The steam trap market is expected to grow from INR 276,535.7 million in 2021 to INR 416,577.0 million by 2028; it is estimated to grow at a CAGR of 6.0% from 2021 to 2028.

Increasing investments in oil & gas projects across the world are propelling the growth of the steam trap market. Continuous innovations and advancements in technologies offer unconventional drilling and operations completion to enhance the oil & gas production and alter the economic power balance for the predictable future. The constantly increasing investments in the sector boost oil & gas activities. For instance, the junta in Myanmar approved a US$ 2.8 billion investment in oil & gas industry in May 2021, which includes a gas power facility. Additionally, in September 2020, Indian Oil Corp (IOC) invested US$. 172.569 million in setting up a coker unit at their Paradip refinery. Similarly, in 2018, the FLNG Export Terminal and Kitsault Energy Corridor project, Canada, accepted the final investment decision (FID), followed by commencing the construction activities in 2019, which consist of four phases. Furthermore, a few Russian companies, such as Lukoil and Rosneft, witnessed rigorous activities in both production and drilling at the beginning of 2018. In March 2018, the price of crude oil surged to US$ 70 barrel from the US$ 65 per barrel mark. As a result, the growing investments by various regions in oil and gas projects are driving the development of steam traps for oil and gas flow management, which boosts the growth of the steam trap market.

Amid COVID-19 pandemic, the steam trap manufacturing industry across the world has been negatively impacted owing to the disruptions in supply chains of raw materials and components. The closure of most of the manufacturing activities worldwide declined the demand for steam traps. Also, owing to the restrictions on import and export, the trading of the same is hampered. Hence, the pandemic is hindering the growth of the steam trap market.

The global steam trap market is segmented on the bases of product type, application, end-user, and geography. The market, based on product type, is segmented into mechanical, thermodynamic, and thermostatic. By application, the market is segmented into drip, process, and tracing. Based on end-user, the market is segmented into oil and gas, pharmaceuticals, food and beverage, pulp and paper, and others. Geographically, the global steam trap market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for the significant share in the global market.

The overall global steam trap market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the steam trap market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the steam trap market. A few key players operating in the market and profiled in the market study are Bestobell Steam Traps; Emerson Electric Co; Thermal Energy International Inc.; Spirax-Sarco Engineering plc; Forbes Marshall; CIRCOR International, Inc.; Flowserve Corporation; Velan Inc.; Watson McDaniel; and Watts Water Technologies, Inc.