Steam Trap Monitor Market Size, Share, Trends, Growth 2032

Steam Trap Monitor Industry Prospective:

The global steam trap monitor market size was worth around USD 4.2 Billion in 2022 and is predicted to grow to around USD 5.82 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.21% between 2023 and 2030.

The report analyzes the global steam trap monitor market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the steam trap monitor industry.

Request Free Sample

Steam Trap Monitor Market: Overview

A steam trap monitor is a detecting and monitoring device that is used to analyze the performance of steam traps used in industrial settings. These trapping systems are used for the removal of non-condensable and condensate gasses that get trapped in steam systems. Over time, the accumulation of the gasses can cause the system to fail or suffer from energy loss leading to reduced system efficiency and increased costs. A steam trap monitor is generally made of sensors that detect points like pressure, temperature, and other variables.

All of these aspects can be used to finalize the performance efficiency of the steam traps. In case the monitor detects any deviance from expected values or malfunction, the maintenance personnel will be alerted allowing them to take corrective action before any critical incident can take place. The industry revolves around businesses involved in the process of manufacturing and selling the devices along with associated services.

Key Insights: 

• As per the analysis shared by our research analyst, the global steam trap monitor market is estimated to grow annually at a CAGR of around 4.21% over the forecast period (2023-2030)
• In terms of revenue, the global steam trap monitor market size was valued at around USD 4.2 billion in 2022 and is projected to reach USD 5.82 billion, by 2030.
• The steam trap monitor market is projected to grow at a significant rate due to the rising cost of energy
• Based on end-user segmentation, the chemical was predicted to show maximum market share in the ear 2022
• Based on technology segmentation, wireless was the leading technology in 2022
• On the basis of region, North America was the leading revenue generator in 2022

Steam Trap Monitor Market: Growth Drivers

Rising cost of energy to propel market growth

The global steam trap monitor market is projected to grow owing to the increasing cost of energy across the world. As the price for raw materials required to generate or distribute energy is on the rise worldwide, industrial players are opting for ways that can assist in optimizing energy consumption. Steam trap monitors are excellent devices that send out alerts in case a steam trap malfunctions so that corrective measures can be adopted on time. This leads to reduced waste of energy and subsequent higher bills.

In addition to this, the rising focus on sustainability may work in the favor of the steam trap monitor market size. By adopting systems and devices that assist in improving operational efficiency with the aid of reduced energy consumption and carbon footprint, industrial players can come closer to sustainable growth. Since steam trap monitors help in the detection of areas that need improvement, they are gaining higher popularity in large-scale settings like the oil & gas industry.

Steam Trap Monitor Market: Restraints

High cost of initial investment to restrict market expansion

One of the major limitations in the steam trap monitor industry growth is the high cost of initial investment associated with the installation of steam trap monitors. Especially in large industrial units, where energy consumption is relatively higher, thus leading to more malfunction-detecting devices, the cost can be higher. Such events can discourage companies from adopting the technology in situations where they are unable to justify the cost-efficiency of the product. Smaller players may find it difficult to allocate budgets to expensive investments at the beginning. Furthermore, the lack of operational efficiency and the benefits of using steam trap monitors are added constraints in the market.

Steam Trap Monitor Market: Opportunities

Rising technological integration to provide growth opportunities

In the coming years, the steam trap monitor industry players can expect a higher rate of integration with advanced and other technologies. For instance, the development of industrial settings that make use of steam trap monitors alongside predictive maintenance software, Internet of Things (IoT) platforms, and process control systems. The collaboration will improve the overall impact of the device and the value of steam trap monitor systems. Additionally, the rising investment toward the development of advanced monitoring systems could allow higher growth opportunities.

Steam Trap Monitor Market: Challenges

Changing competitive landscape to challenge market growth

The global steam trap monitor market is getting excessively competitive with the regular addition of new players along with the product expansion strategies adopted by existing players. This could lead to the companies failing to find measures that assist them in differentiating from the rest of the competitors in the commercial world. Furthermore, economic volatility in the coming years is a major cause of concern for industrial players.

Steam Trap Monitor Market: Segmentation

The global steam trap monitor market is segmented based on technology, type, end-user, and region.

Based on technology, the global market segments are wireless and wired. In 2022, the highest growth was observed in the wireless steam trap monitor segment owing to the several benefits of the technology as compared to the counterpart. Wireless technologies offer easier installation since it does not require the use of extensive cable mechanisms. It can also save labor costs and time, especially in units that have higher monitor requirements. Furthermore, they are more flexible in terms of relocation as compared to wired systems. Remote monitoring becomes possible using wireless technology thus allowing real-time protective measures to be undertaken in case of incidents. A basic wireless steam trap monitor costs between USD 500 to USD 1500 in the US.

Based on type, the global market segments are thermodynamic traps, mechanical traps, thermostatic traps, and orifice traps.

Based on end-user, the global market divisions are chemical, pharmaceutical, automotive, food & beverages, defense, waste & wastewater, oil & gas, and others. The largest revenue generator for the global market currently is the chemical segment followed by the oil & gas industry. In the chemical sector, steam trap monitors are essential for various processes since they monitor and maintain the efficiency of steam systems. The oil & gas industry utilizes the devices during heating and distillation processes whereas the food sector depends on the monitor during sterilization, cooking, and cleaning protocols. As per the International Energy Agency (IEA), in 2019, the oil & gas industry consumed around 9% of global energy.

Recent Developments:

• In November 2022, TLV Euro Engineering, a globally leading steam specialist, announced the launch of FJ32 which is a range of free-float steam traps that are designed specifically for process applications like vulcanizers, heat exchangers, and jacketed pans. The device uses the universal QuickTrap connection
• In August 2021, Armstrong International and Evertactive announced a partnership aiming at the management of smart steam traps using real-time battery-less monitoring systems. The joint venture will focus on leveraging the benefits of IoT technology

Steam Trap Monitor Market: Report Scope

Steam Trap Monitor Market: Regional Analysis

North America to continue its dominance in the global market

The global steam trap monitor market is expected to register the highest growth in North America due to the growing demand for higher energy consumption across Canada and the US. End-user industries like oil & gas, pharmaceutical, and the food sector are witnessing surging demand from consumers leading to higher energy requirements. The US is currently the top regional contributor in the industry. Growth in Europe may be driven by the rising consumption of energy across the automotive segments of Germany and the UK along with the rising verticals of the food and chemicals sector. China, India, and Japan are the leading regions in Asia-Pacific contributing to higher demand for steam trap monitors. China is currently the number one region in terms of chemical production and hence has higher requirements for steam traps and associated monitoring systems in its chemical sector. The growing competition in the oil & gas sector of the Middle East could work in the favor of regional growth.

Steam Trap Monitor Market: Competitive Analysis

The global steam trap monitor market is led by players like:

• Forbes Marshall Pvt. Ltd.
• Armstrong International Inc.
• Thermax Ltd.
• Emerson Electric Co.
• Swagelok Company
• Spirax-Sarco Engineering plc
• Gestra AG
• Siemens AG
• Flowserve Corporation
• Parker Hannifin Corporation
• Pentair plc
• Winters Instruments
• Honeywell International Inc.
• Valmet Corporation
• Yokogawa Electric Corporation
• UE Systems Inc.
• Endress+Hauser Group.

The global steam trap monitor market is segmented as follows:

By Technology

• Wireless
• Wired

By Type

• Thermodynamic Traps
• Mechanical Traps
• Thermostatic Traps
• Orifice Traps

By End-User

• Chemical
• Pharmaceutical
• Automotive
• Food & Beverages
• Defense
• Water & Wastewater
• Oil & Gas
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa