Global Steam Traps Market 2018-2022| Development of loT Sensor Technology to Drive Growth| Technavio
LONDON--(BUSINESS WIRE)--Jan 7, 2019--The global steam traps market research report by predicts the market to post a CAGR of more than 4% during the period 2018-2022.
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Technavio has published a new market research report on the global steam traps market from 2018-2022. (Graphic: Business Wire)
A key driver for the global steam traps market is the emerging heat recovery steam generator technology for power generation. The demand for power has constantly been increasing globally. The rise in global population and growth in the global economy are anticipated to drive this demand. In 2017, the global energy demand grew at 2.1%, almost double the rate compared to 2016. Technologies such as heat recovery steam generator is an absolute necessity to sustain the growth of the global economy and meet environmental regulations.
Technavio classifies development of loT sensor technology for steam traps as a significant factor that will significantly affect the market and contribute to its growth. This research report also provides an analysis of the most important trends and drivers expected to impact the market outlook during the period 2018-2022.
Global steam traps market: Development of loT sensor technology for steam traps
Steam traps show signs of faults and fail after every three to five years while in operation. Poorly monitored steam traps can lead to energy loss that can be worth billions of dollars annually from all the end-user industries. However, cold steam trap failures or undetected blow-through steam traps can cause expensive downtime and dangerous safety hazards. Thus, automated sensing solution providers are developing loT-enabled steam trap monitoring solutions.
“In addition to effectively sense any abnormality, the loT-enabled steam trap monitoring solutions also communicate the real-time parametric data over cloud-based services. For instance, PsiKick developed a Steam Trap Monitor solution, which uses the loT platform to analyze steam traps, thereby delivering cost-saving insights continuously,” says a senior research analyst at Technavio.
Global steam traps market: Segmentation analysis
This steam traps market analysis report segments the market by end-user (petroleum, thermal power, and others) and geography (the Americas, APAC, and EMEA).
The petroleum segment held the largest steam traps market share in 2017, accounting for nearly 36% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
The APAC region led the market in 2017, followed by EMEA and the Americas respectively. The APAC region is expected to dominate the market throughout the period 2018-2022.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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