

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  • Growing Adoption of Steam Traps in Food & Beverages and Pharmaceuticals Industries to Provide Opportunities for Players in Steam Trap Market
  • Mechanical Segment to Hold Largest Market Share of Steam Trap Market in 2023
  • Tracing Application Segment to Hold Largest Market Share During Forecast Period
  • Steel Segment to Register Highest CAGR During 2023-2028
  • Oil & Gas Segment to Hold Largest Share of Steam Trap Market in 2023
  • India to be Fastest-Growing Steam Trap Market During Forecast Period

Market Dynamics

Drivers

  • Increasing Demand for Energy-Efficient Steam Systems
  • Growing Adoption of Automation in Steam Systems
  • Need to Enhance Manufacturing Efficiency and Reduce Greenhouse Gas Emissions

Restraints

  • Need for Substantial Upfront Investment
  • Need for Periodic Maintenance and Complexities Associated with Operations of Steam Trap Systems

Opportunities

  • Rapid Economic Growth in Emerging Economies
  • Integration of Steam Traps with IoT Sensors

Challenges

  • Lack of Awareness About Benefits of Steam Trap Systems

Value Chain Analysis

  • Ecosystem Mapping
  • Trends/Disruptions Impacting Customer Business

Technology Analysis

  • Predictive Maintenance
  • Digitalization and Artificial Intelligence

Company Profiles

Key Players

  • Spirax-Sarco Engineering plc
  • Emerson Electric Co.
  • Thermax Limited
  • Schlumberger Limited
  • Velan Inc.
  • Watts Water Technologies, Inc.
  • Armstrong International Inc.
  • Tlv Co., Ltd.
  • Forbes Marshall
  • Xylem

Other Players

  • Watson Mcdaniel
  • Miyawaki Inc.
  • Hawa Engineers Ltd.
  • Ari-Armaturen
  • Venn Co., Ltd.
  • Ayvaz
  • Neta Metal Works
  • Thermomegatech, Inc.
  • Tunstall
  • Thermal Energy International Inc.
  • Barnes & Jones, LLC
  • Esco Group of Companies
  • United Brass Works
  • Colton Industries
  • Richards Industrials

For more information about this report visit https://www.researchandmarkets.com/r/lsdze2

Wladimir P. is a Content Editor at European Gaming Media and at PICANTE Media and covers a large variety of industries.

Artificial Intelligence

Rowenta, a brand of Groupe SEB, and Narwal Unveil Co-Engineered X-CLEAN 10 in Landmark Partnership

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PARIS, Oct. 22, 2024 /PRNewswire/ — Rowenta, a leader in high-performance home appliances under Groupe SEB, proudly announces its technology partnership with Narwal, a pioneer in home cleaning robotics. By combining Rowenta’s renowned craftsmanship and market influence with Narwal’s cutting-edge robotic technology, the new partnership is set to redefine home cleaning standards for European consumers. The collaboration introduces the Rowenta X-CLEAN 10, an Intelligent Cordless Vacuum and Wash Cleaner, showcasing both brands’ shared commitment to innovation and product excellence. Powered by Narwal’s state-of-the-art cleaning technology, this co-engineered innovation underscores the significance both brands place on the European market, reflecting their shared vision for future growth and advancement in home cleaning solutions. 

Strategic Alliance in Home Cleaning Excellence
As the world reference in small domestic equipment, Groupe SEB has a unique portfolio of top brands including Rowenta, Tefal, WMF and Krups… Rowenta, which celebrates 140 years of excellence this year, is one of its flagship brands and continues to drive innovation in household appliances. Rowenta’s success has been bolstered by its presence within Groupe SEB’s diverse ecosystem, allowing it to thrive in key categories such as Personal Care, Home Comfort, Linen Care and Floor Care, depending on markets in which the brand is implanted. In particular, its growing success in the Floor Care sector continues to be widely recognized, further strengthening its foothold in European homes.
Narwal, a leader in robotic cleaning technology, shares Rowenta’s commitment to “make consumer’s everyday life easier” with innovation. With a global team of over 700 researchers—more than half of its 1,400+ workforce—Narwal has developed intelligent cleaning solutions that serve over 3 million households worldwide. Ranked among the top five robotic cleaning manufacturers, Narwal achieved $200 million in sales within two years of its launch and continues to see double-digit growth.
This collaboration brings together two industry leaders, leveraging Narwal’s advanced cleaning technology to enhance Rowenta’s X-CLEAN 10. By merging Narwal’s expertise with Rowenta’s robust market presence and localized knowledge, this partnership underscores a mutual dedication to delivering innovative, high-quality products that meet the evolving needs of European consumers.
Rowenta X-CLEAN 10: The Next-level Floor Care Innovation
The Rowenta X-CLEAN 10, the first co-engineered product from the technology partnership with Narwal, showcases exceptional excellence through precision engineering and advanced technology. It features Narwal’s patented AI DirtSense™ technology, which intelligently adjusts water flow and suction based on dirt levels, ensuring thorough cleaning with minimal user intervention. Complementing this is the innovative L-shaped double-row staggered comb brush, leveraging Narwal’s expertise in anti-tangling technology.
Additionally, the X-CLEAN 10 delivers top-tier performance for flawless results in no time: Its self-propelled roller system offers an ultra-lightweight cleaning experience with only 0.8 kg in hand—with a flexible 180-degree design for ultimate reach. It also proposes a self-cleaning system built with an exclusive bi-directional hassle-free self-cleaning and self-drying system at the push of a button. Finally it is full Innovative solutions that make cleaning easier, including vocal assistance, user-friendly controls on an LED screen, real-time dirt tracking and more: A revolutionary cleaner that sets a new standard for cordless vacuum performance in European homes.
“We’re excited to partner with Rowenta and bring groundbreaking cleaning solutions to European consumers. Together, we look forward to introducing even more exceptional innovations in the future,” says Hower Wu, Senior Vice President, Narwal Robotics.
“We are very impressed by Narwal’s innovative technologies such as AI DirtSense™. Their expertise elevates the cleaning experience to an entire new level,” says David Jeanson, General Manager, Home, Linen and Personal Care, Groupe SEB.
About Narwal
Narwal is known for using its cutting-edge technology to realize its objective of bringing flawless floors to users. As one of the top five robotic cleaning manufacturers, the brand generated $200 million in sales within two years of launching its first product and has consistently maintained high double-digit annual growth since then. In H1 2024, Narwal expanded its international market sales volume by an impressive 750% year-over-year, serving over 3 million households globally. The company has secured significant investments from prominent backers, including Sequoia Capital, Hillhouse Capital, ByteDance (the parent company of TikTok), and Tencent. With a team of over 700 researchers and scientists —comprising more than half of its 1,400+ global workforce. In recent years, Narwal has achieved numerous breakthroughs across various fields and garnered prestigious international awards, including the CES Innovation Awards, Red Dot Awards, the Edison Gold Award, and a spot on Time Magazine’s 100 Best.
About Rowenta
At Rowenta, a brand born in Germany in 1909, we have been able to meet the consumer’s needs by combining performance that guarantee perfect results with features that take care of you.
We innovate everyday with new solutions that smooth out and purify all your clothes, appliances that take care of your hair and skin, efficient, easy-to-handle and quiet vacuum cleaners, and products that improve the indoor air quality, so you always look and feel at your best.
We are constantly seeking to optimize resource consumption in the development and use of our products to make Rowenta performance a more sustainable one. A performance that always gives the best results and makes your life easier every time and for a long time.
ContactAria Si – [email protected]
Photo – https://mma.prnewswire.com/media/2535754/Rowenta_KV.jpgLogo – https://mma.prnewswire.com/media/2309467/Narwal_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/rowenta-a-brand-of-groupe-seb-and-narwal-unveil-co-engineered-x-clean-10-in-landmark-partnership-302281909.html

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Corporater named a market leader in Operational Resilience Software by Independent Research Firm

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STAVANGER, Norway, Oct. 22, 2024 /PRNewswire/ — Corporater, a global leader in software solutions for Governance, Risk, and Compliance (GRC) along with Performance Management (jointly addressed as GPRC), is proud to announce the recognition of being named a leader in Verdantix’s recently published “Operational Resilience Software Benchmark” research. The report states that “Corporater offers a first-of-its-kind governance solution for resilience”.

The Corporater software platform’s flexible structure and powerful capabilities offer end-to-end processes to conform with regulatory requirements, e.g., NIS2, SEC Sound Practices to Strengthen Operational Resilience, DORA, and UK Operational Resilience PS 21/3, and PRA 6/21 as Operational Resilience (OpRes) is emerging as a top priority for organizations worldwide.
The emphasis on governance, AI, process execution, and comprehensive risk capabilities sets the stage for Corporater’s integrated suite of GRC and Performance capabilities as a leading tool for a successful digital transformation of an organization’s resilience program, optionally part of a holistic, integrated GPRC program where operational resilience is one of several critical business objectives.
“In Corporater, we believe the GRC program should be business-integrated by design and thus aligned with business objectives and the performance against the objectives. Operational Resilience is business-integrated by design and is an excellent example of how an integrated GRC and Performance software can enable an organization’s resilience objective/obligation”, said Paul Greenhalgh, product owner for UK Operational Resilience Solution at Corporater.
“Corporater continues to set the standard for integrated enterprise GRC and Performance Management solutions,” said Owe Lie-Bjelland, GPRC Director at Corporater. “This recognition from Verdantix means a lot to us as we aim to empower organizations to not only manage risks and compliance effectively across the enterprise but also enhance overall business performance through a business-integrated GRC program.”
Access the report here.
For media inquiries, please contact:Corporater: [email protected]
About Corporater:
Corporater is a leading global provider of enterprise software solutions for Governance, Performance, Risk, and Compliance (GPRC) management. With more than 20 years of experience, innovation, and customer satisfaction, Corporater empowers medium and large organizations to achieve their objectives for effective GRC and Performance programs. Whether traditional GRC challenges such as enterprise risk, internal control system, IT risk, incident management, and Internal Audit or emerging challenges such as ESG or operational resilience, Corporater can deliver an integrated system on one platform. Visit corporater.com or follow us on LinkedIn.

View original content:https://www.prnewswire.co.uk/news-releases/corporater-named-a-market-leader-in-operational-resilience-software-by-independent-research-firm-302282923.html

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Happiest Minds positioned as a ‘Major Contender’ in Everest Group’s Cybersecurity PEAK Matrix® Assessment – North America 2024

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SAN JOSE, Calif. and LONDON and BENGALURU, India, Oct. 22, 2024 /PRNewswire/ — Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a ‘Born Digital . Born Agile’, Mindful IT Company, today announced that it has been positioned as a ‘Major Contender’ in the latest market evaluation report, Cybersecurity Services PEAK Matrix® Assessment 2024 – North America by Everest Group.

Ram Mohan C, CEO of Infrastructure Management & Security Services (IMSS), Happiest Minds, said, “Our approach to cybersecurity is strategic and holistic, integrating advanced services to address the full spectrum of threats across diverse IT environments. We have invested significantly in cybersecurity solutions, including AI-driven threat detection, Zero Trust architecture, Secure Access Service Edge (SASE), Gen AI security, quantum security, and advanced Security Operations Center (SOC) capabilities. At Happiest Minds, we continuously adapt to industry trends, embedding cybersecurity into every facet of our service delivery, innovation, and technology adoption, ensuring our customers are prepared to tackle the evolving challenges of today’s digital economy.”
Priya Kanduri, CTO of Infrastructure Management & Security Services (IMSS) and Head of Security Services, Happiest Minds, said, “This recognition highlights our strategic vision and unwavering commitment to delivering cutting-edge cybersecurity services to our customers. We have strengthened our talent pool and leveraged automation to address industry-wide skill gaps, ensuring robust and scalable security operations. Our relentless drive towards excellence in addressing the most pressing security challenges empowers us to deliver exceptional value to our customers. This accolade reinforces our perseverance in driving innovation in the cybersecurity landscape.”
About Happiest Minds Technologies
Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a Mindful IT Company, enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights. We do this by leveraging a spectrum of disruptive technologies such as: artificial intelligence, blockchain, cloud, digital process automation, internet of things, robotics/drones, security, virtual/ augmented reality, etc. Positioned as ‘Born Digital. Born Agile’, our capabilities span Product & Digital Engineering Services (PDES), Generative AI Business Services (GBS) and Infrastructure Management & Security Services (IMSS). We deliver these services across industry groups: Banking, Financial Services & Insurance (BFSI), EdTech, Healthcare & Life Sciences, Hi-Tech and Media & Entertainment, Industrial, Manufacturing, Energy & Utilities, and Retail, CPG & Logistics. The company has been recognized for its excellence in Corporate Governance practices by Golden Peacock and ICSI. A Great Place to Work Certified™ company, Happiest Minds is headquartered in Bengaluru, India with operations in the U.S., UK, Canada, Australia, and the Middle East.
Media Contact:Kiran [email protected]
Logo: https://mma.prnewswire.com/media/1812236/4024169/Happiest_Minds_Logo.jpg
 

View original content:https://www.prnewswire.co.uk/news-releases/happiest-minds-positioned-as-a-major-contender-in-everest-groups-cybersecurity-peak-matrix-assessment–north-america-2024-302282929.html

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