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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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On World Cleanup Day 2024, VIAIM’s Newly Launched Service Upgrade Provides Added Multilingual Support and Commitment to Environmental Goals, Helping to Shape a More Sustainable Future

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SINGAPORE, Sept. 20, 2024 /PRNewswire/ — VIAIM,  an AI technology hardware company deeply rooted in the smart office sector, is marking the inaugural World Cleanup Day 2024, which falls on September 20, with the official launch of a service package upgrade, reinforcing its dedication to both innovation and environmental responsibility.

This upgrade introduces Malay and Thai language support, expanding the total number of supported languages from 11 to 13. With these additions, VIAIM is taking another step towards making seamless cross-cultural communication more accessible, especially for users across Southeast Asia. At the same time, the Company continues to align its operations with sustainability efforts, lowering the usage threshold for customers and offering environmentally friendly solutions that contribute to a greener planet.

As part of VIAIM’s latest service package upgrade, users enjoy enhanced features designed to make their work and daily lives more efficient. These include free transcription and translation time, along with increased access to To-do List and Summary functions, providing customers with more comprehensive functionality at no additional cost.

These upgrades not only reflect the brand’s core philosophy of “user-first”, but also emphasize VIAIM’s commitment to continuously enhancing user experiences. Now, users can manage tasks more effectively, saving time and reducing the need for additional services, making their workflow more streamlined and productive.

Beyond product and service innovations, VIAIM remains committed to its environmental goals, aligning with global best practices in environmental, social, and governance (ESG) initiatives. VIAIM believes that, just as its users seek to improve their daily lives through technology, the company must contribute to a better world for future generations.

VIAIM is fully committed to environmental protection and sustainable development through its use of molded pulp, an environmentally friendly material for packaging while maintaining a laser focus on technology upgrades that reflect its customer-centric philosophy. The company utilizes molded pulp, an eco-friendly packaging material, to minimize environmental impact, while its smart office solutions contributes to a paperless workplace, further reducing waste. This dual focus on customer convenience and sustainability enhances the overall value that VIAIM delivers to its global customer base.

“Innovation serves as a breakthrough in technology and is also a cornerstone of environmental and social responsibility,” said TOM, Product Manager of VIAIM. “With our latest service upgrades, we not only improve the user experience but also make it easier for our customers to participate in sustainable practices. By embracing these advancements, users can contribute to environmental preservation, while enjoying the benefits of advanced cross-language support and smarter office tools. VIAIM’s mission is to bridge technological innovation with social responsibility, inviting our customers to join us in creating a brighter, more sustainable future.”

About VIAIM

VIAIM is an innovative technology company in the consumer-goods sector. With a focus on versatile, multimodal interactions, we strive to provide effective solutions that meet users’ specific needs. By harnessing state-of-the-art technology, we bring our visionary ideals to life, helping people embrace the incredible possibilities the Company offers.

CONTACT:
Qian Wang
wangqian@vision-intelligence.tech

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SOURCE VIAIM

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G42 Collaborates with NVIDIA to Deliver Next-Generation Climate Solutions Using Earth-2

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ABU DHABI, UAE, Sept. 20, 2024 /PRNewswire/ — G42, a leader in AI and cloud computing, today announced that it is partnering with NVIDIA to advance climate technology with a focus on developing AI solutions aimed at dramatically enhancing the accuracy of weather forecasting globally.

The collaboration builds on NVIDIA’s Earth-2, an open platform that accelerates climate and weather predictions with interactive, AI-augmented, high-resolution simulation. G42 and NVIDIA will initially focus on a square-kilometer resolution weather forecasting model that improves the accuracy of meteorological predictions.

Key to this initiative is the establishment of a new operational base and Climate Tech Lab in Abu Dhabi. This state-of-the-art facility will serve as a hub for research and development, driving forward both companies’ commitment to environmental sustainability. This facility will also mobilize the creation of tailored climate and weather solutions that leverage over 100 petabytes of geophysical data assets.

Peng Xiao, Group CEO of G42, said, “This initiative with NVIDIA is a testament to our commitment to applying AI in ways that not only innovate but also solve critical global challenges. Establishing the Earth-2 Climate Tech Lab in Abu Dhabi allows us to leverage our unique capabilities and insights to foster a sustainable future for the world.”

In addition to fostering innovation in climate technology, the initiative will focus on building a robust framework for integrating enhanced weather prediction capabilities with comprehensive data metrics and visualization. This will assist organizations worldwide in achieving their sustainability goals through well-informed, data-driven environmental strategies.

“Our collaboration with G42 marks a pivotal step toward harnessing AI to understand and predict climate phenomena with unprecedented accuracy,” said Jensen Huang, founder and CEO of NVIDIA. “The Earth-2 Climate Tech Lab will propel environmental solutions using the most advanced accelerated computing and AI technology to benefit millions of people around the world.”

By uniting G42’s AI expertise with NVIDIA’s computational acumen, this partnership aims to deliver transformative climate solutions that combine scientific accuracy with real-world applicability, driving impactful change across industries and ecosystems.

About G42

G42 is a technology holding group, a global leader in creating visionary artificial intelligence for a better tomorrow. Born in Abu Dhabi and operating worldwide, G42 champions AI as a powerful force for good across industries. From molecular biology to space exploration and everything in between, G42 realizes exponential possibilities, today.
To know more visit www.g42.ai.

Media contacts
Media and PR Team, G42
media@g42.ai

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Kawasaki and CB&I Sign Strategic Collaborative Agreement for Promoting Commercial-Use Liquefied Hydrogen Supply Chain

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HOUSTON, Sept. 19, 2024 /PRNewswire/ — Kawasaki Heavy Industries, Ltd. (Kawasaki) and CB&I, a wholly owned unrestricted subsidiary of McDermott, announced today their signing of a strategic agreement for promoting a commercial-use liquefied hydrogen (LH2) supply chain and realizing a zero-carbon-emission society. The signing ceremony took place at Gastech Exhibition & Conference in Houston on September 18, 2024.

“We are very pleased for this opportunity to build and launch a commercial liquefied hydrogen supply chain in cooperation with CB&I,” said Motohiko Nishimura, President, Energy Solutions & Marine Engineering Company, Kawasaki Heavy Industries, Ltd. “By taking advantage of both companies’ strengths and specialized know-how, we aim to cost down hydrogen, strengthen hydrogen supply chain competitiveness, and accelerate the transition to a zero-carbon society.”

Both companies will use their specialized know-how to provide infrastructure that will enable commercial-scale international LH2 supply chains in order to help achieve carbon-neutrality. By leveraging our combined expertise to deliver large-scale LH2 infrastructure solutions, CB&I and Kawasaki are removing barriers, driving down costs and enhancing scalability across the entire supply chain.

“This strategic partnership represents a significant advancement in liquid hydrogen storage capabilities,” said Mark Butts, Senior Vice President of CB&I. “Our technical expertise and extensive experience in liquid hydrogen storage position us at the forefront of the energy transition, delivering reliable storage solutions and executing projects worldwide with proven success.”

Under this agreement, the companies will provide infrastructure to advance the global realization of a sustainable energy economy and meet decarbonization targets. This collaboration will reduce LH2 infrastructure costs and contribute to more widespread use of this clean and efficient energy source.

About CB&I
CB&I is the world’s leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.

About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

About Kawasaki Heavy Industries, Ltd.
Kawasaki Heavy Industries, Ltd. is general engineering manufacturer with over 125 years of experience manufacturing products spanning land, sea and air. Kawasaki established the Kawasaki Group’s new vision statement, “Group Vision 2030: Trustworthy Solutions for the Future,” and is focusing on three fields, “A Safe and Secure Remotely-Connected Society,” “Near-Future Mobility,” and “Energy and Environmental Solutions” in order to provide solutions for social issues. For “Energy and Environmental Solutions” in particular, by securing the technology necessary for the entire supply chain (for production, transportation, storage and utilization) ahead of the rest of the world, Kawasaki aims to bring about a society that utilizes hydrogen, the ultimate clean energy that emits no carbon dioxide when used. To learn more, visit https://global.kawasaki.com/en.

Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected benefits from the collaboration agreement discussed in this press release.  Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott’s management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

For media inquiries, please use the contact information below:

Reba Reid
Global Media Relations
+1 281 588 5636
RReid@McDermott.com

Kristi Krupala-Grove
CB&I Media Relations
+1 346 313 9636
KKrupala2@mcdermott.com

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SOURCE McDermott International, Ltd

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