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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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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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H3C takes a deep dive into the challenges – and opportunities – AI brings

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BEIJING, Nov. 22, 2024 /PRNewswire/ — Nothing carries quite the gravitas of the Nobel Prizes, the five awards that were founded in Switzerland back in 1901 to recognize developments that have been of the “greatest benefit to humankind” in the fields of in physics, chemistry, physiology or medicine, literature, and in the promotion of peace.

These awards have traditionally noted people who have helped alter the course of human history and so it was telling when they were handed out by The Royal Swedish Academy of Sciences at the start of October that, for the first time, the work of people developing Artificial Intelligence was recognized.

This year’s winners in the sections both for physics (John Hopfield and Geoffrey Hianton) and chemistry (David Baker and joint-winners Demis Hassabis and John Jumper) have been expanding the use of AI software into science and their recognition has again shown how far this new technology’s reach has now spread, so quickly.

That’s a conversation that was carried on to GITEX Global 2024 in Dubai from October 14-18 – an event which brands itself as the “biggest tech & startup show in the world” – with the scope of the impact AI is having around the world once again on show.

At the center-point of displays and discussions were the very latest in AI advances as were the issues of where these developments are going to take the world as the digital economy continues to evolve.

On hand in Dubai was Ray Xu, senior vice-president of H3C, as well as president of the Chinese business innovation and digital transformation group’s cloud, compute, and storage product line. Based out of the eastern Chinese tech hub of Hangzhou, H3C officially launched two new H3C UniServer systems in Dubai (R5500 G7 and R5300 G7) – servers which can support more than 70 kinds of AI.

A week later, Xu sat down to reflect on that experience and on how an AI-led digital transformation, and technological innovation, are reshaping our world.

“These AI technologies are changing our lives and present a lot of new opportunities,” said Xu. “That has sparked a lot of imagination about what the future will be. On the other hand, AI applications also face some challenges in areas such as data privacy and algorithm bias. In the end, though, I’m an optimist. I think the opportunities far outweigh the challenges.”

Through its global commercial partnerships, H3C has helped expand AI technology usage across sectors including “AIGC [Artificial Intelligence Generated Content], autonomous driving in the new energy vehicle industry, and data-driven decision-making and personalized services in finance and enterprise sectors, as well as large-scale computing centers established by governments and operators.”

AIGC is one development that has had a major impact on the way work is done all over the globe. Innovations such as ChatGPT are driving new growth across industries as those industries adapt to generative technology and explore ways to expand AI’s uses.

Xu said there were a number of important challenges ahead, including developing the necessary infrastructure to support the power needed to drive this new technology, the development of more efficient power sources and servers, the building of data centers and learning how to deal with issues of privacy when it comes to data.

“At H3C we are committed to partnering with our customers when it comes to dealing with the challenges of business innovation and digital transformation,” said Xu. “With our comprehensive product line, we have solutions for cloud, computing, networking, security, and terminal issues as well as Information and Communication Technologies [ICT] solutions. With these solutions, we help a lot of our customers in their new journey of digital information transformation.”

The development of arithmetic power was another issue Xu identified, especially in terms of the Chinese market.

“I think there are four key challenges,” he said. “The first thing is computing power. We need huge amounts of computing power, so how to scale up this computing power quickly is very important. Second, how to use this arithmetic power efficiently? How to schedule this power is critical. The third challenge is about storage. We need data so how do we make this data transfer very efficiently, very quickly? 

“More computing means more data, more energy. So, how do we leverage this energy more efficiently? Making data centers more green will be the fourth challenge but in order to address these challenges, the first thing we need to do is scale up computing power more quickly.”

H3C has addressed these issues by focusing on “the upgrade and evolution of digital infrastructure to meet the needs of the AI era.” 

The company has also launched “diverse heterogeneous computing platforms for intelligent computing centers, high-performance AI servers, advanced data center network architectures, and AI storage solutions to provide strong, stable, and scalable digital infrastructure support.”

There has also been a focus on a green strategy when it comes to data center design and across the H3C production line, in keeping with the requirements of the industry. This includes such innovations as liquid cooling and box immersion, which are helping drive new growth on a global scale.

Overall, H3C has identified a “multifaceted” approach that has focused on increased investment in and construction of “computing infrastructure to rapidly scale up computing power,” the company said. 

Other focuses include “the development of more efficient and intelligent computing power allocation and data storage technologies to enhance resource utilization and ensure data security and stability”, while the company continues to explore “the promotion of innovation and application of energy-efficient technologies to reduce energy consumption during computing operations.”

That’s why, Xu said, the company is “open to different kinds of vendors.”

“We have the service capability to help customers build their ecosystem in anticipation of AI development, so they can actively embrace them,” he said. “We can always find ways to solve challenges and deliver more and more opportunities, backed by the belief that AI will bring us a bright and a smart future.”

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SOURCE H3C

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IMMOTION WINS BEST VR AWARD FOR THE GREAT MIGRATION AT WCFF 2024

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MONTERREY, Mexico, Nov. 22, 2024 /PRNewswire/ — IMMOTION, the global leader in immersive edutainment, received the Best Virtual Reality Award at the Wildlife Conservation Film Festival (WCFF) last month for The Great Migration, its groundbreaking 360º VR film experience.

“What their team accomplished with their intricate and non-intrusive camerawork was previously unseen by our judges.”

The WCFF annually awards the best in conservation filmmaking that spotlight global conservation advocacy.

In The Great Migration, IMMOTION immerses viewers into the incredible journey of over 2 million animals traveling between Tanzania’s Serengeti and Kenya’s Maasai Mara reserves as part of an annual phenomenon known as the Great Migration of East Africa. This journey is filled with predators preying on vulnerable herds that instinctually cross the treacherous Mara River each year.

IMMOTION’s team of VR filmmakers, led by Creative Director Ken Musen, captured breathtaking, immersive footage of the migration using custom-built 360º VR cameras within “rock-cams,” “croc-cams,” drones, and hot air balloons.

“We placed special VR cameras in places along the migration’s paths that no one has ever tried before,” said Musen. “The footage we captured was spectacular; for the first time in VR, you can see inside a herd of wildebeest as they struggle across the river or even come face-to-face with a hippo in the Mara.”

When up for consideration, the film’s production quality and craftsmanship were apparent from start to finish.

“After watching The Great Migration, the decision to award IMMOTION was instantly unanimous,” said Mauricio De La Maza, Interim CEO at the WCFF. “What their team accomplished with their intricate and non-intrusive camerawork was previously unseen by our judges.”

This award adds to the acclaim the film has received since debuting at the Association of Zoos and Aqaurium’s Mid-Year conference in March.

“The reaction from our partners and viewers has been astounding,” said Rod Findley, President and CEO of IMMOTION. “We are honored to receive this award from the WCFF as our missions align on advocating for global wildlife conservation education.”

The Great Migration is the most powerful film in IMMOTION’s growing library, including new immersive content slated for next year.

About IMMOTION

IMMOTION offers dynamic, motion-based virtual reality experiences, featuring live-action and animated educational content guided by marine biologists, wildlife experts, and conservation organizations such as the Marine Megafauna Foundation, Bimini Shark Lab, and the Dian Fossey Gorilla Fund. With over 100 locations worldwide and more than 2M unique annual users, IMMOTION helps leading zoos, aquariums, museums, and science centers generate ancillary revenue through award-winning, on-mission immersive attractions while reinforcing the impact of their education and conservation programs.

About WCFF

The Wildlife Conservation Film Festival aims to inform, engage, and inspire audiences about the utmost need and importance of protecting global biodiversity through its annual film festivals in New York, Los Angeles, and Monterrey, Mexico.

 

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SOURCE Immotion

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CCTV+: Embarking on a Renewed Dialogue at Liangzhu Between Global Civilizations–The ‘Liangzhu: A Dialogue across World Civilizations’ Promotional Video and Documentary to Premier

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BEIJING, Nov. 22, 2024 /PRNewswire/ — Exchanges make civilizations colorful, and mutual learning makes them prosper. A documentary on the recently-concluded Portugal and Greece stops of the ‘Belt and Road Initiative’ ‘Liangzhu: A Dialogue across World Civilizations’ cultural exchanges is about to be aired. A representation of cultural exchanges between the land of divine emblems and inscriptions of Liangzhu and the realm of Athena and navigational compasses, it presents Liangzhu culture’s popularity abroad and appreciation by local youth, media outlets, as well as cultural and academic communities.

The documentary, filled with exciting moments at the Events, could serve as a preview to the upcoming second Liangzhu Forum, building up the anticipation for an even more splendid future of human civilization. Also, it features further explorations into the stories and significance behind the Events.

This event was organized by the Information Office of Zhejiang Provincial People’s Government, the Foreign Affairs Office of Zhejiang Provincial People’s Government, and Zhejiang Media Group. It was hosted by the Overseas Center, or ZTV-World, of Zhejiang Media Group and was supported by the Chinese Embassy in Portuga, the Chinese Embassy in Greece, University of Lisbon, Portugal, and Aristotle University of Thessaloniki, Greece, among other institutions.

Video – https://mma.prnewswire.com/media/2565121/2024.mp4

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