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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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Paving the Way for EV Battery Workforce Education: Stellantis Supplies 12 New Ram ProMaster Electric Vans to Battery Workforce Challenge Teams

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AUBURN HILLS, Mich., Nov. 1, 2024 /PRNewswire/ — Participants from the Battery Workforce Challenge collegiate competition, a public-private partnership between the U.S. Department of Energy (DOE), Stellantis, and Argonne National Laboratory, gathered today to hand over the keys for 12 new 2024 Ram ProMaster electric vans. Chris Feuell, Chrysler and Ram Brand CEO, and Mark Champine, Stellantis Senior Vice President, Head of North America Engineering Technical Centers were on hand to distribute the ProMaster EV keys to students who will design, build, test, and integrate an advanced battery pack for the ProMaster EV vans. The 2024 Ram ProMaster EV is designed specifically for electrification with a unibody design that efficiently incorporates the production battery pack. Useful as a commercial work van, this application serves as an exciting opportunity for students to design batteries for bigger vehicles.

Started in 2023, the Battery Workforce Challenge partners 12 North American university teams with local community colleges selected through an elite, competitive process. Participating students receive hands-on learning and work closely with industry experts to tackle one of the most relevant real-world engineering challenges facing the automotive industry. 

“The Battery Workforce Challenge students continue to impress us with their creative ideas and overall EV knowledge as we’ve seen during this week’s fall workshops,” said Micky Bly, Stellantis senior vice president and head of Global Propulsion Systems. “I look forward to continuing to work with the students as they become workforce-ready EV experts.”

The 12 student engineering teams gathered in Bloomfield Hills outside of Detroit this week to continue their EV learning journey with four days of learning and collaboration with EV experts.

“The Battery Workforce Challenge teams will develop engineering and manufacturing skill sets to prepare them for high-quality jobs building the batteries of the future right here in the United States,” said Jeffrey Marootian, Principal Deputy Assistant Secretary in the Office of Energy Efficiency and Renewable Energy at the US Department of Energy. “The ability for the teams to experience hands-on learning working with the Ram ProMaster EVs is essential to the EV workforce of the future and advancing EV transportation technologies.”

The competition will end in 2026, with winning teams receiving dozens of annual engineering and sponsor-related category awards; $100,000 in industry-provided prize money; and invaluable real-world experience working with industry leaders.

Selected university and vocational partners are:

California State University, Los Angeles (Los Angeles, California) and Cerritos College (Norwalk, California)Clemson University (Clemson, South Carolina) and Greenville Technical College (Greenville, South Carolina)Colorado School of Mines (Golden, Colorado) and Arapahoe Community College (Littleton, Colorado)Jackson State University (Jackson, Mississippi) and Hinds Community College (Utica, Mississippi)McMaster University and Mohawk College (Hamilton, Ontario, Canada)The Ohio State University and Columbus State Community College (Columbus, Ohio)Rose-Hulman Institute of Technology and Ivy Tech Community College (Terre Haute, Indiana)University of Alabama and Shelton State Community College (Tuscaloosa, Alabama)University of California, Merced and Merced College (Merced, California)University of Michigan-Dearborn and Henry Ford College (Dearborn, Michigan)University of Nevada, Las Vegas (Las Vegas, Nevada) and College of Southern Nevada (Clark County, Nevada)University of Waterloo (Waterloo, Ontario, Canada) and Lambton College: Lambton Energy Research Centre (Sarnia, Ontario, Canada)

About the Ram ProMaster EV

With a targeted range of up to 162 miles in-city driving, the new Ram ProMaster EV is the brand’s first available fully electrified vehicle.

Two mission-specific configurations will be available, including the delivery model and two cargo models. The Ram ProMaster EV cargo model will be available in two configurations, including a 12-foot cargo length and an extended 13-foot cargo length (both with 159-inch wheelbases).

ProMaster EV’s battery is positioned under the floor in the center of the vehicle, which maintains a flat floor while cargo volume is unchanged from internal combustion engine vehicles.

Stellantis North America
Stellantis (NYSE: STLA) is one of the world’s leading automakers and a mobility provider. In North America, it’s best known for producing and selling vehicles in a portfolio of iconic and award-winning brands such as Jeep®, Chrysler, Dodge, Ram, Alfa Romeo and Fiat.

Powered by its diversity, Stellantis leads the way the region and the world move – aspiring to become the greatest sustainable mobility tech company, not the biggest, while creating added value for all stakeholders as well as the communities in which it operates.

Battery Workforce Challenge
The collegiate competition is part of DOE’s broader Battery Workforce Challenge Program, which also includes regional training with vocational and community colleges; STEM youth education; and an online tool for career and technical education. The program is dedicated to cultivating a diverse cohort of skilled engineers, technicians and workers to propel domestic battery technology forward.

Follow the Battery Workforce Challenge on social media:
LinkedIn: https://www.linkedin.com/company/battery-workforce-challenge/
Instagram: https://www.instagram.com/battchallenge/
Facebook: https://www.facebook.com/BattChallenge

Follow the U.S. DOE:
LinkedIn: https://www.linkedin.com/showcase/eeregov/

Follow Stellantis:
LinkedIn: https://www.linkedin.com/company/Stellantis

Media Contacts:
Kimberly DeClark, Argonne National Laboratory, kdeclark@anl.gov, 202-441-0096
Dan Reid, Stellantis, dan.reid@stellantis.com, 248-202-7697

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SOURCE Battery Workforce Challenge

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The 2024 Presidential Election: What Could It Mean for Your Financial Plan?

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With the upcoming election, individuals must brace for potential economic shifts and policy changes that could affect their financial strategies.

PORT CHARLOTTE, Fla., Nov. 1, 2024 /PRNewswire/ — The 2024 presidential election is creating a buzz not just in political circles but also in the financial world. With policy changes expected to follow the election, many individuals are left wondering how the result will impact their personal financial plans. Nikki Ockenden, RFC®, Managing Partner at Precise Financial Solutions, sheds light on how election outcomes often affect financial markets and individual strategies. “Election cycles bring uncertainty, and with uncertainty comes market volatility,” says Ockenden. “It’s important for individuals to remain vigilant and consider how potential shifts in policy could affect their financial standing.”

Tax policy, in particular, is an area of concern. Both candidates have signaled that changes to the tax code are likely to be on the agenda after the election. “The outcome of the election could have significant implications for tax rates, especially for higher-income earners,” Ockenden explains. “For those in higher tax brackets, this could mean revisiting their financial strategies, particularly in terms of estate planning and capital gains taxes.”

However, Ockenden advises caution against making hasty decisions based on election results. “It’s natural to want to react to the market and policy changes quickly, but financial planning should always be grounded in long-term goals,” she says. “Yes, the election will cause fluctuations, but those who have a solid, well-diversified plan will be better equipped to weather any short-term turbulence.”

In addition to tax changes, the election could also bring new policies affecting healthcare and Social Security, both of which are critical considerations for retirees. “We’ve seen in past elections that campaign promises often translate into legislative action, so it’s important to stay informed and prepared,” Ockenden concludes. “But ultimately, your financial plan should be built to withstand these changes without needing drastic adjustments every four years.”

Media Contact:
Sal Velazquez
(888) 297-8237
385797@email4pr.com

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SOURCE Precise Financial Solutions

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How Retinol Night Cream Transforms Your Skin While You Sleep

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NEW YORK, Nov. 1, 2024 /PRNewswire/ — Best Skincare is excited to introduce the Ella Retinol Night Cream, a luxurious nighttime formula designed to rejuvenate skin overnight. Formulated with a high concentration of retinol and hydrating botanicals, this cream is engineered to reduce fine lines, smooth texture, and even skin tone – all while users sleep soundly.

The Ella Retinol Night Cream combines premium-grade retinol with a soothing blend of aloe vera, shea butter, and chamomile, ensuring maximum results with minimal irritation. “Our customers wanted a retinol cream that delivers visible results without causing dryness or sensitivity,” said a Best Skincare spokesperson. “With Ella Retinol Night Cream, they can experience these benefits in a gentle, hydrating formula that leaves skin soft and refreshed by morning.”

The star ingredient, retinol, is renowned for stimulating collagen production and increasing cell turnover. The Ella Retinol Night Cream uses this powerhouse ingredient alongside nourishing elements like hyaluronic acid, green tea, and avocado oil to deeply hydrate and calm the skin.

A third-party skincare expert endorses the use of retinol in a nighttime routine, emphasizing, “Retinol works best when paired with calming ingredients like aloe and shea butter, especially for those with sensitive skin. Best Skincare’s Ella Retinol Night Cream provides an effective, balanced approach, allowing users to enjoy age-defying results comfortably.”

The Ella Retinol Night Cream is packed with ingredients to deliver a comprehensive anti-aging effect:

Powerful Wrinkle Reduction: Retinol works to minimize fine lines and wrinkles by promoting collagen production.Moisturizing Blend: Aloe vera, shea butter, and avocado oil deeply hydrate, leaving skin soft and supple.Skin Brightening: Fades dark spots and evens skin tone, revealing a brighter complexion.Nourishing & Calming: Chamomile and green tea soothe the skin, making it ideal for nighttime rejuvenation.

“Transform your skin overnight with the Ella Retinol Night Cream,” says Best Skincare. “Wake up to skin that looks visibly smoother, healthier, and more youthful.”

For those ready to enhance their skincare regimen, Best Skincare’s Ella Retinol Night Cream is now available at Best Skincare.

Media Contact: support@bestskincare.ca

View original content to download multimedia:https://www.prnewswire.com/news-releases/how-retinol-night-cream-transforms-your-skin-while-you-sleep-302294319.html

SOURCE Best Skincare

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