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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™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

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.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

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.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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KRUGER TO IMPLEMENT A DEMONSTRATION PROJECT FOR CARBON CAPTURE AND REUSE AT ITS WAYAGAMACK MILL

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TROIS-RIVIÈRES, QC, Nov. 1, 2024 /CNW/ – Kruger Inc. announced today a $23.75 million investment in an innovative demonstration project for carbon capture and reuse at its Wayagamack Mill in Trois-Rivières. The R&D project was unveiled at a press event in the presence of the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry of Canada and Member of Parliament for Saint-Maurice -Champlain; Jean Boulet, Member of the National Assembly for Trois-Rivières, Minister of Labour of Québec, Minister responsible for the Mauricie Region and the Abitibi-Témiscamingue Region and the Nord-du-Québec Region; Gene Kruger, Director and Vice President, Business Development, Kruger Inc.; and Justin Paillé, Senior Vice President, Manufacturing, Kruger Pulp and Paper.

This initiative was made possible by the support of the governments of Canada and Québec, with a contribution of $8.15 million through Natural Resources Canada’s Investments in Forest Industry Transformation Program (IFIT) and $9.5 million from the Technoclimat Program funded by the Ministry of Environment, the Fight Against Climate Change, Wildlife and Parks.

For this project, Kruger is partnering with the developers of the carbon capture technology, Mantel Capture Inc., a pioneering North American start-up founded by engineers and scientists from the Massachusetts Institute of Technology (MIT). Together, they are investing a total of $6.1 million.

The promising technology has already proven successful at the laboratory scale and will be tested for the first time in an industrial setting at the Kruger Wayagamack Pulp and Paper Mill. Among its many groundbreaking features is the use of a cutting-edge absorption fluid, molten borate salt, which can withstand extremely high temperatures, up to 600°C. This crucial distinction allows for the direct integration of the capture system into a steam boiler.

In addition to being more efficient and cost effective than other carbon capture methods, Mantel’s technology is also energy efficient and sustainable. It enables the capture of carbon while producing clean steam, both of which can be reinjected into the papermaking process. In fact, as part of the demonstration project, Kruger aims to capture up to 5 tons of high-quality CO2 per day.

Preparatory work to implement the technology begins this month, while a two-year test phase is scheduled to start in the fall of 2025. If the project meets expectations, Kruger could deploy the technology across all mill operations, with the goal of making the plant carbon neutral.

Quotes:

“Through our Investment in Forest Industry Transformation program, we are continuing to support Québec’s forest sector to implement innovative technologies that increase efficiency and capacity, lower emissions and create good, sustainable jobs. Today’s investment is an excellent example of how we can continue to reduce emissions while helping to ensure the long-term sustainability of Canada’s forestry sector.” – The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources of Canada

Canada’s forest sector provides economic opportunity and secure livelihoods for Canadians in communities right across the country. By investing in the Kruger Wayagamack facility in Trois-Rivières, we are ensuring that local communities continue to reap the benefits of the sustainable use of Canada’s forest resources.” – The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry of Canada and Member of Parliament for Saint-MauriceChamplain

“Innovation is an indispensable ally for the climate and energy transition, and in Québec, we are fortunate to have committed businesses that use their expertise to improve their environmental footprint. We are pleased to support the development of effective technological solutions to meet our climate goals, including net-zero emissions by 2050.” – Benoît Charette, Minister of Environment, the Fight Against Climate Change, Wildlife and Parks of Québec and Minister responsible for the Laurentides Region

“I am proud to see businesses in the Mauricie region take part in Québec’s fight against climate change. This project is in line with our government’s vision to support innovation to reduce greenhouse gas emissions and improve energy efficiency for a more prosperous Québec.” – Jean Boulet, Member of the National Assembly for Trois-Rivières, Minister of Labour of Québec and Minister responsible for the Mauricie Region, for the Abitibi-Témiscamingue Region and the Nord-du-Québec Region

“We are thrilled to be at the forefront of testing this promising new technology, which has the potential to help us, as well as the entire manufacturing sector, achieve our goal of decarbonizing our operations. This project underscores Kruger’s commitment to intensifying its efforts to improve its environmental footprint and promote more sustainable prosperity.” – Justin Paillé, Senior Vice President, Manufacturing, Kruger Pulp and Paper

About Kruger

Founded in Montréal in 1904, Kruger Inc. is a major provider of tissue products, 100% recycled containerboard, corrugated packaging, pulp and paper products and renewable energy. The Company is also a leader in paper and paperboard recycling in North America. A privately held family company, Kruger Inc. has 6,000 employees and its facilities are located in Québec, Ontario, British Columbia and Newfoundland and Labrador, as well as in the States of Tennessee, Maine, New York, Virginia, Kentucky and Rhode Island. www.kruger.com 

SOURCE Kruger Inc.

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Randy Bachman and Bachman-Turner Overdrive Announce BACK IN OVERDRIVE TOUR 2025

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Extensive Tour Throughout Canada in April & May

NEW YORK, Nov. 1, 2024 /CNW/ — Today, Bachman Turner-Overdrive, the legendary rock n’ roll band behind worldwide hits such as “Takin’ Care Of Business” and “You Ain’t Seen Nothin’ Yet”, announced an extensive tour across Canada in April and May of next year titled, Back In Overdrive Tour 2025. Multi-platinum April Wine and Headpins, two fellow Canadian rock bands, will open in support. Tickets go on sale next Friday, November 8. See full list of tour dates HERE.

Last year, Randy Bachman revived BTO, and has continued to tour throughout 2024 with a run of US dates wrapping up next week. Led by Bachman, who was recently nominated to be inducted into the Songwriters Hall Of Fame, BTO’s latest lineup also includes his son Tal Bachman. With Randy’s legendary guitar and Tal’s contemporary flair, BTO forges ahead, blending their classic hits with a fresh energy that captivates audiences worldwide. The band will also be performing hits from The Guess Who, the iconic classic rock group which Bachman co-founded with Burton Cummings. The BTO legacy lives on, promising unforgettable performances and a continued impact on the ever-evolving rock landscape.

“Years ago, BTO rocked Canada coast to coast, sharing the stage with acts like ZZ Top.,” says Bachman. “Now, we’re excited to return, bringing along Canadian rock legends April Wine and Headpins. Get ready for a night of 70’s classic rock that continues to dominate the airwaves. I’ll be playing all the Guess Who and BTO hits with my band, BTO, and with April Wine and Headpins joining us, it’s going to be an unforgettable evening. Crank up the hits! Canadian rock is back, and BTO is back!”

Bachman has become a legendary figure in the rock and roll world through his talents as a guitarist, songwriter, performer and producer. Bachman has earned over 120 gold and platinum album/singles awards around the world. His songwriting has garnered him the coveted #1 spot on radio playlists in over 20 countries and over the course of his career he has sold over 40 million records. Randy’s songs have been recorded by a broad range of artists and have been placed in dozens of TV shows, films and commercials. Impressively, his music has provided a veritable soundtrack of the last thirty years of popular music.

For more information, please contact:
Sonny Bailey-Lemansky (sonny@missingpiecegroup.com)
Michael Krumper (michael@missingpiecegroup.com)
at Missing Piece Group

View original content to download multimedia:https://www.prnewswire.com/news-releases/randy-bachman-and-bachman-turner-overdrive-announce-back-in-overdrive-tour-2025-302294397.html

SOURCE Missing Piece Group

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Wasatch BioLabs and Oxford Nanopore Team Up to Accelerate Methylation Sequencing Towards Clinical Use

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SALT LAKE CITY and OXFORD, United Kingdom, Nov. 1, 2024 /PRNewswire/ — Wasatch Biolabs (WBL), a disruptive R&D and high-throughput clinical laboratory, today announced a collaboration with Oxford Nanopore Technologies (ONT), the company delivering a new generation of nanopore-based molecular sensing technology, to develop a Direct Whole Methylome Sequencing product that addresses key limitations associated with traditional bisulfite sequencing and methylation microarrays.

WBL develops proprietary methylation and genomic assays for mass-market research and customized clinical applications incorporating Oxford Nanopore’s rich genomic insights and rapid, accessible, and affordable sequencing technology. This collaboration is designed to build on Wasatch BioLab’s existing proprietary methylation assays and create market-leading offers to drive innovation in genomic and epigenomic analysis, accelerating breakthroughs in research and clinical applications.

“Through this collaboration, we are utilizing Oxford Nanopore’s industry-leading sequencing technology and additional technological expertise to accelerate product development and bring groundbreaking innovations to market faster,” said Chad Pollard, CEO and Co-Founder of Wasatch BioLabs. “These products are poised to redefine the standard for epigenetic research and revolutionize the field.”

New Product Announcement: Direct Whole Methylome Sequencing

Following Wasatch BioLabs’ recent release of a cell-free whole genome methylation sequencing assay that significantly improves sensitivity and data quality in assays targeting highly fragmented cfDNA, WBL is excited to announce their latest product: Direct Whole Methylome Sequencing (dWMS). This innovative technology addresses key limitations of traditional methods, such as bisulfite sequencing and methylation microarrays.

By eliminating DNA damage from harsh chemical treatments, sequencing biases from PCR amplification, batch effects, and restricted genomic coverage, dWMS offers comprehensive genome-wide coverage, capturing up to 98% of the 28.1 million CpG methylation sites in the human genome. It delivers precise single-molecule resolution and enables the simultaneous detection of DNA sequence, methylation, and hydroxymethylation patterns.

“We’re excited to work closely with the Wasatch BioLabs team to help facilitate a paradigm shift in methylation research,” said Kathleen Barnes, SVP of Population Health and Precision Medicine at ONT. “Together we will co-develop products that will replace conventional technologies such as sequencing arrays and bisulfite sequencing and reshape how methylation is incorporated into clinical research and diagnostics.”

ASHG 2024 Speaking Event Announcement

From Arrays to Sequencing: Enhancing Methylation Analysis for Biomarker Discovery and Clinical Applications

WBL will discuss this product and other key developments in a joint WBL and Oxford Nanopore CoLab session at the upcoming American Society of Human Genetics (ASHG) Annual Meeting, held November 6th-8th in Denver, CO. The presentation will unveil key product details, including more robust details of MethylSeqR, a proprietary analysis package designed to provide researchers with the tools to perform complex analyses on robust native-read DNA output in minutes.

Date and time: Nov 6th at 12pm MT
Location: Colab: Theater #1

About Wasatch BioLabs
Wasatch BioLabs (WBL) is a leading R&D laboratory and next-generation sequencing service provider dedicated to advancing scientific discovery and clinical epigenomics. Headquartered in Utah, WBL specializes in developing innovative methylation-based technologies and delivering custom assays built for scalability, precision, and impactful results. WBL’s offerings empower researchers and other clients with unprecedented insights into the genome. With a focus on collaboration, adaptability, and excellence, Wasatch BioLabs is a trusted partner for academic, biotech, and pharmaceutical industries worldwide. To learn more, visit www.wasatchbiolabs.com.

About Oxford Nanopore Technologies
Oxford Nanopore Technologies’ goal is to bring the widest benefits to society through enabling the analysis of anything, by anyone, anywhere. The company has developed a new generation of nanopore-based sensing technology for real-time, high-performance, accessible, and scalable analysis of DNA and RNA. The technology is used in more than 125 countries to understand the biology of humans and diseases such as cancer, plants, animals, bacteria, viruses, and whole environments. Oxford Nanopore Technologies products are intended for molecular biology applications and are not intended for diagnostic purposes. For more, visit: https://nanoporetech.com/

Forward-looking statements

This announcement contains certain forward-looking statements. For example, statements regarding expected revenue growth and profit margins are forward-looking statements. Phrases such as “aim”, “plan”, “expect”, “intend”, “anticipate”, “believe”, “estimate”, “target”, and similar expressions of a future or forward-looking nature should also be considered forward-looking statements. Forward-looking statements address our expected future business and financial performance and financial condition, and by definition address matters that are, to different degrees, uncertain. Our results could be affected by macroeconomic conditions, delays or challenges in manufacturing or delivering of products to our customers, suspensions of large projects and/or acceleration of large products or accelerated adoption of pathogen surveillance or applied uses of our products. These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements.

For more information, please visit:
Wasatch BioLabs: www.wasatchbiolabs.com
Oxford Nanopore Technologies: https://nanoporetech.com

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SOURCE Wasatch BioLabs

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