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Steam Trap Market worth $5.57 billion by 2029 – Exclusive Report by MarketsandMarkets™

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DELRAY BEACH, Fla., Nov. 1, 2024 /PRNewswire/ — The global steam trap market is expected to be USD 5.57 billion by 2029 from USD 4.57 billion by 2024, at a CAGR of 4.1% during the forecast period according to a new report by MarketsandMarkets™. The steam trap market is driven by several key factors, including the rising demand for energy-efficient solutions, stimulated by a greater need to save energy and decrease operational costs. Increased use of automation within a steam system also helps in further increasing growth for this market as automated solutions enhance performance while reducing manual intervention. The pressure to increase manufacturing efficiency, while also maintaining environmentally stringent compliance, has started to force industries into investing in even more advanced steam trap technologies-fitting the platform of the sustainability model.

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Browse in-depth TOC on “Steam Trap Market” 

160 – Tables
90 – Figures
250 – Pages

Steam Trap Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 4.57 billion

Estimated Value by 2029

$ 5.57 billion

Growth Rate

Poised to grow at a CAGR of 4.1%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Mechanical, Drip Application, Process Application and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Lack of awareness about benefits of steam trap systems

Key Market Opportunities

Integration of steam traps with IoT sensors

Key Market Drivers

Growing demand for energy-efficient steam systems

Thermostatic segment is expected to exhibit highest CAGR in the steam trap market during the forecast period.

Thermostatic steam traps are ruggedly designed and have a significantly long service life. They have fewer wear and tear than other types of steam traps, therefore keeping lower maintenance costs and reduced operational downtime. This makes them attractive for industries that can’t afford to stop productions as these may include pharmaceuticals and food processing. Further, thermostatic steam traps are relatively easier to install than most other types. This makes them more readily available for adoption into an existing system of steam, and this ease of integration brings down the total cost of ownership. Accordingly, industries are more likely to adopt these traps at the time of system upgradation or installation.

Screwed segment is expected to hold major share in the steam trap market.

Screwed segments have the largest market share for steam traps due to several significant advantages. They can be used for a large range of pipe sizes and materials, thus applying to various applications in many different industries, which may make them highly used and even often selected by end-users. Moreover, screwed connections are generally cheaper than welded connections or any other type of connection. This lesser startup cost makes them appealing to several facilities, most especially in those industries that need to operate on tight budgets. Another big advantage is reliability, screwed connections work great under diversified pressure and temperatures, providing a secure seal and minimizing leaks, ensuring efficient operation in a steam system.

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North America is expected to hold the second largest share of the steam trap market.

The North American market shares the second largest share of the steam trap industry and is primarily driven by the following factors. First, it has numerous significant industries, oil and gas, chemical, food and beverages, and pharmaceuticals, which require steam trap systems in order to have an efficient management of condensate and pressure regulation. Next, North America has an already established infrastructure for power generation and manufacturing facilities that are highly automated and require reliable steam trap solutions in order to maintain and sustain the operations. Furthermore, the already stringent policies on the need to conserve energy and carbon emissions further drive the implementation of high-efficiency steam traps in efforts to reduce energy losses and increase systems regarding sustainability.

The key companies in the steam trap companies include Spirax Group plc (UK), Emerson Electric Co. (US), Thermax Limited (India), SLB (US), Velan Inc. (Canada), Watts (US), Armstrong International Inc. (US), TLV CO., LTD. (Japan), Forbes Marshall (India), Xylem (US).

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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

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Process Automation and Instrumentation Market by Transmitter (Level, Pressure, Temperature), Analyzer (TOC, pH, Oxygen, Conductivity, Density, Toxic Gas, Turbidity, Hydrogen Sulfide), PLC, DCS, SCADA, HMI, MES, Industry – Global Forecast to 2029

About MarketsandMarkets™

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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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Gilbane Building Company President & CEO Adam R. Jelen Joins ACE Mentor Program Board of Directors and Executive Committee

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Jelen, a long-time partner of ACE to offer leadership, vision, and strategy to benefit the Program

PROVIDENCE, R.I., Nov. 21, 2024 /PRNewswire-PRWeb/ — Gilbane Building Company announced the appointment of President & CEO Adam R. Jelen to the ACE Mentor Program of America Board of Directors. Jelen will serve in this prestigious leadership role for a renewable three-year term.

“As a long-time partner of the ACE Mentor Program, I am deeply honored to join its national executive committee,” said Adam R. Jelen, President & CEO, Gilbane Building Company.

“As a long-time partner of the ACE Mentor Program, I am deeply honored to join its national executive committee,” said Adam R. Jelen, President & CEO, Gilbane Building Company. “The Program empowers and inspires the next generation by enabling young people to see what’s possible in our industry. It plays a crucial role in developing new talent to enter our workforce, fostering diversity, and supporting career pathways. I look forward to contributing to the impactful work ACE Mentor continues to do in building a brighter, more inclusive future for our field.”

Jelen’s appointment bolsters an already esteemed board committed to steering ACE’s goal of inspiring the next generation of architects, engineers, and construction leaders. The board plays a crucial role in shaping ACE’s initiatives and supporting the development of young talent in the field. Jelen has long championed ACE, including serving as a founding member and emeritus board member of the ACE Mentor Program of Wisconsin.

The mission of the ACE Mentor Program is to engage, excite, and enlighten high school students to pursue careers in architecture, engineering, and construction through mentoring and continued support for their advancement into the industry.

For additional details about the ACE Mentor Program and board members, please click here.

About Gilbane Building Company

Gilbane Building Company is a global leader in construction management, delivering high-quality projects for clients across various markets. Gilbane provides a full slate of construction and facilities-related services – from preconstruction planning and integrated consulting capabilities to comprehensive construction management, general contracting, design-build, and facility management services. Founded in 1870, Gilbane is still a privately held, family-owned company. With more than 45 office locations worldwide, Gilbane brings world-class experience to local communities.

For more information, visit http://www.gilbaneco.com.

Media Contact

Lynn Rasic, Gilbane Building Company, 212-822-0319, lrasic@gilbaneco.com, www.gilbaneco.com

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SOURCE Gilbane Building Company

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Minister Wilkinson Welcomes the Indigenous Council’s ‘Kinship and Prosperity’ Report to Power More Indigenous, Rural and Remote Communities with Clean Energy

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OTTAWA, ON, Nov. 21, 2024 /CNW/ – Indigenous Peoples have traditional knowledge and expertise to help address climate change and protect the environment. 

Today, the Honourable Jonathan Wilkinson welcomed the release of Kinship and Prosperity: Proven Solutions for a Clean Energy Landscape, the Wah-ila-toos Indigenous Council’s Report. The report provides recommendations to power more Indigenous, rural and remote communities with clean energy while recognizing the various challenges these communities face. It affirms that Indigenous Peoples are leaders and knowledge keepers, and that they have the skills and experiences needed to establish a thriving economy while living in reciprocity with the environment.

The recommendations outlined in the report will help inform the development of future climate strategies and policies, providing a framework for integrating Indigenous voices into this work. The Government of Canada will continue to work with Indigenous Peoples and other energy partners to identify opportunities to advance joint priorities including in response to the Council’s advice, which will also be reflected in Canada’s upcoming Clean Electricity Strategy.

We thank the Council for the significant and important work it has done over the past two years, including on this report. These recommendations will play a key role in guiding action to reduce the use of expensive and polluting fossil fuels for heat and power in Indigenous, rural and remote communities and instead advance clean energy solutions that have the potential to save people money on energy and create economic opportunities and jobs in First Nations, Inuit and Métis communities.

Quotes

“I thank the Council members for their work and recommendations, which speak to the power and contribution of Indigenous leadership in advancing clean energy in Indigenous, rural and remote communities. They will contribute to creating economic prosperity and security now and into the future as well as build strong, healthy and more resilient communities and make life affordable, especially in the North. Seizing the opportunity that clean energy presents continues to be important for Indigenous communities and the Government of Canada as we work together toward reconciliation. I look forward to continuing work on shared priorities guided by the Council’s advice.”

The Honourable Jonathan Wilkinson
Minister of Energy and Natural Resources

“It is only through the collective efforts of Indigenous communities, industry, government and local leaders that we will see results in our fight against climate change. I am deeply heartened by and appreciative of the hard work of the Wah-ila-toos Indigenous Council, who have offered important guidance for further advancing Indigenous clean energy leadership. I look forward to seeing these principles and recommendations woven into Canada’s path to a cleaner energy future.”

The Honourable Dan Vandal
Minister of Northern Affairs

“We are grateful for the expertise and leadership of the Wah-ila-toos Indigenous Council in advancing energy transition efforts within Indigenous communities and across the country. Our government continues to work in partnership with Indigenous communities to support reconciliation and self-determination. Together with Indigenous partners, we are building a low-emission, cost-effective energy future, which will in turn improve health and resilience within Indigenous communities and across Canada.”

The Honourable Patty Hajdu
Minister of Indigenous Services

Quick Facts

The members of the Wah-ila-toos Indigenous Council, launched in December 2022, were selected on the basis of their knowledge and leadership in supporting community-driven clean energy projects within Indigenous communities.The Council is distinctions-based, with First Nation, Inuit and Métis representation, and reflects diverse communities, languages, geographic regions, skills and genders.

Associated links

Indigenous CouncilWah-ila-toosClean Energy for Rural and Remote CommunitiesIndigenous Off-Diesel InitiativeNorthern REACHE ProgramCanada Infrastructure Bank’s financingStrategic Partnerships Initiative2030 Emissions Reduction Plan: Clean Air, Strong Economy

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SOURCE Natural Resources Canada

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Insights About Today’s Clothing Shoppers

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SEOUL, South Korea, Nov. 22, 2024 /PRNewswire/ — On November 15, 2024, Cotton Incorporated presented and shared marketing data and analyses about consumer attitudes and habits relating to apparel shopping with the professionals from the textile apparel industry at the media sharing session in Seoul, South Korea.

Melissa Bastos, Director of Corporate Strategy and Insights for Cotton Incorporated, oversees research on consumer attitudes and behaviors and retail assessments conducted in the United States, Latin America, South Korea, Thailand and other Asian countries. Cotton Incorporated keeps providing valuable market insights to support decision-makers throughout the global cotton supply chain.

“In recent years, the proportion of consumers choosing to shop online has continued to rise, with convenience, lower prices, and a wider variety of options being key factors for this choice,” stated Bastos.

Bastos also noted that nearly three-fifths of consumers experienced quality issues when purchasing apparel online. Globally, consumers often associate cotton products with fashion, comfort, and trusted quality, with 55% noting they would pay more for clothes made from cotton.

Bastos highlighted that jeans were a significant cotton product, with 80% South Korea consumers expressing a preference for wearing them. As sustainability in apparel becomes increasingly important to consumers, factors like the use of natural fibres, and sustainable production may influence their decisions to purchase jeans. She indicated that the industry was actively promoting traceability strategies, with cotton being one of the most commonly traced materials, which enhanced the value of cotton products.

As a non-for-profit organization dedicated to promote cotton products, Cotton Incorporated’s mission is to increase the demand for and profitability of cotton. Cotton Incorporated is also dedicated to raising awareness of cotton’s sustainability. Their Blue Jeans Go Green™ denim recycling program has collected over two million pieces of denim, repurposing them into UltraTouch™ denim insulation materials for construction use. Additionally, Cotton Incorporated actively researches cotton cultivation and product technology, offering a range of sustainable solutions for the textile sector that strengthen the market position of cotton products.

For more information about cotton, you can visit the Cotton Incorporated website (www.cottoninc.com) to access a wealth of industry information, including market data, monthly economic updates, cotton production information, production resources, and performance technologies related to cotton.

 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/insights-about-todays-clothing-shoppers-302313092.html

SOURCE Cotton Incorporated

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