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Steam Traps Market to Grow by USD 1.4 Billion by 2027, Driven by AI-Powered Advances and Heat Recovery Steam Generator Tech – Technavio

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NEW YORK, Sept. 5, 2024 /PRNewswire/ — Report with the AI impact on market trends- The global steam traps market size is estimated to grow by USD 1.40 bilion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of over 5.75% during the forecast period. Emerging heat recovery steam generator technology for power generation is driving market growth, with a trend towards development of IoT sensor technology for steam traps. However, faulty steam traps result in energy loss poses a challenge. Key market players include Armstrong Flow Control, Armstrong International Inc., Ayvaz, Clark Reliance, Dwyer Instruments LLC, Emerson Electric Co., Forbes Marshall Pvt. Ltd., GlobalSpec LLC, MIYAWAKI Inc., Newton Steam Traps Fluid Technology Co. Ltd., Parker Hannifin Corp., Schlumberger Ltd., Spirax Sarco Engineering plc, Swagelok Co., Thermax Ltd., TLV Co. Ltd., Uni Klinger Ltd., Velan Inc., Watson McDaniel Co., and Watts Water Technologies Inc..

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Steam Traps Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017 – 2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 5.75%

Market growth 2023-2027

USD 1401.96 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

5.25

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 34%

Key countries

US, Canada, China, India, and Germany

Key companies profiled

Armstrong Flow Control, Armstrong International Inc., Ayvaz, Clark Reliance, Dwyer Instruments LLC, Emerson Electric Co., Forbes Marshall Pvt. Ltd., GlobalSpec LLC, MIYAWAKI Inc., Newton Steam Traps Fluid Technology Co. Ltd., Parker Hannifin Corp., Schlumberger Ltd., Spirax Sarco Engineering plc, Swagelok Co., Thermax Ltd., TLV Co. Ltd., Uni Klinger Ltd., Velan Inc., Watson McDaniel Co., and Watts Water Technologies Inc.

 

Market Driver

Steam traps are essential components in industrial processes, but they require regular monitoring to ensure optimal performance. Unattended steam traps can lead to significant energy losses and costly downtime. According to industry estimates, billions of dollars are wasted annually due to steam trap failures. To address this issue, IoT-enabled steam trap monitoring solutions are gaining popularity. These solutions use automated sensing technologies to detect anomalies in real-time and communicate parametric data over cloud-based services. For instance, PsiKick’s Steam Trap Monitor solution continuously analyzes steam trap performance and sends alerts for any faults. This proactive approach helps prevent energy loss and costly downtime, ensuring industrial processes run efficiently. 

Steam traps are essential components in Process Applications, particularly in industries like oil and gas and chemicals. The market for steam traps is witnessing significant trends, including the use of wax-filled capsules for improved fluid dynamics in Instrument Steam Tracing and Line Steam Tracing. Valve manufacturers focus on developing advanced steam traps with mechanical bodies made of steel and iron for enhanced durability. Fluid condensation and solidification are major challenges, leading to investments in innovative solutions like drip application and process application steam traps. Rapid economic growth in developing and emerging economies presents both opportunities and challenges. IoT sensor technology and battery-less IoT systems, such as Everactive and Spartan Controls, are revolutionizing steam trap monitoring. Major players in the market include Schlumberger Limited, Thermax Limited, Velan, Watts Water, TLV, and Forbes Marshall. The market faces challenges like water hammer, sterilization, and high investments. Mechanical steam traps remain popular, but semiconductor design innovations are expected to disrupt the market. Overall, the steam trap market is poised for growth, driven by the increasing demand for efficient and cost-effective solutions. 

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 Market Challenges

Steam traps are essential components in industrial processes that prevent steam from entering condensate lines, reducing steam consumption and maintaining thermal efficiency. However, older steam traps may lead to energy losses due to leaks or inefficient operation. Factors contributing to such losses include dirt build-up, pressure surges, and incorrect trap sizing. Manufacturers test new steam traps under challenging conditions to ensure they meet end-user requirements and minimize energy losses. International vendors prioritize design protocols to prevent steam wastage, while regional or local vendors may offer lower-priced alternatives that do not adhere to these standards. These variations in design and manufacturing processes can result in varying levels of reliability and potential energy losses. Inaccurate tests that assess steam trap performance may overlook energy losses through radiation, which can significantly impact a system’s overall efficiency. To mitigate these losses, it is crucial to maintain steam traps properly and consider the unique factors affecting their operation. Regular maintenance and proper sizing can help minimize energy losses and optimize steam system performance.In the dynamic industrial landscape, steam traps are a critical component in various sectors like oil and gas, chemicals, food processing, power generation, and healthcare. With rapid economic growth in emerging economies, the demand for steam traps is surging. However, challenges persist. High investments in infrastructure and lack of awareness about energy efficiency and conservation pose significant hurdles. Mechanical steam traps, primarily made of steel body material, dominate the market. Key players like Schlumberger Limited, Thermax Limited, Velan, Watts Water, TLV, and Forbes Marshall lead the market. However, steam trap failure due to equipment damage, fuel consumption, and greenhouse gas emissions necessitate better process control and maintenance services. Energy wastage and rising energy costs, coupled with environmental awareness, have fueled the need for high-quality steam traps. Temperature-sensitive elements, such as bimetallic and thermostatic mechanisms, are gaining popularity. Despite these challenges, the market for steam traps is expected to grow, driven by industrial expansion and process optimization.

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Segment Overview 

This steam traps market report extensively covers market segmentation by

End-user 1.1 Petroleum1.2 Thermal power1.3 Chemical and othersMaterial 2.1 Steel2.2 IronGeography 3.1 APAC3.2 Europe3.3 North America3.4 Middle East and Africa3.5 South America

1.1 Petroleum- The Steam Traps Market is a significant sector in the industrial industry. These devices are essential for maintaining efficient energy usage in power plants and process industries. Steam traps remove condensate and air from steam lines, ensuring optimal steam flow and preventing energy loss. Market growth is driven by increasing industrialization and the need for energy efficiency. Major players include Spirax Sarco, Emerson, and Honeywell. These companies offer various types of steam traps, including thermostatic, pressure-reducing, and thermodynamic models. Procurement of steam traps is a crucial investment for industrial facilities, enhancing productivity and reducing operational costs.

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Research Analysis

The global steam trap market is experiencing rapid economic growth due to increasing demand from various industries such as oil and gas, chemicals, food processing, and power generation. Emerging economies are driving the market’s expansion, with a significant number of new installations and modernization of existing infrastructure. However, the lack of awareness regarding the importance of steam trap maintenance and energy efficiency is a major challenge. High investments are being made in the development of advanced steam trap technologies, including mechanical steam traps made of steel body material, energy-efficient solutions, and IoT sensor technology with battery-less systems. Companies like Everactive, Emerson Electric, Spartan Controls, and Yarway Steam Traps are leading the way in innovation, offering semiconductor design and smart steam trap solutions to improve energy efficiency and conserve energy in industrial processes. Steam trap failure can lead to significant energy loss and production downtime, making maintenance services essential. The market is expected to continue growing, driven by the need for reliable and efficient steam trap systems in various industries.

Market Research Overview

The Steam Traps Market is witnessing significant growth due to the rapid economic expansion in various industries such as oil and gas, chemicals, food processing, power generation, and healthcare. Emerging economies are also driving the demand for steam traps as they invest heavily in industrial infrastructure. However, the lack of awareness about the importance of steam trap maintenance and energy efficiency is a major challenge. Steam traps are critical components in industrial processes, ensuring the efficient transfer of steam and condensate. They come in various types, including Mechanical, Thermostatic, and Float Mechanisms. Materials used range from Steel and Iron to advanced Temperature-sensitive elements, Bimetallic elements, Wax-filled capsules, and Fluid Dynamics valves. Industries like oil and gas, chemicals, and power generation are major consumers of steam traps. Industrial expansion and process optimization have led to increased demand. However, steam trap failure can lead to equipment damage, energy wastage, fuel consumption, and greenhouse gas emissions. Regulatory mandates for energy conservation and environmental awareness are also driving the market. New technologies like IoT sensor technology, Battery-less IoT systems, and Semiconductor design are revolutionizing steam trap monitoring and maintenance. Companies like Everactive and Spartan Controls are leading the way in this area. The market for steam traps is vast and diverse, with applications ranging from Instrument Steam Tracing, Line Steam Tracing, Drip Application, and Process Application. Despite the challenges, the future looks bright for the Steam Traps Market.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userPetroleumThermal PowerChemical And OthersMaterialSteelIronGeographyAPACEuropeNorth AmericaMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Doo Group Strengthens Global Reach with CySEC License for Doo Financial

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LIMASSOL, Cyprus , Nov. 15, 2024 /PRNewswire/ — Doo Group is proud to announce that Doo Financial, one of its brands, has been awarded a new license by the Cyprus Securities and Exchange Commission (CySEC). This achievement strengthens Doo Group’s commitment to providing a secure and regulated trading environment for its clients globally.

Expanding Regulatory Reach

The addition of the CySEC license highlights Doo Group’s extensive regulatory framework, which already spans across multiple financial jurisdictions, including the United Kingdom, Australia, Hong Kong and Malaysia. This strategic milestone reflects Doo Group’s dedication to ensuring compliance with international regulatory standards and prioritizing client security. As a European Supervisory Authority, CySEC offers a robust regulatory environment and is expected to enhance client confidence. For Doo Group, this new regulatory milestone reinforces its reputation as a trusted, reliable financial services provider.

“Acquiring the new license from CySEC is a significant milestone for Doo Financial, marking a key step in our ongoing growth and strategic expansion. This achievement not only reinforces our commitment to maintaining the highest standards of regulatory excellence but also solidifies our position as a trusted, reliable financial institution within Europe. By aligning with CySEC’s rigorous requirements, we are better positioned to offer enhanced services to our clients, foster greater transparency, and ensure long-term stability in an increasingly complex and dynamic financial landscape.” Costas Kappai, Doo Financial EU

Strengthening Client Confidence

Doo Financial EU, the European branch of Doo Financial, is now positioned to serve clients across Europe under the guidelines of a European Supervisory Authority. European clients will benefit from CySEC’s regulatory protections, including client fund safety and transparent business practices, ensuring a secure and trustworthy trading experience. This development allows Doo Financial EU to offer its suite of financial services and trading products to a wider audience, backed by the credibility and oversight of CySEC.

By expanding its regulatory reach, Doo Group continues to strengthen its position in the global financial market, enabling clients to trade with confidence. The CySEC license is another step toward achieving Doo Group’s vision of becoming a leader in financial services.

About Doo Group

Founded in 2014 and headquartered in Singapore, Doo Group is an international financial services provider with a focus on FinTech. With operations across 10 major business lines—including Brokerage, Wealth Management, Payments, and Digital Marketing—we are dedicated to delivering comprehensive financial solutions that empower our clients to explore a better future.

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Liberty General Insurance Continues to Drive Insurance Awareness and Inclusion with ‘Suraksha ka Vaada Bima ke Saath’ Initiative Across Delhi and Punjab

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NEW DELHI, Nov. 15, 2024 /PRNewswire/ — Liberty General Insurance, one of the leading non-life insurance companies in India and the lead insurer for Delhi under the Insurance Regulatory and Development Authority of India’s (IRDAI) State Insurance Plan, is spearheading an insurance awareness initiative in Delhi. While there are no gram panchayats in Delhi, Liberty continues to drive insurance awareness through grassroots and digital outreach.

In parallel, Liberty is fulfilling its rural and social obligations by focusing on underserved areas in Punjab. This effort includes a recently initiated awareness campaign across 400 gram panchayats in Punjab to expand insurance penetration and increase accessibility in these regions.

In Delhi, Liberty continues to create awareness under ‘Suraksha ka Vaada Bima ke Saath’ initiative launched in 2023. This October Liberty began with a Door-to-Door Campaign across North-West and North East Delhi, reaching over 1600 households in Karala Village, Budh Vihar, Kanjawala Village and Begumpur, Burari, Kanhiya Nagar, Rampura, and Jahangirpuri, achieving over 25000 impressions. Over nearly a month, Liberty’s teams engaged with residents, distributing leaflets and explaining the benefits of motor and health insurance. This campaign was followed by the ‘Nukkad Natak’ (Street Play) initiative in South Delhi, targeting key neighborhoods of Sarojini Nagar, Lajpat Nagar, Nirman Vihar, Lakshmi Nagar, and Begumpur chowk market. The street plays used interactive performances to educate communities on the importance of insurance and dispel common myths. To reinforce the message, Liberty’s team also disseminated copies of the ‘Wise Ways of Insurance’ booklet—a unique resource developed to demystify insurance products and promote informed decision-making. The booklet, which is being translated into vernacular languages, is also being distributed in other states as part of Liberty’s commitment to financial literacy across India.

Complementing its on-ground efforts, Liberty General Insurance continues to leverage social media to drive targeted insurance awareness campaigns. Recognizing that widespread mobile access allows more people to connect online, Liberty reaches both rural and urban audiences, empowering individuals everywhere with the knowledge needed to make informed financial decisions.

Commenting on this awareness drive, Mr. Parag Ved, CEO & Whole-Time Director, Liberty General Insurance said, “Our ‘Suraksha ka Vaada Bima ke Saath’ campaign is an effort in line with IRDAI’s ‘Insurance for All by 2047’ vision, towards empowering communities across Delhi, Punjab, and beyond with the financial security that insurance provides. With general insurance penetration in India still at less than 1% of its GDP, there is a pressing need to educate communities and break down the barriers to understanding the importance of insurance. Liberty will ensure that its wide distribution network makes policies accessible to all, so that every citizen—no matter where they are—can access the financial safety net that insurance offers.”

“Liberty is committed to fostering a culture of financial resilience where every Indian can feel secure about their future. Together, we are building a future where insurance isn’t just a product but a promise of protection and peace of mind,Mr. Ved added.

Looking ahead, Liberty will be rolling out a transit media campaign across South Delhi in December, utilizing branded auto rickshaws to increase visibility and connect with residents in this vibrant area of the capital. By leveraging transit media, Liberty aims to bring insurance awareness into people’s daily routines, making information accessible in familiar, everyday settings. This campaign builds on the success of previous awareness initiatives and reinforces Liberty’s commitment to educating and empowering individuals about insurance.

About Liberty General Insurance

Liberty General Insurance Ltd. (LGI) is a joint venture between Summit Asia Investment Holdings PTE Ltd.— a group company of Liberty Mutual Insurance Group, a diversified global insurer with over 900 offices across the world, headquartered in the U.S., Enam Securities, and Diamond Dealtrade. LGI commenced operations in 2013 with the aim of providing comprehensive retail, commercial and industrial insurance solutions. The company has an employee strength of 1100+ with presence across 100+ locations in 28 states and UTs. Its partner network consists of about 6000+ hospitals and more than 5000 auto service centres. The company offers health and personal accident insurance, car and two-wheeler insurance, employee compensation insurance, commercial insurance, engineering insurance, marine insurance, liability insurance and property insurance among other products in India.

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Hikvision unveils WonderHub and elevates smart collaboration across industries

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HANGZHOU, China, Nov. 15, 2024 /CNW/ — Hikvision unveiled its fully upgraded smart collaboration business. The event showcased a range of innovative products designed to transform collaboration in education, meetings, retail, and more. Among the highlights were cutting-edge solutions like WonderHub interactive displays, digital signage, and video conference devices. These products underscore Hikvision’s commitment to driving digital transformation and enhancing user experiences in an increasingly connected world.

At the heart of this ecosystem is WonderHub, which features WonderOS, an AI-powered platform that seamlessly connects devices and enhances collaboration. With tools like WonderSpark for interactive whiteboards and WonderCast for wireless content sharing, WonderHub enables users to communicate, create, and collaborate more effectively than ever.

Boosting Classroom Engagement with Innovative Solutions

In education, WonderHub is designed to elevate classroom experiences. The interactive displays enable students to share and express ideas effortlessly, creating a more engaging and dynamic learning environment. The built-in WonderSpark smart whiteboard software uses AI to recognize equations, provide solutions, and generate interactive 3D teaching materials across subjects like mathematics, chemistry, and natural sciences. Teachers can also access licensed images and videos through Creative Commons integration, enriching lesson content and boosting student engagement.

Classrooms equipped with WonderHub also benefit from multi-window modes and a suite of 19 educational tools. These include subject-specific templates and interactive applications. For remote learning, WonderHub integrates seamlessly with third-party conferencing platforms, allowing students to collaborate in real-time, no matter their location.

Empowering Business Meetings with Intelligent Features

Hikvision’s smart collaboration solutions transform business meetings into more efficient and immersive experiences. The WonderHub Ultra Series allows users to easily connect personal devices and leverage the interactive display’s camera, speakers, and microphone for high-quality remote conferencing. The HiSpire meeting management system streamlines meeting logistics, including room scheduling, attendee notifications, post-meeting summaries, and distribution of materials.

Advanced AI features, such as auto-framing and speaker tracking, ensure optimal video quality. Meanwhile, app-free screen casting allows for easy sharing of presentation materials. The X12 and X28 audio-video cameras offer enterprises tailored setups to suit meeting rooms of any size, ensuring seamless communication with high-definition video and precise audio capture.

Transforming Retail Spaces with Dynamic Digital Signage

Hikvision has also advanced its digital signage solutions to enhance customer engagement in retail scenarios. The vibrant displays and centralized content management allow retailers to effectively capture attention. High-brightness window displays attract passersby with promotions and new product highlights. Meanwhile, floor-standing signage supports interactive features, such as self-service ordering. The HikCentral FocSign platform enables retailers to remotely manage and distribute content across multiple locations, improving operational efficiency and ensuring consistent branding.

These digital signage solutions, including the DP and DL series, boast superior brightness and clarity, ensuring visibility even in strong lighting conditions. The displays run on Hikvision’s self-developed platform and support WonderCast wireless casting, enabling quick and easy content sharing from various devices.

Since entering the smart collaboration market in 2017, Hikvision has rapidly become a leading global player. With over 300,000 units sold across more than 140 countries and regions, Hikvision’s smart collaboration business exemplifies the company’s commitment to innovation, quality, and user-centric design. As a key highlight of this evolution, the fully upgraded WonderHub represents the next leap forward in smart collaboration technology.

By bridging advanced technology with practical applications, WonderHub, along with Hikvision’s broader range of smart collaboration solutions, is leading the way in providing more efficient and intelligent solutions for users worldwide.

For more information about Hikvision’s smart collaboration products and solutions, please visit Hikvision’s official website.

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