Global Steam Traps Market 2018-2022| Development of loT Sensor Technology to Drive Growth| Technavio

The global steam traps market research report by Technavio predicts the market to post a CAGR of more than 4% during the period 2018-2022.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190107005547/en/

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 global steam traps market research report also provides an analysis of the most important trends and drivers expected to impact the market outlook during the period 2018-2022.

This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing

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.

Looking for more information on this market? Request a free sample report

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 Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190107005547/en/